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(Health-NewsWire.Net, December 14, 2020 ) Global This study involved four major activities to estimate the current size of the pharmaceutical drug delivery market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Expected Revenue Growth:
The global pharmaceutical drug delivery market is projected to reach USD 2,015.3 billion by 2025 from USD 1,430.5 billion in 2020 at a CAGR of 7.1% during the forecast period 2020-2025.
Major Growth Boosters:
Growth in this market is mainly driven by the rising prevalence of chronic diseases, growth in the biologics market, and technological advancements & new product launches.
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Global Leaders:
The pharmaceutical drug delivery market is highly fragmented in nature with several big and emerging players. Johnson & Johnson, Inc. (US), Novartis AG (Switzerland), F. Hoffmann-La Roche Ltd. (Switzerland), Bayer AG (Germany), Pfizer, Inc. (US), Sanofi (France), GlaxoSmithKline plc (UK), Merck & Co., Inc. (US), 3M (US), Antares Pharma, Inc. (US), and Becton, Dickinson and Company (BD) (US) are some of the leading players operating in the global pharmaceutical drug delivery.
Players in this market pursue the strategies of product approvals, partnerships, agreements, collaborations, expansions, and acquisitions to develop and expand their market presence. Product approvals has been the key growth strategy adopted by players to expand their share in the market.
Johnson & Johnson Services, Inc. is one of the leading players in the pharmaceutical drug delivery market. The leading position of Johnson & Johnson (J&J) (US) is due to its strong brand recognition. The company focuses on adopting organic as well as inorganic growth strategies to expand its presence in the drug delivery technology market. For instance, in April 2020, Janssen Pharmaceutical Companies collaborated with Emergent BioSolutions to support the manufacturing and expansion of its investigational COVID-19 vaccine. Janssen aims to supply over a billion doses of their vaccine worldwide.
Novartis AG holds dominant position in the pharmaceutical drug delivery market. The company’s leading position can be attributed to its strong geographical presence and robust product portfolio. In order to maintain its leading position, the company significantly invests in R&D activities. In 2019, the company invested USD 9.4 billion in research and development as compared to USD 9.0 billion in 2017. This investment helped the company develop and launch new and advanced products in the drug delivery technology market. For instance, in March 2019, company received respective authority approval to market Zolgensma in Japan & US for Spinal Muscular Atrophy (SMA). In 2018, the company received EC’s approval for the expanded indication for Kisqali (ribociclib), and also for its Xolair (omalizumab) prefilled syringe (PFS).
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North America was the largest regional market for pharmaceutical drug delivery in 2019
The global pharmaceutical drug delivery market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the market.
The large share of the North American market can be attributed to factors such as growth in biologics in the pharmaceuticals market; the rising prevalence of chronic diseases increasing patient compliance to innovative drug delivery technologies; and the presence of a large number of prominent players in this region.
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