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(Health-NewsWire.Net, August 03, 2021 ) Key Players:
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.
Growth Strategies Adopted by Them:
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.
Expected Growth in Revenue:
The pharmaceutical drug delivery technology 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.
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Growth Boosting Factors:
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.
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. In January 2019, Janssen (J&J) collaborated with MeiraGTx Holdings (US) to develop, manufacture and commercialize its clinical stage inherited retinal disease drug portfolio. Also, in 2018, the company entered into an agreement with the Oklahoma Health Care Authority (OHCA), (US). The agreement is focused on enabling the use of INVEGA SUSTENNA (paliperidone palmitate) and INVEGA TRINZA (paliperidone palmitate) in the treatment of adults with schizophrenia.
Moreover, the company is focused on obtaining approvals for the timely launch of its products in the market and thereby strengthening its customer base. For instance, in 2018, the company received FDA approval for its INVOKANA (canagliflozin) to reduce the risk of major adverse cardiovascular (CV) events.
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). The company also focuses on inorganic growth strategies to sustain its foothold in the market. For instance, in 2018, the company collaborated with the Harvard University (US) and the Dana-Farber Cancer Institute (US) to develop novel implantable and injectable biomaterial systems for delivering Novartis portfolio of second-generation cancer immunotherapies. Also, Novartis acquired The Medicines Company (US) in January 2020, to expand its product portfolio in CVD space by adding inclisiran (investigational cholesterol-lowering therapy).
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In 2019, North America accounted for the largest share of the market
Geographically, North America accounted for the largest share of 39.3% of the market in 2019, followed by Europe. The large share of the North American market is due to factors such as growth in biologics in the pharmaceuticals market; the rising prevalence of chronic diseases such as cancer, respiratory allergies, and diabetes; 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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