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(Health-NewsWire.Net, April 15, 2022 ) Research Methodologies Followed for This Study:
Primary Research:
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the pharmaceutical drug delivery market. Primary participants mainly include CEOs, consultants, subject-matter experts, SIU directors, claims processing personnel, general managers, and sales executives.
Secondary Research:
This research study involved the use of widespread secondary sources; directories; databases, such as D&B, Bloomberg Business, and Factiva; white papers; annual reports; and companies’ house documents. Secondary research was used to identify and collect information for this extensive, technical, market-oriented, and commercial study of the pharmaceutical drug delivery market. It was also used to obtain important information about the top players, market classification, and segmentation according to industry trends to the bottom-most level, geographic markets, technology perspectives, and key developments related to the market. A database of the key industry leaders was also prepared using secondary research.
Projected Revenue Growth:
The global pharmaceutical drug delivery market is projected to reach USD 2,206.5 billion by 2026 from USD 1,656.9 billion in 2021, at a CAGR of 5.9% during the forecast period.
Major Growth Influencing Factors:
Growth in the pharmaceutical drug delivery market can largely be attributed to factors such as the rising prevalence of chronic diseases, growing biologics market, increasing R&D investments, and technological advancements & new product launches.
On the other hand, the risk of needlestick injuries and the increased pricing pressure is expected to limit the market growth to some extent in the coming years.
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Opportunity: Self-administration and home care
Self-administration and home care are expected to provide significant growth opportunities for players operating in the pharmaceutical drug delivery market. This is mainly due to the rising geriatric population, as elderly individuals form a large consumer base for drug delivery devices for home care. This factor is also increasing the need for application-specific injection, inhalation, topical, and transdermal drug products that are designed to cater to the needs of caregivers and patients.
Challenge : Pricing pressure
Government bodies in both developed and developing countries are encouraging cost-saving measures, such as cutting drug reimbursement prices and promoting the greater use of generics. Drug manufacturers across the globe are facing significant cost reduction pressures from government bodies, insurers, and patients. This downward pricing pressure is resulting in the greater uptake of drugs in emerging markets where the demand for low-cost therapeutics is high.
However, this is affecting the profitability of several pharmaceutical companies. This trend is expected to continue in the coming years owing to the continuous pressure for reducing pharmaceutical prices by insurers, pharmacy benefit managers (PBMs), and public and private payers due to concerns about covering more new medicines to treat prevalent conditions, such as high cholesterol and diabetes.
Asia Pacific is expected to account for the highest CAGR for players operating in the pharmaceutical drug delivery market
During the forecast period, the Asia Pacific is expected to be the fastest-growing regional market for pharmaceutical drug delivery. The rapid rise in the geriatric population, increased prevalence of chronic diseases, increased healthcare expenditure, increased R&D activities conducted in this region, growth in technological collaborations for pharmaceutical drug delivery technologies, favorable reimbursement policies, and growth in disposable incomes in the emerging Asian economies, such as China and India, are factors that are expected to drive the growth of the APAC market during the forecast period.
Global Leading Companies:
Major players in this market include Johnson & Johnson (US), Novartis International AG (Switzerland), F. Hoffmann-La Roche AG (Switzerland), Pfizer Inc. (US), Bayer AG (Germany), Antares Pharma, Inc. (US), Becton, Dickinson and Company (US), GlaxoSmithKline plc (UK), 3M (US), Merck & Co., Inc. (US), Sanofi (France), Amgen, Inc. (US), AbbVie Inc. (US), Genmab A/S (Denmark), Gilead Sciences, Inc. (US), Boehringer Ingelheim (Germany), AstraZeneca plc. (UK), Eli Lilly and Company (US), Teva Pharmaceuticals Industries Ltd. (Israel), Bristol-Myers Squibb (US), Gerresheimer AG (Germany), Boston Scientific Corporation (US), Nimbus Therapeutics (US), Kite Pharma (US), and IDEAYA Biosciences, Inc. (US).
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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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