The drug delivery devices market effectively comprises of the sales of medical devices and equipment that are optimized for delivering the specific drugs to a specific portion of the body to cure chronic sicknesses such as cancer, infectious diseases, respiratory diseases, diabetes, cardiovascular diseases. The market embraces the sales of the devices that are unambiguously made for delivering the specific drugs according to the numerous administration approaches such as oral drug delivery, injectable drug delivery, topical drug delivery, ocular drug delivery, pulmonary drug delivery, nasal drug delivery, transmucosal drug delivery and implantable drug delivery. The Drug delivery devices optimized in several patient care settings such as hospitals, diagnostic centers, pharmaceutical corporates, clinics and home care settings are comprised in this market.
According to the report analysis, ‘Drug Delivery Devices Global Market Report 2020-30: Covid 19 Implications and Growth’ states that the Drug delivery devices, definitely respiratory-based delivery devices, are projected to gain requirement owing to the Covid-19 pandemic. Drugs utilized for Covid-19 treatment are both oral and injectable; however, a marginal augment is projected for pulmonary or respiratory-based drug delivery devices. Whereas, the drug delivery devices market around the Asia Pacific is forecasted to register the greatest CAGR throughout 2019-2023.
The regulatory changes connected to medical devices is projected to limit the growth of drug delivery devices market. The corporates operating in the market are demanded to adapt according to the transformations in the regulatory framework, which may restrict business at the bottom line. Also, corporates will have to bear the heavy price of adapting to the transforming the regulatory framework. Also, the sudden transformations in the regulatory framework connected to medical devices can result in wounded, fines, penalties at a worldwide level.
For instance, European Union (EU) and the parliament during 2017 approved the new Medical Device Regulation (MDR) and Medical Device Single Audit Program (MDSAP) to observe all the medical devices for superiority. The fresh MDSAP will come into effect from 2020 and is implemented by regulators around the US, Canada, Japan, Brazil, and Australia. Following the transformation, in Canada, all the medical device producers involving drug delivery products manufacturers, will have to observe with the requirements of MDSAP and are demanded to submit the MDSAP reports to the regulatory body in order to acquire or maintain the device licenses, resulting in great costs and time loss. Thus, the growth of the drug delivery devices market is restricted by the regulatory changes connected to the medical devices.
Whereas, the growing prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer and other syndromes is projected to propel the drug delivery devices market. According to the world health organization (WHO), by 2020, chronic diseases will account for nearly three-quarters of all deaths globally, and that 71% of deaths owing to ischemic heart disease (IHD), 75% of deaths owing to stroke, and 70% of deaths due to diabetes will occur in underdeveloped countries. There are several routes of drug administration for medical drugs. The assortment of the route rely on three factors-the effect desired; the form of the disease and the type of the product. Recently, the improvement of new drug delivery systems plays a foremost role in pharmaceutical industries.
Not only has this, the Research and development (R&D) in drug delivery is growing throughout the world owing to increasing prevalence of such diseases. Most of the pharmaceutical corporates are aiming on several drug delivery technologies for generating excellent advantages and better outcome for their marketed products. Hence, the growing prevalence of chronic syndromes is resulting in augmented consumption of therapeutic drugs and therapies, and this aspect is projected to act as a driver for the growth of the drug delivery devices market.
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Ankur Gupta, Head Marketing & Communications