The microneedle (MN) is a highly efficient and versatile medical device technology, due to its prominent properties including painless penetration, low cost, excellent therapeutic efficacy, and relative safety. Major players operating in the global microneedle drug delivery system market include, 3M, Vetter Pharma International GmbH, nanoBioSciences LLC, NanoPass and more. The microneedles are fabricated using biodegradable polymers in which drugs or vaccines are encapsulated in the microneedles. Once the microneedles dissolve in the skin, the drug gets released. This novel delivery method allows a wider variety of molecules to pass the skin’s barrier, thus allowing the transdermal delivery to be applied to a large range of clinical applications, including diabetes, severe osteoporosis, and influenza vaccination.
The drug delivery devices market consists of the sales of medical devices and equipment that are used for delivering specific drugs to a specific part of the body to cure chronic diseases such as cancer, infectious diseases, respiratory diseases, diabetes, cardiovascular diseases, autoimmune diseases, and central nervous system disorders. The market includes the sales of the devices that are specifically made for delivering the specific drugs according to the various administration techniques 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. Drug delivery devices used in various patient care settings such as hospitals, diagnostic centers, pharmaceutical companies, ambulatory surgery centers/clinics, and home care settings are included in this market.
The global drug delivery devices market was valued at about $1.4 billion in 2019 and is expected to grow to $2.1 billion at a compound annual growth rate (CAGR) of 9% through 2023.
The increasing prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer, and other diseases is expected to drive the drug delivery devices market. According to the World Health Organization (WHO), by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide; 71% of deaths will be due to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes will occur in developing countries. There are various routes of drug administration for medical drugs. The selection of the route depends on three factors, which are- effect desired, the type of the disease, and the type of the product. Currently, the development of new drug delivery systems plays a major role in pharmaceutical industries. Research and development (R&D) in drug delivery is increasing throughout the world due to increasing prevalence of these diseases. Most pharmaceutical companies are focusing on multiple drug delivery technologies for creating excellent advantages and better outcome for their marketed products. Hence, the increasing prevalence of chronic diseases is resulting in increased consumption of therapeutic drugs and therapies, and this factor is expected to act as a driver for the drug delivery device market growth.