Revolutionizing Medicine: The Emergence of Drug Delivery Technology
The drug delivery system is a device that enables the introduction of medication into the body while enhancing its effectiveness and safety by controlling the rate, timing, and site of drug release. The systems include syringes, auto-injectors, and jet-injectors as non-pharmaceutical drug delivery devices. Pharmaceutical companies and consumers can purchase products from manufacturers of drug delivery systems via a range of pharmacies, including retail, hospital, and diagnostic center pharmacies.
A Journey Through Drug Delivery Technology Industry Dynamics
The most significant driving forces in the market for drug delivery technology are the rising prevalence of chronic diseases which includes cardiovascular disease, diabetes, and cancer, as well as technological development, and innovation. Furthermore, a growing focus on pediatric and geriatric patients, changes in lifestyle brought on by urbanization, and rising demand for minimally invasive surgeries is expected to support the market growth significantly. The market for drug delivery technology is in higher demand due to the rapid growth of the biopharmaceutical industry.
R&D in the field is anticipated to advance due to the rising demand for innovative medication delivery devices. Strategic collaborations between major industry players are constantly formed in order to produce cutting-edge technology for a wide variety of applications.
AstraZeneca and the biotechnology firm Aptamer Group partnered in January 2021 to explore Aptamer's technology and create a novel drug-delivery device for a kidney. Also, the availability of these devices for patients is rapidly growing due to the growing usage of drug-delivery devices in home-care settings.
Does North America Currently Stand at Forefront Due to Growing Awareness of Novel Advancements?
Regarding regional platforms, the drug delivery technology industry is dominated by North America. Considering thermal label manufacturers prefer to print in this region, its market share has increased by more than 37.5% in 2022 and is expected to remain dominant throughout the projection period. The majority of the region's contribution to revenue comes from the United States and Canada.
The presence of well-known businesses in the region and the expanding use of drug delivery systems are credited with driving this market growth. Moreover, growing awareness of the benefits of drug delivery systems in the region is also anticipated to support market growth.
Additionally, rising product approval in nations such as the United States is anticipated to support regional market growth. For instance, the U.S. FDA approved Aptar Pharma's nasal medication delivery system in March 2019.
The burden of chronic diseases such as cancer, diabetes, and cardiac disorders is rising, which is fostering the regional market growth. The American Diabetes Association (ADA) estimates that there were 34.2 million Americans with diabetes in 2020, of whom 26.8 million had been diagnosed and 7.3 million had not. As a result, it is projected that an increase in the number of instances of diabetes that have been diagnosed is likely to promote the use of drug delivery devices in the treatment of the disease.
How Europe’s Healthcare Infrastructure Boosting Drug Delivery Technology Market?
With a share of 33.6% in 2022, Europe is predicted to offer enormous growth opportunities for drug delivery technology. The expansion of research and development efforts as well as the presence of significant pharmaceutical companies in the region are credited with driving this regional market growth.
With the sharp increase in patients with chronic illnesses including cancer, diabetes, and COPD, the regional market is likely to continue on a stellar growth trajectory in the years to come.
Baxter International Inc., a leader in the production and delivery of sterile drugs, said in November 2021 that it will be expanding its sterile fill/finish manufacturing facility in Halle/Westfalen, Germany, for about US$100 million. As a result, excessive investments by major companies in research centers have fueled the growth of the market for drug delivery technology.
What Significant Players are Paving the Way for Future Growth?
The Drug Delivery Technology market is home to a number of well-known companies that are collaborating to offer the best Drug Delivery Technology possible in order to advance the field of global analytics.
Nonetheless, a large number of international start-ups in the drug delivery technology industry are moving forward to meet the demands of the domain.
● The needle-free injection platform Zeneo was created by CROSSJECT, a company founded in 2001, and is intended to increase patient safety, comfort, and treatment compliance. The device is a needle-free, pre-fillable injection system that can supposedly deliver medications intramuscularly, subcutaneously, and intradermally. The firm is now working on a portfolio of products that combines well-known medications with an inventive injection mode, which is especially suited to emergencies and the majority of chronic treatments, with a device adaptable to many different situations. This work began in January 2017. The business, which has its headquarters in Dijon (France), has so far reported yearly revenues of US$40 million.
● AFYX Therapeutics, a company that was established in 2013, creates medication patches for the management of mucosal disorders. It has created Rivelin, a self-adhesive medication patch intended to administer consistent therapeutic doses to the mucosal lining. Rivelin-CLO, the company's lead pharmaceutical candidate, is used to treat oral lichen planus. The startup has received $33 billion in total capital to date and is based in Copenhagen, Denmark.
● The 2013-founded company SC Pharmaceuticals delivers a device for subcutaneous drug delivery used to treat heart failure and bacterial infections. The business has developed a device called the sc2Wear Pump that makes it easier to administer drugs at durations, rates, and volumes that can be customized for different medications. The drugs in development for treating bacterial infections use Ertapenem, Ceftriaxone, and Furosemide for heart failure. The company, which has its headquarters in Lexington, Massachusetts, received around $20 million as its overall funding.
What are Top Companies in Drug Delivery Technology Market Up To?
● Johnson & Johnson stated in December 2021 that it had acquired TARIS Biomedical LLC (TARIS), a privately held biotechnology business that specialized in the creation of a cutting-edge drug delivery system for the treatment of bladder disorders, along with cancer. The leading clinical-stage product of the business, TAR-200, makes use of the proprietary TARIS System, which has a silicone-based drug delivery system that enables continuous drug release into the bladder.
● Approximately 650 billion dollars in total consideration, which included cash, interest-bearing securities, and a 17 percent non-controlling interest in the new company, Kindeva Drug Delivery, which will run the business, was outlined by 3M in May 2021 after the sale of a significant portion of its drug delivery business to an affiliate of Altaris Capital Partners, LLC, was finalized.
● As it works to expand its antibody-drug conjugate (ADC) capabilities, Merck strengthened its links to Starpharma in August 2022 by signing a second contract that will allow it to assess candidates using a dendrimer drug delivery technology.