According to Inkwood Research, the Global Drug Delivery Market is projected to register a CAGR of 6.84% in terms of revenue during the forecasting years of 2022-2030.
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Drug delivery is a technology that delivers the drug to the desired body site for drug release and absorption. It is a formulation that facilitates the introduction of a therapeutic substance in the body, improving its efficacy by regulating the place, time, and rate of the drug release in the body. For instance, drug delivery can tremendously affect retinal disease treatment.
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Rising Demand for Effective Drug Delivery Mechanisms propels Market Growth
The increasing demand for effective delivery mechanisms propels the demand for drug delivery technology. This is because these offer several advantages over conventional delivery systems. These include increased duration and efficacy of drug activity, enhanced targeting of a specific site, decreased dosing frequency, and more convenient routes of administration to minimize unwanted side effects.
Also, drug delivery technologies aid drug manufacturers in differentiating new therapeutics from existing products. For instance, scientists in the US developed an oral method for administrating insulin in 2016. The method was an alternative for diabetes patients and less painful than the conventional one requiring them to inject themselves to manage blood sugar levels. Moreover, advanced drug delivery technologies help surpass conventional barriers like poor solubility, enzyme degradation, poor solubility, etc., involved in conventional oral drug delivery mechanisms.
Highest Revenue-Generating Route of Administration: Oral Drug Delivery (ODD)
ODD (oral drug delivery) is an increasingly preferred route of drug administration since it offers ease in the manufacturing process, flexibility in dosage design form, cost-effectiveness, fewer sterility constraints, non-invasiveness, and high patient compliance. Designing innovative drugs and ODD is an emerging field.
Also, manufacturers are developing oral drugs for different infectious diseases and chronic diseases. For instance, oral drugs like Sulfonylureas and Metformin can help achieve diabetes patients required blood sugar levels. At the same time, ODD problems include poor drug administration bioavailability due to solubility, permeability, and dissolution.
Largest Revenue-Generating Region: North America
In North America, the growing prevalence of health-related disorders and diseases propels the demand for advanced healthcare services and technologically advanced equipment and treatment methods. Also, the requirement for competent and qualified medical professionals to operate such equipment offers high employment opportunities. The other factors contributing to the market growth are the increased healthcare expenditure, prevalence of chronic disease, and the aging population.
The increasing number of dealers and distributors is projected to increase the competitive rivalry. Also, market players are gaining market penetration through geographic expansion in developing countries.
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