“Drug Delivery Technologies market set to grow to $355bn by 2024” says new Visiongain report
28 February 2019
Visiongain has published a new pharma report Drug Delivery Technologies Market Forecast : Oral, Inhalable, Injectable/Implantable, Transdermal, Ocular, Nasal/Buccal Drug Delivery Technologies, Biologics, Vaccines.
The Drug Delivery Technologies Market is estimated to grow at a CAGR of 7.8% from 2019 to 2029, driven by exciting new technologies and the potential of extending product life by developing new formulations.
Over the last ten years, the global drug delivery technologies market has witnessed a significant increase in the number of drug delivery companies offering innovative technologies to pharmaceutical manufacturers. Drug delivery technology is an important enabling technology for pharmaceutical products. These platforms are often used by pharmaceutical companies for various reasons, which importantly include the extension of product lifecycle.
There are companies developing new technologies to take advantage of the potential for growth that is abundant in this market. This rapidly expanding market provides growth opportunities for developers willing to invest in R&D. This report profiled the selected companies: 3M, Alkermes PLC, Altea Therapeutics Corporation, Antares Pharma Inc., Applied Pharma Research S.A. (APR), Becton, Dickinson & Company and others.
The lead analyst commented that "The potential use of drug delivery technologies in product lifecycle management and the enhancement of drug efficacy in many therapeutic sectors will act as drivers for growth of the market over the coming decade. This is mainly due to the rising demand from pharmaceutical companies looking to innovate and improve the marketability of their drugs. The potential of extending the patent life of a drug by developing new formulations will act as a driver for the market as it will prompt pharma companies to seek to maximise the return on investment from each marketed drug."
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