The pharmaceutical drug delivery market was valued at $1,403,082.9 million in 2019 and is projected to reach $2,296,170.9 million by 2027, according to a report from The Insight Partners. In the report, “Pharmaceutical Drug Delivery Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Route of Administration; Application; End User, and Geography,” the research firms says the market is expected to grow at a CAGR of 6.6% from 2020 to 2027.
 
Factors driving the pharmaceutical drug delivery market include the growing prevalence of infectious and chronic diseases, and rising R&D spending on drug delivery devices. However, the high cost of drug delivery device development hinders the market growth.
 
Pharmaceutical and biopharmaceutical companies are focusing on R&D to develop new molecules for various therapeutic applications and drug delivery platforms. The companies invest majorly on R&Ds with an aim to deliver high-quality and innovative products to the market. R&D spending by the biopharmaceutical companies has also increased over the years. According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the biopharmaceutical companies increased from $49.6 billion in 2012 to $58.8 billion in 2015. Also, Evonik Corporation has invested more than $50 million over the last 4 years in the production of RESOMER polymers for drug delivery and bioreabsorbable medical devices.
 
The companies in the pharmaceutical drug delivery market place are engaged in establishing new collaborations and partnerships for the development of new drug delivery systems. For instance, in December 2018, IntelGenx Corp., a leading provider of oral drug delivery solutions, entered into a strategic collaboration with Gensco Pharma for the commercialization of RIZAPORT in the US.
 
The global pharmaceutical drug delivery market is segmented on the basis of the route of administration, application, and end user. The market, by route of administration, is segmented into 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 injectable drug delivery segment held the largest share of the market in 2019. Moreover, the topical drug delivery segment is anticipated to register the highest CAGR in the market during the forecast period.
 
Based on application, the pharmaceutical drug delivery market is segmented into infectious diseases, cancer, cardiovascular diseases, diabetes, respiratory diseases, central nervous system disorders, autoimmune diseases, and other diseases. The cancer segment held the largest share of the market in 2019; the infectious diseases segment is further expected to register fastest CAGR during 2020-2027. On the basis of end user, market is segmented into hospitals, home care settings, ASC/clinics, and other end users. The Hospitals segment is expected dominate the market during the forecasted period.
 
Read the full report here.