According to FutureWise analysis the market for drug delivery devices in 2023 is US$ 275.55 billion, and is expected to reach US$ 450.92 billion by 2031 at a CAGR of 6.35%.
As defined by the FDA, a drug delivery device is a medical device that exclusively delivers a drug to the body through a defined route of administration. Moreover, administering a drug to a specific site ensures more accuracy, easier dosing, and less frequent administration. A drug delivery device also provides the benefit of less variability in systemic drug concentrations, which leads to a more reliable absorption at the site and with respect to the mechanism of action. Moreover, there are different types of drug delivery devices available on the market. Drug delivery devices are included in a number of categories, including smart pills, inhalers, drug-eluting stents, safety syringes, and others. Furthermore, these devices are used in a wide range of medical settings, including hospitals, diagnostic centers, ambulatory surgery centers, and others. The rise in prevalence of chronic diseases across the globe is a major factor contributing to the growth of the drug delivery devices market. An increase in the elderly population across the globe and an increase in the use of biologics are also contributing to the growth of the drug delivery devices market.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Drug Delivery Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Drug Delivery Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.