Drug Delivery Devices Market to Garner $26.74 Bn, Globally, by 2026 at 4.3% CAGR, Says Allied Market Research

Rise in prevalence of chronic diseases, rapid rise in the aging population, and growth in the biologics market have propelled the growth of the global drug delivery devices market

PORTLAND, Oregon, April 6, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Drug Delivery Devices Market by Device Type (Smart Pills, Inhalers & Nebulizers, Drug Eluting Stents, Safety Syringes, Implantable Drug Delivery Device, and Transdermal Patches, and, Others), End User (Hospitals and Diagnostic Centers, Ambulatory Surgery Centers and Clinics and Others), Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global drug delivery devices market was pegged at $19.06 billion in 2018, and is projected to hit $26.74 billion by 2026, growing at a CAGR of 4.3% from 2019 to 2026.

Major drivers for the market growth

Increase in prevalence of chronic diseases, rapid rise in the aging population, and growth in the biologics market have boosted the growth of the global drug delivery devices market. However, risk of needlestick injuries and stringent government regulations hamper the market growth. On the contrary, high potential in developing countries is expected to create lucrative opportunities in the near future.

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Inhalers and nebulizers segment dominated the market

The inhalers and nebulizers segment held the largest share in 2018, accounting for more than one-third of the global drug delivery devices market, owing to surge in prevalence of asthma across the globe. However, the smart pills segment is projected to manifest the highest CAGR of 7.1% during the forecast period. This is due to the benefits they offer. For instance, smart pill has enabled monitoring of the results from different drug administrations, which assist in various stages of drug development such as drug candidate profiling, drug candidate selection, and accelerating the development of new drugs.

Ambulatory surgery centers and clinics segment to manifest CAGR through 2026

The ambulatory surgery centers and clinics segment is projected to register the highest CAGR of 5.3% during the forecast period, as ambulatory surgical centers provided services for a few medical specialties such as urological, orthopedics, ophthalmology, and pain management. However, the hospitals and diagnostic centers segment held the largest share in 2018, accounting for more than two-fifths of the global drug delivery devices market, due to as hospitals have more resources to manage complications over ASCs.