Growth in this market is mainly driven by the rising prevalence of chronic diseases, growth in the biologics market, and technological advancements & new product launches.
The global pharmaceutical drug delivery market is projected to reach USD 1,694.7 billion by 2023 from USD 1,244.4 billion in 2018, at a CAGR of 6.4% during the forecast period.
The pharmaceutical drug delivery market is highly fragmented in nature with several big and emerging players. Johnson & Johnson Services, Inc. (US), Novartis AG (Switzerland), F. Hoffmann-La Roche Ltd. (Switzerland), Bayer AG (Germany), Pfizer, Inc. (US), Sanofi (France), GlaxoSmithKline plc (UK), Merck & Co., Inc. (US), 3M (US), Antares Pharma, Inc. (US), and Becton, Dickinson and Company (BD) (US) are some of the leading players operating in the global pharmaceutical drug delivery.
Players in this market pursue the strategies of product approvals, partnerships, agreements, collaborations, expansions, and acquisitions to develop and expand their market presence. Product approvals has been the key growth strategy adopted by players to expand their share in the market.
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Johnson & Johnson Services, Inc. is one of the leading players in the pharmaceutical drug delivery market. The company focuses on adopting organic as well as inorganic growth strategies to expand its presence in the market. For instance, in 2018, the company entered into an agreement with the Oklahoma Health Care Authority (OHCA), (US).
The agreement is focused on enabling the use of INVEGA SUSTENNA (paliperidone palmitate) and INVEGA TRINZA (paliperidone palmitate) in the treatment of adults with schizophrenia. Moreover, the company is focused on obtaining approvals for the timely launch of its products in the market and thereby strengthening its customer base. For instance, in 2018, the company received FDA approval for its INVOKANA (canagliflozin) to reduce the risk of major adverse cardiovascular (CV) events.
Novartis AG holds the dominant position in the pharmaceutical drug delivery market. The company’s leading position can be attributed to its strong geographical presence and robust product portfolio. In order to maintain its leading position, the company significantly invests in R&D activities. In 2017, the company invested USD 9.0 billion in research and development as compared to USD 8.9 billion in 2015. This investment helped the company develop and launch new and advanced products in the market.
For instance, in 2018, the company received EC’s approval for the expanded indication for Kisqali (ribociclib), and also for its Xolair (omalizumab) prefilled syringe (PFS). The company also focuses on inorganic growth strategies to sustain its foothold in the market. For instance, in 2018, the company collaborated with the Harvard University (US) and the Dana-Farber Cancer Institute (US) to develop novel implantable and injectable biomaterial systems for delivering Novartis portfolio of second-generation cancer immunotherapies.
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