According to the analysis, the below factors are playing a key role in shaping the growth of the global Pharmaceutical Drug Delivery Market:
# Due to the rapid spread of COVID-19 and increasing fear, drugs are being stocked by various end users and patients. This is expected to boost the growth of the pharmaceutical drug delivery market during 2020-2021. Various companies have witnessed an increase in revenue in the first quarter of 2020 as compared to the first quarter of 2019. For example, AbbVie reported an increase of 16.8% in its revenue in the first quarter of 2020 as compared to the first quarter of 2019. Similarly, Amgen Inc. recorded a revenue of USD 6,161 million in the first quarter of 2020, an 11% increase as compared to the first quarter of 2019 (USD 5,286 million).
# Raw materials required for manufacturing drugs, such as drug components and equipment used in manufacturing, are at the risk of a supply shortage due to the temporary lockdown of manufacturing sites in areas affected by COVID-19 or travel restrictions impacting shipments. However, currently, the trading and export of raw materials has resumed back owing to the uplifting of lockdowns and resumed manufacturing and production of pharmaceutical companies.
# Companies around the world are suffering from event cancellations preventing pharmaceutical companies from introducing new products and services. Digitalization in the pharmaceutical world incorporated learning into future crisis plans and processes.
Major Growth Influencing Factors:
Growth in the pharmaceutical drug delivery market can largely be attributed to factors such as the rising prevalence of chronic diseases, the growing biologics market, increasing investments in pharmaceutical R&D, and increasing technological advancements. The rising demand for biosimilars & biologics and self-administration & home care provides a wide range of growth opportunities for key players in the market.
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On the other hand, the risk of needlestick injuries and the increased pricing pressure is expected to limit the market growth to some extent in the coming years. Further, the COVID-19 pandemic affected world economics, including the pharmaceutical sector. While currently there is no definitive treatment for this novel infectious disease, the pharmaceutical industry is assisting government bodies to address the COVID-19 unmet needs, from R&D actions on potential treatment and prevention strategies to balancing the medicines supply chain in the time of crisis.
Projected Surge in Revenue Generation:
The global pharmaceutical drug delivery market is projected to reach USD 2,206.5 billion by 2026 from USD 1,656.9 billion in 2021, at a CAGR of 5.9% during the forecast period.
Recent Developments:
# In July 2021, Johnson & Johnson received FDA approval for DARZALEX (daratumumab), a subcutaneous formulation that reduces the treatment time for multiple myeloma indications.
# In December 2020, Pfizer, Inc. received FDA approval for BRAFTOVI (encorafenib) plus combination with cetuximab for the treatment of patients with brafv600e-mutant metastatic colorectal cancer (CRC) who have undergone prior therapy.
# In November 2020, GlaxoSmithKline plc partnered with IDEAYA to enter the field of Synthetic Lethality, an emerging field in oncology; programs MAT2A, Pol Theta, and Werner Helicase programs, which are part of it, are projected to reach clinical trials in the next three years.
Geographical Growth Dynamics:
North America will dominate the pharmaceutical drug delivery market from 2021–2026
Geographically, the global pharmaceutical drug delivery market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest share of the pharmaceutical drug delivery market in 2020. The high share of the North American market is attributed to the rising prevalence of chronic diseases, such as cancer, respiratory allergies, and diabetes; increasing patient compliance to innovative drug delivery technologies; and the presence of a large number of prominent players in this region.
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