The research and consulting firm, GlobalData, has released a report demonstrating the expected increase in the drug delivery devices market in the Asia-Pacific (APAC) region will be larger than that of North America over the same period to 2026.
Asia Pacific
Currently, the North American market, which includes the USA, Canada and Mexico, accounts for half of the global market. Its compound average growth rate (CAGR) from 2010 to 2016 was 2.6%, whereas the CAGR for APAC region, for the same period, was 3.4%.
Drug delivery devices encompass a wide portfolio, from needle free injections to metered dose inhalers. The regulatory authorities recognise the requirements of drug delivery devices and with new applicants being supported with technology the industry is rapidly evolving.
The need for customisable, cost-effective and user-friendly devices combined with regulatory success is driving the drug delivery devices market, according to GlobalData. Additionally, patent extensions for drugs that are available on drug delivery devices is attracting investment by large companies in this field. Decisions on in-house production, partnering-licensing agreements and merger and acquisitions will greatly impact device and pharma market across geographies, the research and consulting firm reported.
“This analysis indicates an increasing demand for drug delivery systems that meets the growing needs of imminent drug novelties and a rising patient pool. Opportunities for manufacturers and spiking commercial interest in drug delivery devices market will be the key factors for future growth,” explained Andrew S. Thompson PhD, director of therapy and analysis for medical devices at GlobalData. “Unclear regulatory and quality management guidelines on the new emerging technologies and diversified reimbursement policies across the globe can create some barriers to growth. Strategic decisions on R&D, production units, gathering investments, mergers and acquisitions, partnership deals could make or break the dynamics of the market. Overall the drug delivery devices market represents an attractive option for drug and device manufacturers looking to expand their business in different geographies.”