The drug delivery technology market has been forecast to reach a value of $224.2 billion by 2017, increasing from 2012's value of $142.5 billion.
Drug delivery refers to approaches, formulations, technologies, and systems for transporting a pharmaceutical compound in the body as needed to safely achieve its desired therapeutic effect. It may involve scientific site-targeting within the body, or it might involve facilitating systemic pharmacokinetics; in any case, it is typically concerned with both quantity and duration of drug presence.
The drug delivery technology sector is segmented on the basis of route of administration into nine categories - oral, pulmonary, transdermal, injectable, ocular, nasal, topical, implantable, and transmucosal drug delivery. Over the years, drug delivery technologies have grown phenomenally from plain drug reformulation and release technologies to innovative platforms that hold a huge potential for the effective delivery of biologicals and novel drugs.
Patent expiries of certain blockbuster drugs, growing demand for self administration and home healthcare devices, rising incidence of chronic diseases such as cardiovascular diseases, diabetes and cancer, growing focus on pediatric and geriatric patients, and advancing technology are accelerating the growth of this market. However, drug failures and recalls, and technical barriers will hamper the growth of this market, to a certain extent.
Strategic collaborations, self administration and home care drug delivery devices, and expanding applications of drug delivery into niche therapeutic areas represent vast opportunities for key players in this market. The growing number of elderly persons is a large consumer of home care drug delivery devices.
The global ageing population (above 60 years) is set to increase from 784 million in 2011 to 2 billion by 2050 and 2.8 billion by 2100. (Source: UN Population Division). An increase in the number of geriatric patients and rise in demand for convenient drug delivery options pose major opportunities for the development of innovative and easy-to-use drug delivery systems.
The sector is highly fragmented with a large number of competitors. Among the major players with a strong drug-delivery pipeline and financial resources are Elan and Biovail. Several other smaller companies such as CIMA Labs, Andrx, Eurand and Bioprogress are gradually moving up the value chain with a wide spectrum of products across various drug delivery technologies.
There have been several recent developments in the sector and some major associations between various pharmaceutical and drug-delivery companies. Recently, the US Food and Drug Administration (FDA) has approved Tris Pharma's first two New Drug Applications based on its proprietary OralXR (TM) platform technology, including the first ever 24-hour liquid sustained-release product.
For more information on the drug delivery technology market, see the latest research: Drug Delivery Technology Market
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