North America leads the global drug delivery devices market, followed by Europe. This is due to increasing demand for improved drug delivery systems, rising accessibility and affordability of drug delivery devices, and increasing number of chronic diseases in the region. In the next five years, Asia is expected to be the fastest growing market due to rising prevalence of various chronic diseases and aging population in this region. Moreover, the improving economic conditions in the region are also expected to support the growth of the drug delivery devices market in Asia.
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Rising geriatric population, technological advancements, and increasing demand for improved drug delivery systems are the key factors driving the growth of the global drug delivery devices market. Also, the improving healthcare facilities in various countries such as China, India, and Brazil are also fuelling the growth of this market. However, strict regulatory requirements for approval of drug delivery devices and lack of skilled and trained professionals to administer drugs are restraining the growth of the global drug delivery devices market. Moreover, problems related to the use of drug delivery devices such as dosage error are also hampering the growth of this market.
Innovations such as infusion pens could create opportunities for new players in the global drug delivery devices market. However, safety, quality and consistent performance could lead another challenge for the growth of the global drug delivery devices market. Some of the trends noticed in the global drug delivery devices market include healthcare at home, collaborations and partnerships among companies in the market, and new product innovations.
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The major companies operating in this market are Abbott Laboratories, B. Braun Melsungen AG, Pfizer, Inc., F. Hoffmann-La Roche Ltd., Baxter International Inc., Smith Medical, CareFusion Corporation, and 3M Company.
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