Rockville, MD (PRWEB) April 30, 2013
The drug delivery technology market is segmented on the basis of route of administration into nine categories - oral, pulmonary, transdermal, injectable, ocular, nasal, topical, implantable, and transmucosal drug delivery; the market is forecast till 2017. 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.
The global drug delivery market was worth $142.5 billion in the year 2012. 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.
Striking right partnership deal and enhancing the bioavailability of drugs are some of the burning issues in this market. In spite of a large number of strategic collaborations taking place every year, pharmaceutical and biotechnology companies are facing problems in finding a right drug delivery partner. Considering this need, a number of national and international conferences are organized by various associations and organizations to facilitate drug delivery partnerships.
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