Asia to be drug delivery technology market fastest-growing region

Drug delivery technology market grows from $1,179.20 billion to $1,669.40 billion at a CAGR of 7.2% from 2016-2021. Oral drug delivery segment is expected to account for the largest share while hospitals segment is expected to account for the largest share of the market and Asia is expected to be fastest-growing region, according to market researcher reportsnreports.

The researcher said that the drug delivery technology market is projected to reach $1,669.40 billion by 2021 from $1,179.20 billion in 2016, at a CAGR of 7.2% during the forecast period.Increasing prevalence of chronic diseases, increasing demand for biologics, technological advancements, and new product launches are the factors driving the growth of this market. Whereas, self-administration & home care and rising demand for biosimilar and generic drugs offer significant growth opportunities for players operating in this market. On the other hand, risk of needle-stick injuries and side effects of drugs may restraint the growth of the market.

Furthermore, the drug delivery technology market is segmented based on route of administration, facility of use, and region. On the basis of route of administration, the market is segmented into oral, injectable, topical, nasal, ocular, pulmonary, implantable, and trans mucosal. In 2016, the oral drug delivery segment is expected to account for the largest share of the market. This can be attributed to the wide range of benefits associated with oral drugs. The oral route of administration is one of the simplest, most convenient, and safest routes.

On the basis of facility of use, the market is segmented into the hospitals, ambulatory surgical centers/clinics, home care settings, diagnostic centers, and other facilities of use. In 2016, the hospitals segment is expected to account for the largest share of the market. This can be primarily attributed to advantages such as the significant number of inpatient and outpatient visits in hospitals as compared to other end users and the requirement of large volumes of drugs and their respective delivery devices to cater to the demand of this patient pool, said reportsnreports.com.

Asia is expected to be fastest-growing region in the drug delivery technology market from 2016 to 2021.Opportunities in the Asian market have attracted huge investments by major companies in the area of R&D activities. In addition, the region has low costs of labor and clinical trials, which has further served to draw market players to Asia.