Northbrook, IL -- (SBWIRE) -- 04/05/2021 -- According to the new market research report "Pharmaceutical Drug Delivery Market by Route (Oral (Tablet), Pulmonary (Nebulizer), Injectable, Ocular (Liquid), Topical (Solid), Implantable (Active), Transmucosal), Application (Cancer, Diabetes), Patient Care Setting (Hospital)- COVID-1 Impact - Forecast to 2025", published by MarketsandMarkets™, the Pharmaceutical Drug Delivery Technology Market is projected to reach USD 2,015.3 billion by 2025 from USD 1,430.5 billion in 2020, at a CAGR of 7.1% during the forecast period.

The Growth in this market is mainly driven by the rising prevalence of chronic diseases, growth in the biologics market, and technological advancements and new product launches. Due to the outbreak of corona virus globally, there is a sudden rise in the demand for pharmaceutical drugs largely in infectious application.

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Growth Drivers: Growth in biologics market;

According to the American Journal of Managed Health Care, biologics form the fastest-growing segment of the pharmaceutical market. An article published by Congressional Research Service 2017, stated that in the US, in 2016, spending on biologics increased by 13% (as compared to 2015) to reach USD 105.5 billion. According to an article published by The Economist, in the US, more than 900 biologics are under development for the treatment of more than 100 diseases. It is estimated that biologics contributed approximately 22% of the sales of large pharmaceuticals companies in 2013, which is expected to reach 32% by 2023. As biologics are mainly administered by the injectable route, the significant growth in the biologics market is expected to drive the injectable drug delivery market in the coming years. According to Pharmaceutical Research and Manufacturers of America (formerly known as the Pharmaceutical Manufacturers Association), as of June 2020, there are 17 biosimilars in the US market against 7 reference biologics

Growth Opportunities: Rising demand for biosimilars;

Biosimilars are more acceptable for the treatment of chronic diseases that are of a non-life-threatening nature. Moreover, biosimilars can drive the overall therapeutics market by allowing patients to access drugs at cheaper rates. The lower cost of manufacturing due to the use of modern manufacturing technologies for the development of biosimilars is a major factor that is expected to drive the growth of this market in the coming years. Also, an increasing number of companies are conducting clinical trials on biosimilars. For instance, Biocon is involved in the clinical trials of various drugs such as Insulin Glargine, Trastuzumab, Bevacizumab, Pegfilgrastim, and Adalimumab. Also, Amgen is conducting clinical trials for various biosimilars, such as rituximab, infliximab, centuximab, eculizumab, and trastuzumab. Some FDA-approved biosimilars include Zarxio (Sandoz), AMJEVITA (Amgen), and Erelzi (Sandoz).

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Geographically, North America accounted for the largest share of 39.3% of the market in 2019, followed by Europe. The large share of the North American market is due to factors such as growth in biologics in the pharmaceuticals market; the rising prevalence of chronic diseases such as cancer, respiratory allergies, and diabetes; increasing patient compliance to innovative drug delivery technologies; and the presence of a large number of prominent players in this region.

Key Market Players;

The global pharmaceutical drug delivery market is highly fragmented owing to the presence of several large and small players. Johnson & Johnson, Inc. (US), F. Hoffman-La Roche (Switzerland), Merck & Co., Inc. (US), Bayer AG (Germany), Pfizer, Inc. (US), Novartis AG (Switzerland), 3M Company (US), Becton, Dickinson and Company (US), GlaxoSmithKline plc, (UK), Sanofi (France), and Antares Pharma, Inc. (US) are some of the leading players operating in the market.