Growing prevalence of infectious diseases including COVID-19 to drive the growth of Europe pharmaceutical drug delivery market
According to TechSci Research report, “Europe Pharmaceutical Drug Delivery Market By Formulation (Conventional Drug Delivery, Novel Drug Delivery), By Route of Administration (Oral, Injectable, Topical, Ocular, Pulmonary, Nasal, Transmucosal, Implantable), By Application (Infectious Diseases, Cancer, Cardiovascular Diseases, Diabetes, Respiratory Diseases, Central Nervous System Disorders, Autoimmune Diseases, Others), By End User (Hospitals, Home Care Settings, ASC/Clinics, Others), By Country, Forecast & Opportunities, 2025”, the market is anticipated to grow at a healthy CAGR during the forecast period on account of increasing prevalence of infectious and contagious diseases including Ebola, chikungunya, SARS, MERS, avian flu, swine flu, and the most recent outbreak, COVID-19. As the cases of coronavirus are still on rise, there is a high demand for essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic. This is also serving as a major growth factor for pharmaceutical drug delivery market in Europe. Moreover, increasing healthcare expenditure and improving patient compliance is acting as key growth driver for Europe pharmaceutical drug delivery market. In addition to this, favorable reimbursement policies, coupled with surging research & development activities in healthcare sector are expected to propel the market growth in coming years.
Furthermore, technological advancements in drug delivery systems are fueling the growth of Europe pharmaceutical drug delivery market. Also, entry of new market players and increasing export of healthcare products and services are augmenting the growth of this market. However, the risk of needlestick injuries might hamper the growth of Europe pharmaceutical drug delivery market. Moreover, manufacturers across the region are facing significant cost reduction pressures from governments, which is anticipated to impede the market growth.
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Europe pharmaceutical drug delivery market is segmented based on formulation, route of administration, application, end user and country. Based on route of administration, the market can be segmented into oral, injectable, topical, ocular, pulmonary, nasal, transmucosal and implantable. Among these, the injectable segment accounted for largest market share in 2019. However, the topical segment is expected to register fastest CAGR during the forecast period on account of gradual shift of patient preference towards new transdermal delivery systems. Also, rising number of patients suffering from various skin diseases are creating high demand for topical route of administration in Europe.
Based on application, Europe pharmaceutical drug delivery market can be categorized into infectious diseases, cancer, cardiovascular diseases, diabetes, respiratory. diseases, central nervous system disorders, autoimmune diseases and others. Among these, cancer held largest share in 2019. However, the infectious diseases segment is anticipated to dominate the Europe pharmaceutical drug delivery market through 2025 owing extensive vaccine development activities being carried out in the region.
Major players operating in the Europe pharmaceutical drug delivery market include Novartis AG, F. Hoffman-La Roche AG, GlaxoSmithKline plc, Bayer AG, Sanofi S.A. , MERCK KGaA, Pfizer Inc., Johnson & Johnson, 3M United Kingdom PLC and Becton, Dickinson and Company. The market players are adopting growth strategies such as product innovation, acquisitions and expansions to create their stronghold in the market.
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“As the battle against coronavirus continues, pharmaceutical drug delivery market is facing spike in demand and is under extreme pressure. Additionally, there are large number of vaccines as well as drugs in various clinical trial phases. With such a strong pipeline, the market is expected to reflect huge growth potential in coming years. Also, governments across various European nations have increased investment in R&D activities, which is anticipated to foster the growth of pharmaceutical drug delivery market through 2025,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Europe Pharmaceutical Drug Delivery Market By Formulation (Conventional Drug Delivery, Novel Drug Delivery), By Route of Administration (Oral, Injectable, Topical, Ocular, Pulmonary, Nasal, Transmucosal, Implantable), By Application (Infectious Diseases, Cancer, Cardiovascular Diseases, Diabetes, Respiratory Diseases, Central Nervous System Disorders, Autoimmune Diseases, Others), By End User (Hospitals, Home Care Settings, ASC/Clinics, Others), By Country, Forecast & Opportunities, 2025” has evaluated the future growth potential of Europe pharmaceutical drug delivery market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Europe pharmaceutical drug delivery market.
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