Market Overview:
Drug and gene delivery devices are medical instruments used to administer drugs, genes, proteins, and other therapeutics into a patient’s body. These devices help in effective transportation and controlled delivery of therapeutics at the targeted site inside the body by various routes such as oral, injectable, inhaled, transdermal, and others. They provide several advantages such as precision in dosage delivery, controlled release of drugs over a period of time, improved efficacy and safety of therapeutics. Growing burden of chronic diseases like diabetes, cancer, cardiovascular diseases has led to increased demand for effective treatment options driving the growth of the market.
Market key trends:
One of the key trends in the drug and gene delivery devices market is the growing demand for personalized medicine. Personalized medicine focuses on developing customized treatment and care approaches for individuals based on their genes, protein expressions, environment and lifestyle. Growing awareness regarding benefits of personalized treatment is prompting pharmaceutical companies to develop targeted drug delivery systems. Also, rapid advancements in nanotechnology and material science has enabled development of novel drug carriers like polymeric nanoparticles, liposomes and micelles with ability to efficiently deliver drugs at molecular level with precision. These nano-sized drug delivery systems offer tunable drug release and can overcome physiological barriers for targeted delivery of drugs. Continuous developments in these areas are expected to boost the growth of drug and gene delivery devices market over the forecast period.
The global Drug and Gene Delivery Devices Market Size is estimated to be valued at US$ 169.3 Billion in 2023 and is expected to exhibit a CAGR of 11 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the drug and gene delivery devices market. High capital requirements and stringent regulations act as a barrier for new players to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players providing quality drug and gene delivery devices at competitive prices. Buyers can easily switch between various brands based on pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers for drug and gene delivery devices. However, suppliers may bargain for higher prices due to specific technical requirements.
Threat of new substitutes: The threat of new substitutes is low as drug and gene delivery devices have limited substitutes. The therapy alternatives may reduce the demand for drug and gene delivery devices.
Competitive rivalry: The competitive rivalry is high owing to the presence of major players operating in this marketplace.
Key Takeaways
The global drug and gene delivery devices market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of chronic diseases.
On a regional basis, North America is anticipated to dominate the global drug and gene delivery devices market during the forecast period. Rise in R&D expenditure and presence of major players in the region are propelling the market growth. Asia Pacific is projected to exhibit the fastest growth rate over the next few years owing to increasing healthcare expenditure, growing medical tourism, and rising awareness about advanced therapies.
Key players operating in the drug and gene delivery devices market are Pfizer, Inc., Novartis AG, Kite Pharma, Inc., Bluebird bio, Inc., Becton Dickinson and Company, Amgen, Inc., Vericel Corporation, uniQure N.V., Spark Therapeutics, Inc., Renova Therapeutics, Orchard Therapeutics plc, Kolon Tissue Gene, Inc., Human Stem Cell Institute, Dendreon Pharmaceuticals, Helixmith Co., Ltd (ViroMed Co., Ltd), Bausch & Lomb Incorporated, and Castle Creek Biosciences, Inc (Fibrocell Technologies, Inc.), among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
