The drug delivery technology market is expected to reach USD 1,504.7 billion by 2020 from USD 1,048.1 billion in 2015, growing at a CAGR of 7.5% from 2015 to 2020. The market is categorized on the basis of route of administration, end user, and region. The route of administration market is further segmented into oral, pulmonary, ocular, nasal, topical, injectable, implantable and transmucosal drug delivery technology. The topical drug delivery technology market segment is expected to witness the highest CAGR in the forecast period.
Factors such as rising incidences of chronic diseases, growth of the biologics market, and innovation and technological advancements, are driving the growth of the drug delivery technology market. In addition, emphasis on innovation for improving the delivery of drugs is also contributing to the growth of the market. For instance, in February 2015, Sanofi and Mankind Corporation (U.S.) collaborated to launch Afrezza (insulin human) Inhalation Powder, inhalable insulin. This launch enabled the company to strengthen its product portfolio in nasal drug delivery. Such innovations are fueling the growth of the market.
Asia is expected to be the fastest-growing region in the drug delivery technology market. High growth in this market can be attributed to the increased population, rising prevalence of chronic diseases in the emerging markets, and existence of unmet medical needs.
