Drug delivery technology market is likely to grow from USD 1179.20 billion to USD 1669.40 billion at a CAGR of 7.2 percent from 2016–2021, predicts Reports and Reports. 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 and homecare 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 restrain the growth of the market.
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.
Asia is expected to be the 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.