by Market Overview:
Drug and gene delivery devices are medical devices used to administer drugs and genetic materials into tissues or the circulatory system for the treatment of various diseases like cancer, cardiovascular diseases, diabetes, infectious diseases and genetic disorders. These devices overcome difficulties associated with traditional drug administration methods like frequent injections and provide targeted, controlled and sustained drug delivery for improved patient convenience and efficacy.
Market key trends:
One of the key trends in the drug and gene delivery devices market is the growing adoption of advanced drug delivery technologies for targeted and controlled drug release. Technologies like micro and nano particles, hydrogels, transdermal and implantable delivery systems help in targeted delivery of therapeutics by protecting drugs from degradation and enable controlled release at predetermined rates and at site of diseases. For instance, nanotechnology based delivery systems help in overcoming blood barriers and deliver drugs directly at disease sites, thereby improving therapeutic efficacy and reducing side effects. This is encouraging increased research and development activities in the market.
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.
The drug and gene delivery devices market is being driven by the rising demand for targeted drug delivery and gene therapies. Targeted drug delivery helps in delivering the drug directly to the site of disease or infection and minimizes adverse effects by reducing systemic exposure of drugs. Gene therapies deliver nucleic acids like DNA or RNA into the target cells to cure genetic disorders. The growing focus on precision medicine is also contributing to the development of smart delivery devices to treat diseases based on an individual’s genetic makeup.
SWOT Analysis
Strength: Growing demand for targeted drug delivery and gene therapies due to their advantages of less toxic effects, improved efficacy, site specific action and better patient compliance.
Weakness: High costs associated with R&D of advanced delivery devices. Regulatory challenges for approval of new gene and cell therapy products.
Opportunity: Increasing investment in 3D printing to develop customizable implants and depots for localized drug delivery. Untapped potential in emerging economies.
Threats: Safety issues related to gene therapies. Stiff competition from alternative drug delivery methods.
Key Takeaways
The global drug and gene delivery devices market size is expected to reach US$ 169.3 Billion by 2030, exhibiting a CAGR of 11% over the forecast period. This can be attributed to the increasing prevalence of chronic diseases and rising focus on precision medicine.
Regional analysis: North America dominated the market in 2023 and is expected to retain its lead over 2023-2030. This is due to growing adoption of gene therapies and presence of major players in the US. Asia Pacific is anticipated to witness the fastest growth during the forecast period owing to rising healthcare investments, increasing disposable income and large patient pool.
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
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
