Impact Of Covid-19 On the Global Pharmaceutical Drug Delivery Market

 Market Size Estimation:

The total size of the pharmaceutical drug delivery market was arrived at after data triangulation from different approaches, as mentioned below. After each approach, the weighted average of the approaches was taken based on the level of assumptions used in each approach.

Expected Revenue Growth:

The global pharmaceutical drug delivery market is projected to reach USD 2,206.5 billion by 2026 from USD 1,656.9 billion in 2021, at a CAGR of 5.9% during the forecast period.

Data Triangulation:

After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable.

Download PDF Brochure@ 
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1085

Impact Of Covid-19 On Pharmaceutical Drug Delivery Market:

According to the analysis, the below factors are playing a key role in shaping the growth of the global market:

# The number of COVID-19 cases has been increasing at an alarming rate in the US. This has led to the need for improved patient care and the increased adoption of drugs, such as vitamin C, multivitamins, and antivirals, in order to improve immunity levels.

# Due to the rapid spread of COVID-19 and increasing fear, drugs are being stocked by various end users and patients. This is expected to boost the growth of the pharmaceutical drug delivery market during 2020-2021. Various companies have witnessed an increase in revenue in the first quarter of 2020 as compared to the first quarter of 2019. For example, AbbVie reported an increase of 16.8% in its revenue in the first quarter of 2020 as compared to the first quarter of 2019. Similarly, Amgen Inc. recorded a revenue of USD 6,161 million in the first quarter of 2020, an 11% increase as compared to the first quarter of 2019 (USD 5,286 million).

# Raw materials required for manufacturing drugs, such as drug components and equipment used in manufacturing, are at the risk of a supply shortage due to the temporary lockdown of manufacturing sites in areas affected by COVID-19 or travel restrictions impacting shipments. However, currently, the trading and export of raw materials has resumed back owing to the uplifting of lockdowns and resumed manufacturing and production of pharmaceutical companies.

# The COVID-19 disruption has handicapped the global market extensively, resulting in numerous challenges in the supply chain of a lot of essentials, but the pandemic has caused an upsurge in the healthcare sector significantly to the pharmaceutical Industry. According to the IQVIA’s Global Use of Medicine 2020 report, the amount of money spent on buying medicines across the world will exceed USD 1.4 trillion by the end of 2022.

# Companies around the world are suffering from event cancellations preventing pharmaceutical companies from introducing new products and services. Digitalization in the pharmaceutical world incorporated learning into future crisis plans and processes

Pharmaceutical Drug Delivery Market Dynamics

Driver: Growth in biologics market

Recognizing the potential for biologics manufacturing, companies, such as Evonik (Germany), have made several strategic developments. For instance, the company increased its production capacity by acquiring SurModics in 2021, which focuses on controlled-release parenteral applications. In addition, Evonik acquired complementary technologies, such as Boehringer Ingelheim’s RESOMER platform, to improve its capability in this market. Similarly, in 2019, WuXi Biologics announced the launch of WuXi Vaccines, a joint venture with Shanghai Hile Bio-Technology Co., Ltd.

The companies entered into the strategic partnership under which WuXi Vaccines will build a dedicated facility and supply a commercial product for the global market. The biopharmaceutical industry has witnessed the emergence of a new class of therapeutics, showing significant potential in new treatments in oncology, diabetes, and other disease areas.

Request Sample Pages@ 
https://www.marketsandmarkets.com/requestsampleNew.asp?id=1085

Restraint: Risk of needlestick injuries

Needlestick injuries are one of the most serious health and safety threats:

# According to PharmaJet, in the US, around 600,000 to 800,000 needlestick injuries are reported every year.

# The Occupational Safety and Health Administration (OSHA) estimates that around 5.6 million workers in the US are at the risk of exposure to blood-borne pathogens due to needlestick injuries.

# Furthermore, the CDC estimates that an average of 385,000 needlestick injuries occur annually in US hospital settings.

# Similarly, in Europe, more than 1 million needlestick injuries are reported each year (Source: Becton, Dickinson and Company).

Opportunity: Self-administration and home care

Self-administration and home care are expected to provide significant growth opportunities for players operating in the pharmaceutical drug delivery market. This is mainly due to the rising geriatric population, as elderly individuals form a large consumer base for drug delivery devices for home care. This factor is also increasing the need for application-specific injection, inhalation, topical, and transdermal drug products that are designed to cater to the needs of caregivers and patients.

Speak to Analyst@ 
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1085