by The global Drug and Gene Delivery Devices Market is estimated to be valued at US$ 169.3 Bn or Million 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.
Market Overview:
Drug and gene delivery devices are medical devices that help in effective delivery of therapeutics like drugs, biologics and genes inside the body. These devices offer targeted, controlled and sustained delivery which improves efficacy and safety of various therapies. Different devices like inhalers, gene guns, drug-eluting stents and microinfusion pumps are used for effective treatment of chronic diseases like cancer, cardiovascular diseases and genetic disorders. Accurate drug/gene delivery devices minimize toxic effects and side-effects associated with many conventional treatments and improve patient’s quality of life.
Market key trends:
Increasing prevalence of chronic diseases driven by growing geriatric population and changing lifestyles has accelerated the demand for targeted therapies. According to WHO, cardiovascular diseases are the leading global cause of death, responsible for over 17.9 million deaths every year. Advancements in nanotechnology and drug/gene delivery systems allow development of minimally invasive and personalized therapeutic approaches. Growing demand for self-administered drug delivery devices for home healthcare is boosting the market. 3D printing technology is enabling fabrication of complex individualized medical devices with customized drug dosage. Rising healthcare spending in emerging economies also supports market expansion. However, high cost of sophisticated drug delivery systems and stringent regulatory frameworks remain key challenges.
Porter’s Analysis:
Threat of new entrants: Low barriers to entry in terms of technology and expertise pose low threat of new entrants in the Drug and Gene Delivery Devices market size. However, large capital requirements and stringent regulations acts as a deterrent.
Bargaining power of buyers: The bargaining power of buyers is moderate as the industry is highly fragmented in nature with presence of numerous global as well as regional players. Buyers can negotiate on price and delivery terms.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative suppliers. Suppliers also need to adhere to strict quality standards and regulations set by industry.
Threat of new substitutes: Threat of substitutes is low as new disease treatment options take significant time and investment for development and approval.
Competitive rivalry: Intense competition exists among the existing players due to their wide global presence and focus on expanding their product portfolios through collaborations and partnerships.
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 and rising adoption of gene therapies.
The North America region is expected to dominate the market throughout the forecast period owing to robust healthcare infrastructure and presence of major market players in the region. Asia Pacific is anticipated to exhibit the fastest growth rate owing to growing healthcare spending, increasing incidence of chronic ailments, and rising penetration of gene 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. Major players are focusing on new product launches, collaborations, and geographic expansion to strengthen their market position.
