Global Drug Delivery Systems Market Size Projected to Reach $71.75 Billion By 2029
Palm Beach, Fla., Jan. 12, 2023 /PRNewswire/ -- The drug delivery system is a device that enables the introduction of a drug in the body and improves its efficacy and safety by controlling the rate, time, and place of release of drugs in the body. The systems include drug delivery devices without drugs, such as auto-injectors, jet-injectors, and syringes. The manufacturers of drug delivery systems either distribute their products to pharmaceutical companies or consumers through various pharmacies such as retail pharmacies, hospital pharmacies, and online pharmacies. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. A report from Fortune Business Insights projected that the global drug delivery systems market size, which was valued at USD 34.70 billion in 2021, is projected to grow from USD 39.33 billion in 2022 to USD 71.75 billion by 2029, exhibiting a CAGR of 9.0% during the forecast period. The report said: "The growing vaccination drives to minimize the spread of COVID-19 are expected to fuel the demand for these systems during the forecast period. Moreover, factors such as the surging number of chronic diseases, growing awareness and adoption of advanced drug delivery systems, and the emerging novel technologies drive the market. Furthermore, the market players focusing on various strategies such as new product launches and collaborations are expected to contribute to the market growth in the coming years. The impact of COVID-19 is expected to result in considerable growth of the market during the analysis period. This is attributed to the significant acceleration in the production of injectable drug delivery systems by manufacturers coupled with the increase in COVID-19 vaccination across the world. The market witnessed an increase of 26.2% in 2021 as compared to 2020." Active Companies in the markets today include Sharps Technology Inc. (NASDAQ: STSS), Becton, Dickinson and Company (NYSE: BDX), Cardinal Health (NYSE: CAH), Novo Nordisk A/S (NYSE: NVO), Terumo Corporation (OTCPK: TRUMY).
Fortune Business Insights continued: "The injectable segment held the highest market share in 2021 and is projected to expand at the highest growth rate during the forecast timeframe. The rising demand for wearable injectable systems for drug delivery is expected to increase product launches, thereby spurring segmental growth. Moreover, the increasing vaccination drive across the world leading to the increased demand for syringes is expected to contribute to the segmental growth in the near future. The market in North America was valued at USD 14.15 billion in 2021 and is anticipated to continue its dominance in the global market during the forecast period (2029). Some of the contributing factors include the rapid increase in the COVID-19 vaccination drive by the U.S. government, which resulted in the increased demand for syringes. Furthermore, strong demand for drug delivery systems due to the increased number of hospital admission in the region is expected to drive the drug delivery systems market growth in North America during the forecast period."
Sharps Technology Inc. (NASDAQ: STSS and STSSW) BREAKING NEWS: Sharps Technology Inc. to Introduce New Specialized Prefillable Syringe Systems in 2023 - High-Value specialized prefillable syringe systems to accelerate revenue growth in 2023 and beyond - Sharps Technology, Inc. (the "Company", "Sharps"), an innovative medical device and drug delivery Company offering patented, best-in-class syringe products, announces the advancement of the Company's specialized prefillible syringe ("PFS") system product line, which will be manufactured in collaboration with Nephron Pharmaceuticals at the Inject EZ facility in West Columbia, South Carolina.
Braden Miller, Sharps Director of Product Management, commented, "Sharps has developed an alternative high-quality solution to glass syringes through the use of inert polymers such as Cyclic Olefin Polymer (COP) and Cyclic Olefin Copolymer (COC), which offers a high-quality solution compared to traditional glass syringe systems. These polymer syringes have many of the same characteristics as current pharmaceutical glass designs to support long term drug stability and increase shelf life for customers in the pharmaceutical segment. Polymer syringes can also be made into custom configurations, which can eliminate breakage, minimize dead space, reduce contamination, and support the development of custom devices including autoinjectors. The ability to produce these innovative products using advanced manufacturing techniques creates additional advantages in the areas of quality, performance and safety when compared to similar glass syringe products. We look forward to introducing this line of next generation products to the market."
Sharps' specialized product pipeline and market strategy will include a broad range of sizes, silicon free systems that address contamination issues for the broader healthcare market, dual chamber systems that improve drug shelf life while reducing unnecessary packaging, and customized solutions for systems that serve the growing autoinjector segment.
Sharps announced a manufacturing and research partnership with Nephron Pharmaceuticals in November 2022 that will support the manufacturing of the Company's new innovative prefillable syringe systems, which will begin in the third quarter of 2023 in South Carolina. Initial demand will be supported by manufacturing capacity of 20+ million units, with additional capacities that can be scaled by 2025 with an additional 100 million units annually. Products will be manufactured utilizing state-of-the-art Injection molding technologies with highly automated assembly lines. The products will be sterilized using an ecofriendly clean sterilization option easily adaptable for the pharmaceutical market. Sharps' PFS systems will utilize ISO Standard Nest and Tubs that will be compatible with existing fill-finish technologies to provide a drop-in solution for the industry.
Robert Hayes, Sharps Chief Executive Officer, commented: "Following years of research and development, Sharps is now in a position to commercialize and support the future of specialty syringe drug filling technology. The opportunity to advance our product and manufacturing strategy to include high value prefillable syringe products will significantly accelerate our revenue growth for 2023 and beyond. The launch of these products could not come at a better time to support a market that is in demand for products produced in the USA that provide specialized solutions for customers that need optionality for their drug filling operations. We look forward to providing updates as we commence manufacturing in South Carolina and introduce our new products to the market." CONTINUED… Read this full release for Sharps Technology at: https://ir.sharpstechnology.com/
Other recent developments in the markets include:
Becton, Dickinson and Company (NYSE: BDX), a leading global medical technology company, recently introduced a new, robotic track system for the BD Kiestra™ microbiology laboratory solution that automates lab specimen processing, which may help to reduce manual labor and wait time for results.
The new BD Kiestra™ 3rd Generation Total Lab Automation System allows laboratories to create a custom and flexible total lab automation configuration to connect multiple BD Kiestra™ modules and is scalable to meet labs' unique and evolving needs. With multiple track options and choice of instruments to employ, labs can choose their automation entry point and configure the system to fit their individual workflow and physical lab space.
Cardinal Health (NYSE: CAH) recently said that it plans to release second-quarter financial results for its fiscal year 2023 on February 2, prior to the opening of trading on the New York Stock Exchange. The company will webcast a discussion of these results beginning at 8:30 a.m. Eastern.
To access the webcast and corresponding slide presentation, visit Cardinal Health's Investor Relationspage. No access code is required. Presentation slides and a webcast replay will be available on the Investor Relations page for 12 months.
Novo Nordisk A/S (NYSE: NVO), recently announced plans to invest 5.4 bn Danish kroner in the expansion of existing facilities in Bagsværd. The plans also include the construction of a new plant located in extension of the existing facilities.
The investment will establish additional capacity in R&D for manufacturing of active pharmaceutical ingredients (API) to supply our global clinical trials. These expansions will provide capacity for developing Novo Nordisk's future oral and injectable product portfolio.
Terumo Corporation (OTCPK: TRUMY) recently released that a new study published in JAMA demonstrated that patients at high risk for acute kidney injury (AKI), the most common complication of percutaneous coronary intervention (PCI), had a significant reduction in AKI when cardiologists used Terumo Health Outcomes' (THO's) ePRISM clinical decision support (CDS) platform.
"The three-year randomized study shows the benefits of the THO ePRISM platform to strategically target the high-risk portion of the population. For many cardiovascular service line programs, the rate of reduction in AKI shown in this study, using ePRISM technology, can improve their hospitals' quality performance metrics from middle to top decile. This can result in lower costs to the hospital and better outcomes for patients," said Michael J. Martinelli, MD, FACC, FSCAI and Chief Medical Officer, Terumo Medical Corporation.
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