Pharmaceutical Drug Delivery Market Size

Pharmaceutical Drug Delivery Market Size

Pharmaceutical Drug Delivery Market size was more than USD 1.6 trillion in 2022 and is forecast to observe more than 7% CAGR from 2023 to 2032. The rising adoption of self-administration and home care will influence the market development.

Emerging preferences for self-administration and at-home care will influence the market trends. A large portion of the elderly population is preferring home care over hospital care as it is a more affordable and practical option. The high prevalence of many diseases and an increase in the number of diabetic patients worldwide has resulted in the widespread usage of self-injector devices for the administration of insulin. As patients are choosing self-administration devices to eliminate the high costs of hospitalization and caregivers, many companies are launching new drug delivery products to meet the impending demand. For instance, in May 2022, Jabil Healthcare launched the Qfinity Autoinjector Platform which is a reusable drug delivery device.
 

Concerns over needlestick injuries could hamper the growth of the pharmaceutical drug delivery market. Injuries from needlesticks happen when a needle inadvertently pierces the skin. Such wounds are dangerous because they can spread bacteria that can result in deadly bloodborne diseases. As per estimates, around 600,000 to 800,000 needlestick injuries are recorded in the US each year. Healthcare workers are at high risk of needlestick injuries which can lead to serious or fatal infections.