Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) — The “Global Drug And Gene Delivery Devices Market Analysis & Forecast to 2024-2034” report has been added to ResearchAndMarkets.com’s offering.
Global Analysis & Forecast Reports a Surge in Growth Owing to Technological Innovations and Increasing Chronic Disease Prevalence
The market, valued at USD 430.25 billion in 2023, is expected to surge to USD 956.20 billion, propelled by a robust Compound Annual Growth Rate (CAGR) of 7.53% during the period of 2024-2034. This growth trajectory is supported by various market trends, including a heightened focus on developing dosage forms that enhance drug bioavailability and patient convenience, along with innovative delivery system introductions like subdermal implants.
North America Takes Lead in Drug and Gene Delivery Devices Market with Highest Revenue Share
Anchored by the presence of key market players and a robust healthcare infrastructure, North America is anticipated to hold the lion’s share of the market revenue during the forecast period. The region’s market dominance is further consolidated by significant investment in research and development, as well as rapid advancements in gene therapy innovation.
Asia Pacific Forecasted to Emerge as Fastest-Growing Region
Concurrently, the Asia Pacific region is poised to exhibit the fastest CAGR, driven by escalating chronic disease prevalence, burgeoning healthcare awareness, and the incursion of prominent industry players. This dynamic market environment is complemented by increasing regulatory endorsements and strategic collaborations that underscore the region’s future potential.
Sub-retinal injection cannula emerged as the leading segment, accounting for the highest revenue in the past year. This can be attributed to its efficacy in delivering ocular drugs for cell and gene therapies. Prominent developments such as the EVA NEXUS platform by DORC International have augmented the market’s innovation landscape.
Luxturna and Yescarta Anticipated to Lead Commercialized Drug Segments
As part of the commercialized drugs portfolio, Luxturna, a trailblazing gene therapy product, generated significant market revenue. The expansion of the segment is propelled by regulatory approvals and the rising demand for advanced therapy medicinal products (ATMPs) like Yescarta, which is also projected to experience rapid growth.
In Situ Drug Delivery Dominates Method Segment
In situ delivery is identified as a predominant method due to its user-friendliness and increasing approvals for novel drug applications. Developments in the field include clinical studies sponsored by companies like Pell Bio-Med Technology Co., Ltd., that underscore the sustained innovation in situ gene delivery systems.
Viral Vectors Remain the Preferred Choice While Non-viral See Fastest Growth
The viral vector segment accounts for the highest revenue within the vector category, thanks to the number of clinical trials and enhanced gene transfer success rates these vectors facilitate. Conversely, the non-viral segment is forecasted to ascend swiftly, aided by growing chronic disease incidence and industry partnerships.
Oral delivery systems continue to lead as the preferred route of administration by revenue, attributed to ongoing efforts to improve API bioavailability and the growing emphasis on biotechnological agent development. Yet, injectable routes are catching up rapidly, augmented by advancements in self-injection delivery technologies such as the introduction of Dual Chamber Bags by Gufic Biosciences Ltd. in India.
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- Dendreon Pharmaceuticals
- Pfizer Inc.
- Becton, Dickinson and Company
- Novartis AG
- Bluebird bio Inc.
- Kolon Tissue Gene
- Vericel Corporation
- Renova Therapeutics
- Orchard Therapeutics plc Inc.
- Amgen Inc.
- Kite Pharma Inc.
- Helixmith Co.
- Bausch & Lomb Incorporated Ltd (ViroMed Co. Ltd)
- Spark Therapeutics Inc.
- uniQure N.V.
- Castle Creek Biosciences Inc. (Fibrocell Technologies Inc.)
- Human Stem Cell Institute
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- Global Drug And Gene Delivery Devices Market