The global “Drug Delivery Systems” Market is projected to reach USD 45.20 billion by 2027, exhibiting a CAGR of 6.8% during the forecast period. Increasing prevalence of multiple chronic conditions (MCCs) worldwide is expected to be the leading factor driving the growth of this market, finds Fortune Business Insights™ in its report, titled “Drug Delivery Systems Market Size, Share & Industry Analysis, By Type (Inhalation, Transdermal, Injectables and Others), By Device Type (Conventional and Advanced), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others) and Regional Forecast, 2020-2027”. MCCs refer to the existence of more than one chronic condition in an individual. According to a study published by the World Economic Forum (WEF), 33% of adults around the world suffer from a combination of MCCs such as cardiovascular disease with diabetes and depression or even cancer. Precision Drug Delivery Systems can play a crucial role in managing these conditions as they are able to administer drugs at the exact location of the disease. As incidence of chronic conditions rises, the demand for these systems is likely to spike in the coming years.
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North America to Hold Dominant Lead in the Market; Europe to Follow Closely
Among regions, North America is expected to dominate this market share during the forecast period owing to the active adoption of advanced drug delivery systems, especially for care of the elderly populace. Besides this, increased funding for medical R&D activities is also feeding the growth of this market. In 2019, the market size in the region was at USD 10.65 billion.
In Europe, the top growth driver is the rising prevalence of chronic diseases, coupled with the presence of large pharmaceutical companies, especially in Ireland, UK, Germany, and France. The market in Asia-Pacific is expected to be fueled by the expanding patient pool in India and China and the spreading awareness of the advantages of Drug Delivery Systems in the region.