Drug Delivery Devices Market Size, Share, Growth Analysis, By Route of Administration (Oral, Injectable), By Application (Oncology, Infectious Diseases), By End-use (Hospitals, Diagnostic Centers), By Region -Industry Forecast 2024-2031.

Global Drug Delivery Devices Market size was valued at USD 262.30 billion in 2022 and is poised to grow from USD 277.78 billion in 2023 to USD 439.40 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).

In recent times, the demand for drug delivery devices is rapidly increasing due to growing adoption of advanced technology for effectively delivering drugs on the target site is expected to drive the overall market growth. Moreover, usage of these drug delivery devices reduces the chances of side effects by optimizing the delivery of drugs at target site. This helps in minimizing the dose and associated side effects. It also helps in reducing the overall product price by decreasing the amount of active pharmaceutical ingredients. Increasing demand for novel drug delivery devices is expected to boost the R&D in the field. Constant studies in the healthcare industry include technological advancements in drug delivery devices to make them more patient-friendly, accessible, and accurate. Business players in the industry are continuously researching innovative technologies and developing advanced drug delivery devices. The rapid growth of the biopharmaceutical industry is resulting in the development of various new drugs that are effective in treatment of various diseases. The rising investments by the drug manufacturers in the clinical trials and the active role played by the various authorities like FDA and EMA is boosting the development of innovative new drugs.