Global Industry Growth Boosting Factors:

# Rising prevalence of chronic diseases
# Growth in the biologics market
# Technological advancements and new product launches
# Increasing investments in pharmaceutical R&D

Drug delivery technologies improve the efficacy and safety of a drug by controlling the rate, time, and place of drug release in the body. This market is highly competitive and is witnessing rapid growth due to the development of numerous new routes of drug delivery. The global pharmaceutical industry is research-intensive, with innovative firms spending on average about 15% of their sales on R&D. Also, the increasing R&D expenditure on early-stage development, as well as an increase in the number of potential drugs in the preclinical phase, is driving the demand for preclinical services among life science companies.

Impact of COVID19:

Raw materials required for manufacturing drugs, such as drug components and equipment used in manufacturing, are at the risk of a supply shortage due to the temporary lockdown of manufacturing sites in areas affected by COVID-19 or travel restrictions impacting shipments. However, currently, the trading and export of raw materials has resumed back owing to the uplifting of lockdowns and resumed manufacturing and production of pharmaceutical companies.

Companies around the world are suffering from event cancellations preventing pharmaceutical companies from introducing new products and services. Digitalization in the pharmaceutical world incorporated learning into future crisis plans and processes.

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Expected Growth Rate:

The global pharmaceutical drug delivery market is projected to be growing at a healthy rate of 5.9% during the forecast period.

Major Objectives of This Study:

# To define, describe, and forecast the pharmaceutical drug delivery market by route of administration, facility of use, application, and region.

# To provide detailed information regarding factors influencing the market growth, such as drivers, restraints, opportunities, and challenges.

# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall pharmaceutical drug delivery market.

# To analyze the market opportunities for stakeholders and provide details of the competitive landscape for key players.

# To forecast the size of the pharmaceutical drug delivery market in five main regions (along with their respective key countries), namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.

# To profile the key players in the pharmaceutical drug delivery market and comprehensively analyze their core competencies2 and market shares.

# To track and analyze competitive developments, such as acquisitions, product launches, expansions, collaborations, agreements, partnerships, and product approvals of the leading players in the pharmaceutical drug delivery market.

# To benchmark players within the pharmaceutical drug delivery market using the competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering.

Opportunity: Rising demand for biosimilars and biologics

Biosimilars are more acceptable for the treatment of chronic diseases that are of a non-life-threatening nature. Moreover, biosimilars can drive the overall therapeutics market by allowing patients to access drugs at cheaper rates. The lower cost of manufacturing due to the use of modern manufacturing technologies for the development of biosimilars is a major factor that is expected to drive the growth of this market in the coming years. Also, an increasing number of companies are conducting clinical trials on biosimilars.

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Geographical Growth Dynamics:

North America will dominate the pharmaceutical drug delivery market from 2021–2026

Geographically, the global market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest share of the pharmaceutical drug delivery market in 2020. The high share of the North American market is attributed to the rising prevalence of chronic diseases, such as cancer, respiratory allergies, and diabetes; increasing patient compliance to innovative drug delivery technologies; and the presence of a large number of prominent players in this region.

Key Developments, Globally:

# In July 2021, Johnson & Johnson received FDA approval for DARZALEX (daratumumab), a subcutaneous formulation that reduces the treatment time for multiple myeloma indications.

# In December 2020, Pfizer, Inc. received FDA approval for BRAFTOVI (encorafenib) plus combination with cetuximab for the treatment of patients with brafv600e-mutant metastatic colorectal cancer (CRC) who have undergone prior therapy.

# In November 2020, GlaxoSmithKline plc partnered with IDEAYA to enter the field of Synthetic Lethality, an emerging field in oncology; programs MAT2A, Pol Theta, and Werner Helicase programs, which are part of it, are projected to reach clinical trials in the next three years.

Read the Detailed Report@ https://www.prnewswire.com/news-releases/pharmaceutical-drug-delive...