The global advanced dermatology drug delivery devices market report highlights that the market was valued at $3,348.9 million in 2020 and is expected to reach $8,783.0 million by the end of 2030. The market is expected to grow at a CAGR of 10.52% during the forecast period from 2021 to 2030.
The market currently is dominated by needle-and-syringe combination products, which is almost universally disliked, accounts for a large chunk of the market. Most of the advanced drug delivery devices aim to capture some of that share with at least one of the features mentioned previously. The primary driving factors that are expected to boost the growth of the market include the push for connected devices, increasing number of business synergies among drug delivery device manufacturers and pharmaceutical companies leading to launch of new combination products in the market, the growing focus on prescription/medication/patient adherence, and innovative technologies in drug delivery such as microneedle patches. The key effort to bridge the gap in demand for connected devices is to increase the awareness for such products in emerging countries.
Global Advanced Dermatology Drug Delivery Devices Market Drivers
Presently, the factors driving the growth of the market as per the global advanced dermatology drug delivery devices market report include the global push for connected devices, increasing number of business synergies with pharmaceutical companies, novel technologies in drug delivery, and growing focus on prescription adherence.
As technology continues to evolve, sensors and connectivity are becoming essential elements in drug delivery. Connected devices are expected to be increasingly used for customized disease management. The market acceptance for connected devices is growing, mainly fueled by the overall increase in the adoption of connected devices and patient monitoring amidst the COVID-19 pandemic. Going forward, drug delivery devices are expected to comprise features that promote adherence. With evolving technologies, key players in the market are expected to integrate their offerings with connectivity features through apps. The growing focus on patient convenience is increasingly driving these technological advancements in the case of drug delivery.
Global Advanced Dermatology Drug Delivery Devices Market Challenges
The challenges that are restricting the growth of the market include stringent regulations and concerns around data privacy, and the lack of awareness of advanced dermatology drug delivery devices among a large section of the population in emerging countries.
The concept of connected healthcare is revolutionary. However, it also adds to data privacy concerns. Similar to all connected devices, networked medical devices are prone to security breaches. In terms of product launches, the market has registered a high rate of innovation during 2015-2020. In addition, the concept of connected medical devices is a relatively new concept and needs more time to gain acceptance among the masses, especially in emerging countries.
Global Advanced Dermatology Drug Delivery Devices Market Opportunities
Potential opportunities that are likely to boost the growth of the market include developing of a customized apps marketplace for pharma companies, leveraging synergies to expand into emerging markets, and developing low-cost devices to improve sales in price-sensitive markets.
A number of synergies between the manufacturers of advanced dermatology drug delivery devices and third-party software developers/cloud-service providers are expected to act as a catalyst for the development of the customized apps marketplace. Emerging markets present lucrative opportunities for the growth in the adoption of advanced dermatology drug delivery devices. In addition, manufacturers of advanced dermatology drug delivery devices are expected to benefit by marketing similar low-cost devices specifically for low- and middle-income countries (LMICs) to maximize their profits.
Impact of COVID-19 on the Advanced Dermatology Drug Delivery Devices Industry
The impact of COVID-19 varies depending on the region, country, the extent of lockdowns, and the perception of the local population.
In most cases, once the lockdowns were lifted, medication delivery systems in professional healthcare settings were redesigned with an aim to minimize contact among the healthcare providers and the patients. The regulations also required the clinicians to wear personal protective equipment. The adoption of advanced dermatology drug delivery devices is expected to be accelerated post COVID-19 due to the accelerated demand for connected devices. The trend of digitalizing healthcare has also impacted the development of some of the devices.
Key areas of the supply chain were impacted during the initial days of the pandemic, which comprised coinciding lockdowns in several countries leading to a restriction in global logistics. The resulting strain led to reduced stock in warehouses and a hike in logistics costs locally.
Key Questions Answered in the Global Advanced Dermatology Drug Delivery Devices Market Report
• What is the volume sold for each of the key product types in the market?
• What are some of the features of the products available in the market or in the pipeline?
• What are the key regulations governing the global advanced dermatology drug delivery devices market?
• What are the key technological developments expected to have a strong impact on the market in the coming years?
• How has the COVID-19 pandemic impacted the growth of the global advanced dermatology drug delivery devices market?
• Who are the leading players who held major share of the advanced dermatology drug delivery devices market in 2020?
• How has the patent filing trend in the field of advanced dermatology drug delivery devices grown over the years?
• What are the key factors that are expected to promote or restrain market growth?
• What are the likely scenarios in which the global advanced dermatology drug delivery devices market can grow in the future?
• What are the potential scenarios and effects of COVID-19 recovery for the advanced dermatology drug delivery devices market?
• What is the most common sales channel, and how likely is it to dominate the market during the forecast period 2021-2030?
• What is the current revenue contribution of different product types, and how is it expected to be modified during the forecast period?
• What is the current revenue contribution of different end users, and how is it expected to be modified during the forecast period?
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How This Report Can Add Value
Assuming that the reader is a manufacturer of dermal drug delivery devices, they will be able to do the following-
• Understand their position as compared to some of the key players in the market
• Get information on the number of units sold for each product type
• Stay updated with the latest trends in the market with respect to connected devices.
• Understand the impact of COVID-19 on dermatology practices, adoption of connected devices, and the entry barriers as a result.
• Identify some of the key players in the market and understand their value contribution
Assuming that the reader is a pharmaceutical company, they will be able to do the following-
• Understand the trends in dermatology drug delivery devices
• Stay updated with the key developments including partnerships between device manufacturers and pharmaceutical companies
• Understand the sales trend for OTC and pharma end markets
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