Europe Drug Delivery Market
Published On: Aug 2023
Published On: Aug 2023
According to Business Market Insights research, the Europe drug delivery market was valued at US$ 6,32,268.46 million in 2023 and is expected to reach US$ 8,95,338.87 million by 2028, registering a CAGR of 7.2% from 2023 to 2028. Rising incidence of chronic diseases, growing demand for noninvasive drug delivery systems, and increasing R&D expenditures in pharmaceutical companies are the critical factors attributed to the Europe drug delivery market expansion.
R&D is an essential part of any company’s business. Compared to other industries, pharmaceutical companies are more driven by the need to create innovative products and spend significant sums on R&D. This is mainly due to the time-limited patent protection of drugs and the resulting threat of a collapse in sales due to competition from generics and biosimilars. Pharmaceutical and medical device companies focus on R&D to introduce new molecules for various therapeutic applications with the most significant medical and commercial potential. Strong R&D capabilities also help them bring high-quality and innovative products to the market. R&D spending by biopharmaceutical companies has also increased over the years. Therefore, the growing R&D expenditure by pharmaceutical industries is expected to drive the drug delivery systems market during the forecast period.
On the contrary, high cost associated with development of drugs and delivery systems hampers the Europe Drug Delivery Market.
Based on route of administration, the Europe drug delivery market is segmented into injectable drug delivery, oral drug delivery, transmucosal drug delivery, topical drug delivery, implantable drug delivery, and ocular drug delivery. The injectable drug delivery segment held 45.7% share of Europe Drug Delivery Market in 2023, amassing US$ 2,87,252.25 million. It is projected to garner US$ 3,90,037.02 million by 2028 to expand at 6.3% CAGR during 2023–2028.
Based on distribution channel, the Europe drug delivery market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment held 69.2% share of Europe Drug Delivery Market in 2023, amassing US$ 4,38,434.49 million. It is projected to garner US$ 6,31,721.96 million by 2028 to expand at 7.6% CAGR during 2023–2028.
Based on end user, the Europe drug delivery market is segmented into hospitals and clinics, home care settings, and other end user. The hospitals and clinics segment held 55.5% share of Europe Drug Delivery Market in 2023, amassing US$ 3,51,138.39 million. It is projected to garner US$ 5,10,172.85 million by 2028 to expand at 7.8% CAGR during 2023–2028.
Based on country, the Europe drug delivery market has been categorized into the Germany, France, the UK, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 24.3% share of Europe Drug Delivery Market in 2023. It was assessed at US$ 1,53,713.50 million in 2023 and is likely to hit US$ 2,26,878.87 million by 2028, exhibiting a CAGR of 8.1% during the forecast period.
Key players dominating the Europe drug delivery market are Bausch Health Companies Inc; Baxter International Inc; Becton Dickinson and Co; Boehringer Ingelheim International GmbH; Boston Scientific Corp; Gerresheimer AG; GlaxoSmithKline Plc; Johnson & Johnson; Novartis AG; Novo Nordisk AS; Pfizer Inc; and Sever Pharma Solutions, among others.
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