India Drug Delivery Devices Market to Grow at CAGR of 8.05% in the Forecast Period
Growing use of drug delivery
systems in healthcare facilities is expected to drive the growth of India drug delivery devices market.
According
to TechSci Research report, “India Drug Delivery Devices Market By Devices (Syringe,
Inhaler, Nebulizer, Transdermal Patch), By Route of Administration (Oral Drug
Delivery, Injectable Drug Delivery, Topical Drug Delivery, Others), By Patient
Care Setting (Hospitals, Diagnostic Centres, Ambulatory Surgery Centres, Others),
By Application (Cancer, Respiratory Diseases, Diabetes, Cardiovascular Diseases, Others), By Region, Competition, Forecast
& Opportunities, FY2026”, Indian
drug delivery devices market was valued at around USD564 million in 2020 and is
expected to grow at a steady CAGR of 8.05% during the forecast period. Increasing
demand for critical care devices remains one of the major factors accounting for the growth
of India drug delivery devices market. Moreover, growing investments for
innovation in healthcare sector is expected to bode well for the growth of India
drug delivery devices market through the forecast period. In addition to this, surging
incidence of respiratory diseases is further driving the use of drug delivery
devices among patients and physicians, which is projected to positively
influence the growth of India drug delivery devices market in the years to
come. Also, rise of biologics in pharmaceutical market, is further making
headway for the growth of India drug delivery devices market. However, there
are some factors that might act as major impediments to the growth of India
drug delivery devices market through FY2026 including high cost of research
& development and devices.
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India
drug delivery devices market can be segmented based on device, route
of administration, patient care setting, application, company, and
region. Based on route of administration, the market can be categorized into
oral drug delivery, injectable drug delivery, topical drug delivery, others.
Out of which, the injectable drug delivery segment is expected to grow during
the forecast period, which can be attributed to certain advantages associated
with this route of administration, such as convenience and ease of use, right
dosage to the right place, superior spread ability, and enhanced patient
compliance. Based on device, the market can be categorized into syringes,
inhalers, patch pumps, and others. Out of which, the syringes segment dominated
the market until FY2020 and is expected to maintain its dominance during the
forecast period as well as they are found to be of convenient usage and low
healthcare cost. In addition to this, syringe provides efficient and reliable
method for drug administration, which is further anticipated to fuel the
segmental growth in the years to come.
Pfizer Limited, Novartis India Limited.,
India Medtronic Private Limited, GlaxoSmithKline Pharmaceuticals Limited,
Cardinal Health India Private Limited, B. Braun Medical India Private Limited.,
Sun Pharmaceutical Industries Limited., 3M India Limited, Cipla Limited, Bayer
Pharmaceuticals India Ltd. are the leading players operating in India drug
delivery devices market. The players are adopting several growth strategies to
enhance the market scenario of drug delivery devices. Other competitive
strategies include new technological developments; mergers & acquisitions;
agreements, partnerships, and collaborations; and expansions to diverse their
product portfolio to strengthen their market position.
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“India drug delivery devices market is forecast to register high growth during
the next five years on account of rapid surge development in geriatric
population. Furthermore, availability of reimbursement for major part of
population is anticipated to boost the market growth for drug delivery devices
over the coming years. Additionally, high incidence of diabetes and cancer in
the country is further projected to bolster the market growth for drug delivery
devices through FY2026.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“India Drug Delivery Devices Market By Devices
(Syringe, Inhaler, Nebulizer, Transdermal Patch), By Route of Administration
(Oral Drug Delivery, Injectable Drug Delivery, Topical Drug Delivery, Others),
By Patient Care Setting (Hospitals, Diagnostic Centres, Ambulatory Surgery Centres,
Others), By Application (Cancer, Respiratory Diseases, Diabetes, Cardiovascular
Diseases, Others), By Region,
Competition, Forecast & Opportunities, FY2026” has evaluated the future growth potential of India
drug delivery devices market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in India drug
delivery devices market.
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