Asia Pacific and Latin America, the fastest growing drug delivery technologies markets
According to a report published by Credence Research, the global drug delivery technologies market was valued at USD 175.95 billion in 2015 and is expected to reach USD 284.71 billion by 2022, expanding at a CAGR of 6.9% over 2016-2022. North America is leading the global market owing to well managed reimbursement policies, large-scale adoption of latest technologies, and high prevalence of chronic diseases. In terms of growth rate, Asia-Pacific and Latin America are the fastest developing markets due to rapidly developing healthcare infrastructure, gradually rising cognizance level, and reforming healthcare disbursement supplement. Tough competition among drug manufacturers to manage product life cycles of blockbuster drugs and rising trend of manufacturing outsourcing have made the drug delivery technologies market fragmented. Johnson and Johnson, Merck, 3M, and Becton Dickinson and Company are some of the key players of the global drug delivery technologies market.
(Image Courtesy: UCL)