Johns Hopkins International, Lebanon, E-mail: email@example.com
Visit for more related articles at Research & Reviews in Pharmacy and Pharmaceutical Sciences
Growth over past decades that North America and Western Europe still account for 56% of the global market, but Asia Pacific has overtaken Western Europe as the second largest region. Growth in Asia Pacific is fuelled by increased affordability of drugs resulting from the launch of low-priced generics. Other factors that are positive for growth in Asia Pacific are the rise of GDP per capita in the region, government programs to support healthcare, and rapid urbanization, which brings both doctors and pharmacies within easy reach of increasing proportions of growing populations. Pharma sales in Asia Pacific will grow at 9.4% a year to 2021.
The following factors are helpful for boosting health care.
➢ Reduced taxes and lowered drug prices in the USA
➢ GDP growth of over 6% in China and India
➢ Widespread population aging and sedentary lifestyles leading to increased chronic disease prevalence
➢ Industrialized data services in R&D enabling the use of clinical trial data in trial simulations
➢ Lowered regulatory barriers for new drugs in the USA
➢ High urban pollution levels increasing the incidence of conditions like asthma
The global pharmaceuticals market was worth $934.8 billion in 2017 and will reach $1170 billion in 2021, growing at 5.8%, according to a recent pharma market research report by The Business Research Company. This is an accelerated pace compared to 6.2% for the years before 2016, but is slower than the other two large healthcare segments, medical equipment and healthcare services. Healthcare as a whole is growing at over 8% year on year.
The Asia Pacific drug delivery systems market is expected to reach US$ 441,337.0 Mn in 2027 from US$ 212,012.7 Mn in 2018. The market is estimated to grow with a CAGR of 8.6% from 2019-2027.The growth of the drug delivery systems market is primarily attributed to the rapid technological advancements in diabetes care devices and increasing rate of obesity. However, increasing reuse of pen needles is likely to pose a negative impact on the market growth. On the other hand, growing medical tourism in the emerging nations is likely to have a positive impact on the growth of the Asia Pacific drug delivery systems market in the coming years.
The advancement in the field of the healthcare industry is driving to the players for more research and developments for the drug delivery systems for the administration purpose required during various medical conditions. The pen needles used in various injection pens have evolved gradually in terms of material, performance, dimensions and safety factors such as sterility and safety packaging. Various manufacturers are coming up with innovative products to sustain in the highly fragmented drug delivery systems market, in the region. Moreover, the easy regulatory approvals in the Asian countries has led to mid-sized companies enter the market and compete with the local and established players.
For instance, in May 2018, Hindustan Syringes and Medical Devices (HMD), one of the leading manufacturers of disposable syringes introduced “Dispovan” insulin pen needle which is the first made-in-India disposable pen needle that is technologically efficient and affordable than that of the currently available products in the market. Development of pen needles with precise lubrication to reduce the pain sensation has been another focus of manufacturers during the research. Thus, owing to the abovementioned factors the market for drug delivery systems anticipated to grow rapidly in the forecast period, in the region
In 2018, the oral segment held a largest market share of 50.2% of the drug delivery systems market, by route of administration. The oral segment is expected to dominate its market share in 2027 owing to ease of drug administration, high degree of flexibility on dosages and cost effectiveness
These are the factors that affect the pharmaceutical market size:
➢ Disease prevalence is related to population size, age, genetic inheritance and behaviour (infectious disease incidence is lower where sanitation practices are better; sedentary lifestyles also encourage chronic disease).
➢ Affordability is expounded to financial gain however additionally to drug costs.
➢ Consumer attitudes include willingness to use alternative therapies or distrust of taking drugs.
➢ Government (and insurance company) policies affect reimbursement and who the payer is. Other government policies determine regulation, which can be a significant barrier to the launch of new treatments.
➢ A major supply-side factor is availability of an appropriate treatment, which may be a matter of quantity, as in an epidemic, or of drug discovery and development
The European online pharmacy market is estimated to reach US$10.88 billion in 2023, growing at a CAGR of 4.20% for the period spanning from 2019 to 2023. The factors such as increasing aging population, increasing internet accessibility, growing e-commerce and rising economic growth are expected to drive the market. However, growth of the industry will be challenged by strict regulatory framework and practice of illegal online pharmacy. A few notable trends include adoption of new technology and launch of e-prescription. The European online pharmacy market is broadly segmented into two types which are online over-the-counter drugs and online prescription drugs. The increasing demand for drugs for self-medication helped online over-the-counter market to remain at top position amongst all the segments. The fastest growing regional market is Germany due to increasing internet penetration and awareness regarding online over-the-counter benefits that have a major impact on the growth of the market. Growing internet penetration is the major factor that would propel the online pharma market growth in European countries. France and Italy are highly established premium markets that contribute to significant shares in the European market.