Global Advanced Dermatology Drug Delivery Devices Market Analysis and Forecast 2021-2030

Global Advanced Dermatology Drug Delivery Devices Market: Focus on Product Type, Volume Sold, Analysis and Forecast 2021-2030

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.

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.

Market Segmentation

Global Advanced Dermatology Drug Delivery Devices Market (by Product Type)

The global advanced dermatology drug delivery devices market report includes advanced dermatology devices for drug delivery. These products include injectors, patches, airless dispensers and bottles, dermal pumps, valves, other devices, and software and apps.

The product segment is being driven by a number of innovations in terms of product design and user engagement. Many players are focusing on having a patient-facing app to enhance medication adherence. As a result, software developers and solution providers are getting involved. Manufacturers can also have in-house custom software development teams for the same purpose.

Global Advanced Dermatology Drug Delivery Devices Market (by Sales Channel)

The global advanced dermatology drug delivery devices market sales channel includes B2B sales channel and B2C sales channel.

Manufacturers across the globe have been focusing on expanding their network of operations either through business synergies or technological advancements in the healthcare industry. Furthermore, the drug-device combinations are usually sold only through the B2B channel.

Global Advanced Dermatology Drug Delivery Devices Market (by End User)

The global advanced dermatology drug delivery devices market by end user includes hospitals, dermatology practices, and home use.

Hospitals are the primary end users for the global advanced dermatology delivery devices market. The adoption of these devices in hospitals and dermatology practices (clinics) has been increasing continuously for vaccination purposes. Moreover, the COVID-19 pandemic has played a key role in accelerating the demand for connected and home use devices. The advancements in drug delivery devices promoting adherence are also propelling the growth of the segment.

Global Advanced Dermatology Drug Delivery Devices Market (by Region)

The different regions covered under the global advanced dermatology drug delivery devices market include North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World.

North America and Europe are two of the largest markets for advanced dermatology drug delivery devices, while developing countries are expected to register strong growth in the adoption of advanced dermatology drug delivery devices in the near future.

Key Market Players and Competition Synopsis

Some of the key players operating in the market include AptarGroup, Inc., Becton, Dickinson and Company, Bespak, Credence MedSystems, Inc., E3D Elcam Drug Delivery Devices, Kindeva Drug Delivery L.P., Latch Medical, LTS Lohmann Therapie-Systeme AG, Medicsensors S.L, Midas Pharma GmbH, Nemera, Owen Mumford, Portal Instruments, Inc., Vaxxas Inc., and West Pharmaceutical Services, Inc.

The global advanced dermatology drug delivery devices market has witnessed several strategic and technological developments in the past few years undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are funding activities, mergers and acquisitions (M&A), partnerships, alliances, and business expansion, regulatory and legal activities, and new offerings. The preferred strategy for companies has been business synergies followed by funding activities.

Market Report Coverage - Advanced Dermatology Drug Delivery Devices

Market Segmentation