DRUG AND GENE DELIVERY DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

However, factors such as stringent rules and regulations and high risk of needlestick injuries are expected to hamper the market growth

Global Drug and Gene Delivery Devices Market Drivers:

Rise in burden of chronic diseases to drive market growth

One of the key factors expected to augment the growth of the global drug and gene delivery devices market during the forecast period is the increasing prevalence of chronic disease around the world. For instance, with the rise in burden of chronic diseases, such as infectious disease, cardiovascular disease, cancer, and diabetes, the demand for drug/gene delivery devices is also increasing with a rapid pace. According to the World Health Organization (WHO), cardiovascular diseases account for most NCD (noncommunicable disease) deaths, or 17.9 million people every year, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million).

High demand for drug/gene delivery devices to propel market growth

Another factor which is driving the growth of the global drug and gene delivery devices market is the increasing demand for gene and drug delivery devices around the world. For instance, a drug and gene delivery device is a medical device that enables a drug and gene to reach its site of action without reaching non-target cells, organs, and tissues. In May 2022, Jabil Healthcare launched the Qfinity autoinjector platform, a simple, reusable, and modular solution for subcutaneous (SC) drug self-administration, at a lower cost than market alternatives, supporting the emerging prioritization of sustainable drug delivery within the pharmaceutical industry.

Global Drug and Gene Delivery Devices Market Opportunities:

Increasing funding for cell and gene therapies is expected to offer significant growth opportunities for players in the drug and gene delivery devices market. For instance, in May 2023, ElevateBio has raised US$ 401 million in a Series D financing round for advancing its technology platforms to expedite the design, production, and development of cell & gene therapies. Moreover, in March 2021, ElevateBio raised US$ 525 million to advance its cell and gene therapies. A funding will be used to help the company expand its R&D and manufacturing capabilities, as well as continue to spin out new companies and partnerships based on the research.

Rise in approvals for gene therapies is expected to offer lucrative growth opportunities for players in the global drug and gene delivery devices market. For instance, gene therapy is a medical field used to treat or prevent disease by correcting the underlying genetic problem. In August 2022, the U.S. Food and Drug Administration (FDA) approved Zynteglo (betibeglogene autotemcel), a first cell-based gene therapy to treat adults and pediatrics with beta-thalassemia. Each dose of Zynteglo is a customized treatment made using patient’s own cells that are genetically modified to produce functional beta-globin (a hemoglobin component).

Global Drug and Gene Delivery Devices Market Restraints:

Stringent rules and regulations to hinder market growth

One of the key factors expected to hamper the growth of the global drug and gene delivery devices market is the stringent rules and regulations. Due to safety issues such as over and/or underuse of medication, missed or delayed therapy, and medication errors, strict product regulations to govern these systems are in place. A large number of people die every year due to unsafe practices. Thus, all medical devices in the United States are subject to the Premarket Approval Application (PMA) pathway and 510(k) pathways. Moreover, strict regulation for classification, distribution, and sale of OTC medicines is the need of the hour.

Risk of needlestick injuries to hamper market growth

Another factor which is hampering the growth of the global drug and gene delivery devices market is the high risk of needlestick injuries. Needlestick injuries (NSIs) are wounds caused by needles that accidentally puncture the skin. Needlestick injuries are one of the most important occupational hazards among healthcare workers (HCWs) worldwide. Needlestick injuries can lead to serious or fatal infections with blood-borne pathogens, such as hepatitis B virus, hepatitis C virus, and HIV. Thus, several regulatory authorities across the world are mandating the usage of safety syringes to help reduce the risk associated with needlestick injuries.

However, factors such as stringent rules and regulations and high risk of needlestick injuries are expected to hamper the market growth