Liposomal Drug Delivery Devices Global Market Report 2021: COVID 19 Growth And Change to 2030

Liposomal Drug Delivery Devices Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071085 •
  • Format: PDF
Major players in the liposomal drug delivery devices market are, Fudan-Zhangjiang, Pacira, Johnson and Johnson, Gilead Sciences, Novartis, Luye Pharma, CSPC, Ipsen (Onivyde), and Teva Pharmaceutical.

The global liposomal drug delivery devices market is expected to grow from $3.304 billion in 2020 to $3.644 billion in 2021 at a compound annual growth rate (CAGR) of 10.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.389 billion in 2025 at a CAGR of 10%.

The liposomal drug delivery devices market consists of sales of liposomal drug delivery devices and related services by entities (organizations, sole traders, and partnerships) that manufacture liposomal drug delivery devices.Liposomes are microscopic colloidal spheres that are used to deliver drug molecules to the site of action.

Liposomal drug delivery devices are used in various patient care settings such as hospitals, diagnostic centers, pharmaceutical companies, clinics, and home care settings.

Several big companies are undertaking various strategic initiatives such as collaborations and new product development, which is likely to become a major trend in the liposomal drug delivery devices market.Various companies are coming together to develop liposomal drug delivery systems to expand their product portfolio and operations worldwide.

For instance, in June 2018, Virpax Pharmaceuticals, Inc., a company based in West Chester, Pennsylvania engaged in manufacturing drug delivery systems, signed a license agreement with LipoCure to manufacture pain management products using the company’s liposome drug delivery technology. Virpax Pharmaceuticals, Inc. develops pharmaceuticals products for pain management using new drug delivery systems. In March 2020, FUJIFILM Corporation announced its decision to offer contract services of process development and manufacturing of liposome formulations to its partners seeking drug delivery formulations that are designed to deliver the therapeutic to the affected sites.

The liposomal drug delivery devices market covered in this report is segmented by type into liposomal doxorubicin; liposomal paclitaxel; liposomal amphotericin B; others. It is also segmented by application into fungal diseases; cancer therapy; pain management; viral vaccines; photodynamic therapy and by end user into hospitals; diagnostic centers; ambulatory surgery centers/clinics; others.

In July 2020, Croda International, Plc, a UK-based specialty chemicals company, acquired Avanti Polar Lipids, Inc. for $260 million. The acquisition is expected to expand life sciences products, cGMP production capabilities, and pharmaceutical services for biotechnology, life science, and expand customers for Croda International. Avanti Polar Lipids Inc. is a USA-based company that specializes in lipid-based drug delivery technology for next-generation pharmaceuticals.

The rise in the number of cancer cases across the globe is likely to contribute to the growth of the liposomal drug delivery devices market during the forecast period.Liposomal drug delivery systems are used as targeted therapy for cancer treatment in radiation therapy, chemotherapy, and surgical resection.

According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all the new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the liposomal drug delivery devices market over the forthcoming years.

The high cost of liposomal drug delivery devices is expected to limit the growth of the market during the forecast period.The high cost of devices makes liposomal treatment more expensive and unaffordable for patients, thereby hindering the growth of the market.

For instance, according to the Journal of Biotechnology & Biomaterials, lipid/liposomal drug delivery systems are expensive to produce attributing to their high production cost.The high cost of products results from the high cost associated with the raw materials used in lipid excipients and the requirement of expensive equipment to increase manufacturing.

Furthermore, according to the ScienceDirect Journal, liposomal drug delivery is the most expensive treatment for topical disorders such as psoriasis, atopic dermatitis, and skin cancer.