The growing incidence of chronic illnesses like diabetes and cancer, which has increased the need for more efficient medication delivery methods, is one of the drivers boosting the North American drug delivery market. Developments in technology, especially in fields like biotechnology and nanotechnology, have made it possible to create precise and complex medication delivery systems. The demand for creative medication delivery strategies has been further spurred by the ageing population and the rise in age-related disorders that have followed. The market has grown because of favourable legislative frameworks, investments in R&D, and an emphasis on personalised treatment.
The medication delivery business in North America is greatly impacted by the rising incidence of chronic illnesses which has led to a greater need for sophisticated medication delivery systems that improve patient adherence and treatment effectiveness. Furthermore, as chronic illnesses become more prevalent, there are more chances for partnerships, government programmes, and technology developments, which will help the healthcare sector adapt to the changing needs of its patients and enhance their quality of life.
As per the International Trade Administration, Mexico's leading causes of premature death from January to June 2022 were heart disease (30.6%), diabetes (27.6%), malignant tumours (11%), influenza and pneumonia (6%), liver disease (5.8%), cerebrovascular disease (3%), homicides and accidents (10%), and pulmonary disease (6%), according to the Mexican National Institute of Statistics and Geography (Instituto Nacional de Estadística y Geografía, or INEGI).
According to the CDC, in the US, heart disease is the greatest cause of mortality for both men and women as well as for members of the majority of racial and ethnic groups. Cardiovascular disease claims one life in the United States every 33 seconds. Heart disease claimed the lives of about 695,000 Americans in 2021, accounting for 1 in 5 fatalities. From 2018 to 2019, heart disease caused the US to lose over $239.9 billion annually. This covers the price of prescription drugs, medical services, and lost productivity as a result of mortality. Furthermore, according to the Canadian Cancer Statistics published in 2022, 45% of men and 43% of women in Canada had cancer at some point in their lives. The ageing and growing Canadian population is contributing to a steady increase in the number of new cancer cases. The age-related rise in cancer risk is substantial.
The drug delivery system is fast gaining traction in the country on account of the growing number of chronic disease cases. According to the National Cancer Institute, in 2023, an estimated 15,190 children and adolescents ages 0 to 19 were diagnosed with cancer and 1,590 will die of the disease in the USA. The burgeoning need for a targeted drug delivery system that causes minimal side effects is driving the demand for these systems in the country. Advancements in technologies and increased healthcare spending are also providing a big boost to the United States drug delivery market growth. US healthcare spending increased by 2.7% in 2021, reaching US$4.3 trillion or US$12,914 per person, according to CMS.
Additionally, the government is approving various treatments that can prove to be beneficial for the patients. For instance, in January 2023, the US Food and Drug Administration (FDA) approved Airsupra (albuterol and budesonide) inhalation aerosol drug combination treatment for adults with asthma. This is an as-needed treatment or prevention of bronchoconstriction and will help to reduce the risk of asthma in patients 18 years or older. Strategic collaboration and partnership happening in the market is further expected to boost the market growth in the projected period. For instance, in May 2022, Gerresheimer, a Germany-based company that specializes in highly innovative platform technologies for drug delivery partnered with US-based Portal Instruments. The goal of this partnership is to treat chronically ill patients with innovative needle-free drug delivery solutions.