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Drug delivery is a concept that is closely linked to dosage type and method of administration, with the latter being included in some definitions. Oral, parenteral (injected), sublingual, topical, transdermal, inhaled, rectal, and vaginal are common routes of administration; however, drug delivery is not limited to these routes, and there may be multiple ways to give drugs through each route. Since the introduction of the first controlled-release formulation in the 1950s, research into new delivery systems has increased, although new medication discovery has slowed. The growing cases of chronic and infectious diseases, as well as a better understanding of the pharmacology, pharmacokinetics, and pharmacodynamics of many medications, may be contributing to the increased development of drug delivery systems.
Market Analysis: From US$100.050 billion in 2018, the oral medication delivery market is expected to increase at a CAGR of 6.99 percent to US$150.063 billion by 2024. According to World Bank data, global GDP will have decreased by around 3.5 percent in 2020 as a result of the COVID-19 epidemic. By 2021, several countries' economies have begun to recover and have partially adjusted to pandemic constraints. Vaccine research and development has made significant progress, and several governments, particularly in the United States, have implemented various initiatives to help the economy recover.
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