In drug delivery, nanotechnology has received a lot of attention as it has the ability to manipulate molecules. The polymeric micelles, nanoparticles, and liposomes are termed as nanovehicles that are helpful in developing clinically useful formulations for treating various diseases. The global nanotechnology drug delivery market is estimated to expand robustly at a CAGR of 12.5% during the period between 2015 and 2023. The overall market was worth US$4.1 bn in 2014 and is anticipated to reach a valuation of US$11.9 bn by 2023.
The growing prevalence of cancer and infectious diseases has propelled the demand for novel drug delivery systems. This, in turn, has led to significant nanotechnology research as nanometer range of drug molecules can be effectively delivered to the targeted cells. All these factors have contributed towards the growth of the global nanotechnology drug delivery market. However, unspecific regulatory guidelines for novel nanotechnology-based drugs will hamper the market growth in the near future.
High Efficiency of Nanotubes across Healthcare to Drive Demand from Global Nanotechnology Drug Delivery Market
On the basis of technology, the global nanotechnology drug delivery market has been segmented into nanocrystals, liposomes, nanotubes, micelles, nanoparticles, and others including dispersion, nanoemulsions, and lipid colloidal. The nanoparticles segment has been further divided into dendrimers, gold nanoparticles, fullerenes, and others. In 2014, the nanoparticles segment dominated the overall market owing to its wide range of applications. The demand for dendrimers was the highest due to its properties such as monodispersity, flexibility in size and shape, polyvalency, biocompatibility, and better transfection. During the period between 2015 and 2023, the nanotubes segment is projected to expand at the fastest rate as nanotubes are highly efficient in healthcare, especially for bio-sensing methods, drug delivery, and health monitoring.
Oncology to Emerge as the Largest Application Segment in Market
In terms of application, the global nanotechnology drug delivery market has been categorized into oncology, neurology, anti-inflammatory/ immunology, anti-infective, cardiovascular/ physiology, and others. In terms of revenue, oncology was the largest application segment in the market in 2014. In the coming years, the segment is anticipated to lead the market owing to the growing prevalence of cancer and the rise in demand for effective treatment therapies. Neurology was the second largest application segment in the market in 2014 with nanotechnology being extensively used across neuromolecular diagnostics and the discovery of neurodegenerative markers.
During the period between 2015 and 2023, the cardiovascular segment is anticipated to be the fastest growing application segment as a number of research studies regarding nanotechnology-based cardiovascular treatment drugs are in the pipeline. Groundbreaking innovation in this field is expected to drive this market in the coming years.
Key Regions in Global Nanotechnology Drug Delivery Market
The global nanotechnology drug delivery market has been segmented into five key regions: Asia Pacific, North America, Europe, Latin America, and Rest of the World. Across developed economies in North America and Europe, technological advancements, robust healthcare infrastructure, and extensive research and development activities will boost the demand for nanotechnology drug delivery in the near future.
Key Players in Global Nanotechnology Drug Delivery Market
The global nanotechnology drug delivery market is consolidated. A relatively small number of companies held the majority of the market in 2014. Some of the key players in the global nanotechnology drug delivery market are Amgen Inc., AbbVie Inc., Johnson & Johnson, Celgene Corporation, Novartis International AG, Merck & Co. Inc., Pfizer Inc., Perrigo Company plc, and Teva Pharmaceutical Industries Ltd.