The global market for nanotechnology drug delivery features a largely consolidated vendor landscape, with a small number of companies holding a massive share in market’s overall revenue in 2014, says Transparency Market Research (TMR) in a recent report. The market is, however, rapidly becoming crowded as a number of new vendors and companies from the pharmaceutical sphere are investing large sums in the research and development of new and more effective drug delivery mechanisms, with nanotechnology being one of the key fields of experimentation.
Transparency Market Research estimates that the global nanotechnology drug delivery market will exhibit an exponential CAGR of 12.5% over the period between 2015 and 2023, rising from a valuation of US$4.1 bn in 2014 to US$11.9 bn in 2023.
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In terms of application, the nanotechnology drug delivery market witnessed the dominance of the oncology segment in terms of revenue contribution to the global market in 2014. Factors such as the vast global rise in the prevalence of a variety of cancers and the increased demand for effective treatment methods to provide for the rising pool of patients are expected to help the segment retain dominance over the report’s forecast period as well.
From a geographical perspective, the North America market for nanotechnology drug delivery took the top spot in 2014. The vast rise in incidence of chronic health conditions such as diabetes and cancer will continue to fuel the North America market for nanotechnology drug delivery over the report’s forecast period as well. Latin America is expected to present promising growth avenues to the nanotechnology drug delivery market over the forecast period owing to the rising interest of medicine companies such as Johnson & Johnson and Novartis in the region.
Some of the key factors expected to drive the global nanotechnology drug delivery market are the rising demand for new and more effective methods of drug delivery, rising R&D activities in the field of nanotechnology, and the rising set of products available in the nano-medicine sector. Rapid progress has been achieved in the area, allowing the discovery of a vast variety of imaging and therapeutic agents and enabling the development of more effective diagnostics and therapeutic interventions.
The rising prevalence of a number of chronic conditions and cancers across the globe and the resultant rise in demand for effective drug classes, therapeutic mechanisms, and drug delivery systems are also expected to fuel the development of the global nanotechnology drug delivery market.
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Despite having promising growth opportunities, the global nanotechnology drug delivery market is expected to have to face hindrances such as the high cost of a nanotechnology interventions and the stringent regulatory scenario. The high cost of nano-medicines will, especially, be a challenge for the market to gain confidence of consumers in emerging economies of countries such as India, China, and Brazil.
The market is also witnessing strategic collaborations among key medicine companies and technology companies, a trend that is expected to make the global nanotechnology drug delivery market more competitive in the next few years. For instance, companies such as Amgen, Inc., Pfizer, Inc., and AstraZeneca entered into strategic agreements with BIND Therapeutics in 2011-2012 with the view of exploring the field of nano-medicine. Some of the leading companies operating in the global nanotechnology drug delivery market are Johnson & Johnson, Teva Pharmaceutical Industries Ltd., Amgen, Inc., AbbVie, Inc., and Novartis AG.
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