The Controlled Release Drug Delivery Market was estimated USD 31.96 billion in 2017 and expected to reach USD 70.15 billion by 2023 at a CAGR of 14.0% during the forecast period. However, factors such as less awareness and higher cost per dosage may hinder the market growth during the forecast period.
Segments – Controlled Release Drug Delivery Market
The Global Controlled Release Drug Delivery Market has been segmented based on route of administration, release mechanism, product, and end user.
By route of administration, the global controlled release drug delivery market has been segmented into oral, injectable, ocular, nasal, topical and implantable. The injectable segment has been further segmented into targeted delivery, transmucosal, and transdermal.
By release mechanism, the global controlled release drug delivery market has been segmented into chemically activated controlled drug delivery systems, polymer-based drug delivery systems, feedback-regulated drug delivery systems, activation modulated drug delivery systems, and micro-reservoir partition-controlled drug delivery systems. The activation modulated drug delivery system segment has been further segmented into magnetically activated drug, mechanically activated drug, hydrodynamic pressure activated drug delivery, osmotic pressure activated drug delivery, and vapor pressure activated drug delivery. The chemically activated controlled drug delivery systems segment has been further segmented into hydrolysis activated drug delivery, enzyme activated drug delivery , pH-activated drug delivery.
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By product, the global controlled release drug delivery market has been segmented into sustained release, ocular implants, drug-eluting stents, auto-injectors, nasal sprays, needle-free injectors, metered dose inhalers, transdermal patches, infusion pumps, and nebulizers.
By end user, the global controlled release drug delivery market has been segmented into hospital and clinics, personal use, research centers, and others.
Market Drivers and Restraint
Controlled release drug delivery involves releasing drug through drug-encapsulating devices at controlled rates for long periods to facilitate optimal use of drugs and tailoring of drug release rates. Controlled release drug delivery aids in achieving more efficacy in therapies while alleviating the potential for both overdosing and underdosing. The global controlled release drug delivery market was valued at USD 31.96 Bn in 2017 and is expected to catapult to USD 70.15 Bn at a CAGR of 14% over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in a detailed study.
Enticed by the efficacy and safety achieved by controlled release drug delivery systems, remarkable interest has been witnessed in recent years towards the drug delivery system. Controlled release drug delivery is associated with the benefit of safer and more effective dosage of medicines to fight a variety of diseases, including cancer.
The duration of drug action is dictated by the design property of drug molecules which is a desirable characteristic is progressively used in cancer management. Controlled release drug delivery has the potential to enhance chemotherapy delivery and improve outcomes in cancer patients. The growing use of controlled release drug delivery in cancer management is a vital growth driver. Diseases such as cancer, diabetes, respiratory and other disorders are on the rise which has augmented the demand for controlled release drug delivery systems. Additionally, an increase in the geriatric population who are more susceptible to age-related disorders induce demand within the market.
The rise in the incidence rate deaths caused by drug overdose and rigorous R&D in the controlled release drug delivery arena are factors fostering the growth of the global controlled release drug delivery market. Pharmaceutical polymers hold much significance for controlled release drug delivery applications. Development of advanced novel polymers designed primarily for medical applications has proven to be beneficial for the growth of the global controlled release drug delivery market.
On the contrary, factors such as lack of awareness and high cost per dosage are likely to undermine the growth of the global controlled release drug delivery market over the forecast period.
Competitive Landscape – Controlled Release Drug Delivery Market
Depomed, Inc. (US), Allergan (Ireland), Alza Corporation (Johnson & Johnson)(US), Collegium Pharmaceutical (US), SKY Pharmaceuticals Pvt. Ltd.(China), Coating Place, Inc.(US), Novartis (UK), GlaxoSmithKline (UK), Biogen (US), Corium International Inc.(US), Pfizer Inc.(US), AstraZeneca (US) are the noteworthy players in the global controlled release drug delivery market.
In January 2019, ProMed Pharma, a contract manufacturer of polymer-based drugs, and DSM Biomedical, leading medical device materials development and manufacturing partner, announced partnership for technical and business development. The partnership focuses on using the capabilities of both the companies to develop novel sustained release drug implants and combination devices.
Regional Analysis – Controlled Release Drug Delivery Market
The Americas is expected to lead the global controlled release drug delivery market owing to the increasing government support for the development of controlled release drug delivery and rising investments in research & development are enhancing the market growth in the region. The increasing prevalence of chronic diseases such as diabetes, cancer, respiratory diseases, Alzheimer’s, etc. are also contributing the market growth. According to the National Cancer Institute, it is estimated that 1,735,350 people will be diagnosed with cancer and 609,640 adults will die in the US in 2018. The increasing number of a cancer patient may boost the market growth in this region.
Europe holds the second largest market for controlled release drug delivery during the forecast period. The rising number of New Drug Application (NDA) and Abbreviated new drug application (ANDA) applications in the region is also supporting and playing a significant role in the growth of the regional market. Apart from this, the rising geriatric population in Europe enhances the market. According to the Office for National Statistics 2017, the UK population is getting older with 18% aged 65 and above and 2.4% aged 85 years. The increasing in aging may boost the controlled release drug delivery market.
Asia-Pacific was expected to be the fastest growing region for the global controlled release drug delivery market. The market is expected to observe high growth owing to the increasing support by government and private funding agencies for the development of healthcare products and increasing expansion in pharmaceutical industries by India, Japan and China support the market growth in this region.
The Middle East and Africa holds the lowest share for controlled release drug delivery market due to the less per capita income and fewer healthcare facilities. However, the growing campaigns for creating awareness about healthcare facilities may increase the market growth in the Middle East and Africa.
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