The global nanotechnology drug delivery market was valued at US$ 77.1 Bn in 2020 and it is estimated to expand at a CAGR of 7.9% from 2021 to 2028. The global nanotechnology drug delivery market is expected to cross the value of US$ 142.8 Bn by the end of 2028.
Nanotechnology Drug Delivery Market: Overview
The role of technology in the delivery of medicine assures revolutionary advances in measuring the size of the particles in nanometer ranges. One important and active application area of nanotechnology drug delivery systems (DDS) is to transport drugs to the final location of therapeutic intervention within the body. Various organic and inorganic nanomaterials have been utilized for DDS applications.
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The term nano pharmaceuticals (nano drugs) cover different nano-based DDS that can be used to encapsulate drugs for better targeting than with conventional drugs. The most common nanomaterials utilized for DDS include nanocrystals, liposome, protein-conjugate, dendrimers, and nanoparticles
Developing Potential of Existing Pharmaceutical Drugs: Key Driver
The global pharmaceutical industry has been developing compounds for over a century. However, several of these never got to the market. Acceptance of new drug formulations is expensive and slow, taking up to 15 years to obtain accreditation of new drug formulas with no guarantee of success.
Antineoplastic agents are highly effective in cancer treatment; however, it leads to chronic side effects due to cytotoxic properties and lack of target specificity. Hence, pharmaceutical companies are developing innovative drug delivery systems to increase target specificity for the cytotoxic drugs that are already present in the market.
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New drug delivery compounds are likely to extend the product and patent lifecycles of drugs, enabling the creation of new chemical entities (NCEs) via reformulation of existing and/or orphaned compounds, and subsequent creation of value for shareholders and consumers. Therefore, renewing the product lifecycle of existing drugs is expected to boost market growth during the forecast period
Clinical Advantages of Nanotechnology in Drug Delivery: Major Driver
Benefits of nanotechnology-based drug delivery systems for both doctors and patients are lower drug toxicity, more specific targeting, and reduced cost of treatment. Presently, several drug entities fail clinical trials because the compound is incapable to reach the targeted site without exhibiting any side effects. Delivery of a compound to specific target site is one of the most integral parts of any treatment ranging from infections to cancer.
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The overall drug consumption and side effects can be lowered significantly using nanotechnology drug delivery. The highly selective approach reduces the side effects and cost as well. These factors are likely to propel the global nanotechnology drug delivery market during the forecast period.
Clinical Advantages of Nanotechnology in Drug Delivery
The global nanotechnology drug delivery market has been classified into nanocrystals, liposomes, micelles, nanoparticles, nanotubes, etc. There has been a major role of a technology in the delivery of medicine to measure the size of the particles in nanometer ranges. The rising acceptance of nanotechnology-based drug delivery systems for both doctors and patients is due to lower drug toxicity, more specific targeting, and reduced cost of treatment. Nowadays, several drug entities fail clinical trials, as the compound is incapable to reach the targeted site without exhibiting any side effects. The delivery of a compound to specific target site is the most important part of any treatment ranging from infections to cancer. The overall drug consumption and side effects can be reduced with the help of the nanotechnology drug delivery system.
The nanotechnology drug delivery system is used in the field of neurology, oncology, cardiovascular/physiology, anti-inflammatory/immunology, anti-infective, and others. Oncology is the largest segment of the global market and expected to witness lucrative growth potential in the upcoming years due to rising cancer cases across the globe.
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Booming North America Nanotechnology Drug Delivery Market
North America is expected to account for a major market share of the global nanotechnology drug delivery market. Some of the key factors responsible for the market growth are well-established healthcare infrastructure and increase in number of biopharmaceutical companies in the region. The increasing prevalence chronic diseases all over the world demand technologically advanced drug delivery systems. Asia Pacific and Latin America are other attractive markets, which are poised to rise due to the increasing healthcare spending and improving healthcare facilities. This is due to economic growth, rise in spending capacity, surge in prevalence of cancers, and improvement in healthcare infrastructure.
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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