These technologies help in overcoming solubility and permeability issues along with improving bioavailability of various drugs. The drug molecules are packaged or attached to the surface of nanoparticles which protect the drug from degradation and enable controlled release at the target site. This enhances the efficacy of the drugs by achieving optimal drug concentrations at disease sites for longer periods while reducing systemic toxicity.
The global nanotechnology drug delivery market is estimated to be valued at US$ 203.21 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the nanotechnology drug delivery are AbbVie Inc., Geistlich Pharma AG, Alkermes plc, Amgen Inc., AngioDynamics Inc., Arrowhead Pharmaceuticals Inc., BIND Therapeutics Inc., Capsulution Nanoscience AG, Celgene Corporation, Johnson amp; Johnson, Nanobiotix, Nanocarrier Co. Ltd., Merck amp; Co. Inc., Novartis International AG, Pfizer Inc., Sanofi SA, SkyePharma PLC, Starpharma Holdings Limited, Teva Pharmaceutical Industries Ltd. The key players are focusing on developing innovative drug delivery formulations and therapies for cancer and other chronic diseases.
The growing demand for targeted drug delivery formulations for effective treatment of cancer and other chronic diseases is one of the major factors driving the growth of this market. Nanotechnology-based drug delivery helps in overcoming cancer drug resistance and improves therapeutic outcomes. According to the World Health Organization (WHO), cancer burden is expected to grow exponentially in the coming years with over 27 million new cancer cases reported annually by 2040.
The expansion of Nanotechnology Drug Delivery Market Demand is witnessed globally with significant investments and collaborations among industry players and research institutes for advanced RD. The growing healthcare expenditure in emerging nations of Asia Pacific and Latin America has opened new opportunities for market players. However, stringent regulatory guidelines and high costs associated with nanotechnology development may hamper market growth.
Market drivers: The increasing prevalence of cancer globally is a key market driver. As per WHO, Cancer is one of the leading causes of death worldwide, accounting for nearly 10 million deaths in 2020. Targeted drug delivery using nanotechnology helps in overcoming limitations of conventional cancer therapies and effectively treat different cancer types. This is expected to significantly drive the adoption of nanotechnology-based drug delivery formulations in the coming years.
Get more insights on - Nanotechnology Drug Delivery Market
