The advanced drug delivery market is expected to expand at a CAGR of 16.0%, reaching the estimated value of USD 1,95,132.45mn between 2020 to 2030.
Researchmoz
elucidates the market dynamics of the advanced drug delivery market including
market size, growth drivers, restraints, trends, opportunities, segment
dominance, and competitive edge.
The
burgeoning chronic diseases are expected to strengthen the market during the
forecast period.
Factors Driving and Restraining the Market
Some
of the determinants of the growth of the advanced drug delivery market include-
The
advanced technology in the drug delivery system is expected to drive the market
towards significant growth.
For
instance- West Pharmaceuticals getting into an agreement with Corning
Incorporated for advanced technology for an advanced injectable drug delivery
system to offer better safety for patients
Benefits
such as target-oriented therapy, reduced dosing frequency, lower toxicity, and
increased efficacy are anticipated to bolster the market significantly during
the forecast period.
Rising
investment in research and development in biotechnology and genetic engineering
is expected to boost the demand for advanced drug delivery in the forthcoming
years.
The
controlled dosing system provides better patient compliance, and easy treatment
methods, owing to the market expansion of advanced drug delivery during the
forecast period.
The
rapid development in nanotechnology and the development of nanoparticles to
overcome the barriers of conventional methods of drug delivery are expected to
drive the expansion of the market in the following years.
There
are various factors that are expected to stimulate the growth opportunities in
the global advanced drug delivery market, however, there are a couple of
challenges that may restrain the growth.
The
high cost of drug development, lack of infrastructure for research and
development, and stringent regulations may hinder the growth of the global
advanced drug delivery market during the forecast period.
Nevertheless,
the advanced drug development is expected to grow, owing to recent advancements
in genomics (gene-based targeted therapy) and the development of new
biopharmaceuticals.
Analyst’s Overview
The global advanced drug
delivery market is expected to grow exponentially at a noteworthy CAGR of 16.0%
between 2020 to 20230, marking up to the estimated value of USD 1,95,132.45mn.
The
first drug delivery system originated in 1855, in the form of syringes,
however, it is since 1970 that the advent of the drug delivery system started
gaining traction, now paving way for advanced drug delivery systems with
next-generation drug delivery technologies.
The
development of nanoparticles aims at the controlled release of drugs offering
therapeutic efficacy and lower toxicity to meet the unmet needs in healthcare
facilities.
The
sudden rise in the number of chronic diseases in the recent past has crowded
the hospital sector with inpatients and outpatients visits, thus fuelling the
growth in the advanced drug delivery market.
The
Asia Pacific followed by North America and Europe is expected to hold its
dominance over the advanced drug delivery market, owing to increased
expenditure on research and development, a number of chronic diseases, medical
tourism, availability of advanced technology, and better healthcare
infrastructure respectively.
Competitive Landscape
The
global advanced drug delivery market players are expected to invest their focus
and funds on strategies such as collaborations, acquisitions, and new product
launches.
Some of the existing key
players of the advanced drug delivery market are –
- Alnylam Pharmaceuticals Inc.
- Endo International Plc.
- Biogen Limited
- Micropoint Technologies
- Bausch Health Companies Inc. (Bausch &
Lomb)
- Altaris Capital Partners Llc. (Kindeva
Drug Delivery)
- Novo Nordisk A/S
- Takeda Pharmaceutical Company Limited.
- Johnson & Johnson (Johnson &
Johnson Vision)
- Ocular Therapeutix Inc.
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