Press release
Nanotechnology Drug Delivery Market to Flourish with an Impressive CAGR by 2024
Nanotechnology Drug Delivery Market: IntroductionAccording to the report, the global nanotechnology drug delivery market was valued at US$ 77.1 Bn in 2020 and is projected to expand at a CAGR of 7.9% from 2021 to 2028. The role of nanotechnology 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.
The term nanopharmaceuticals (nano drugs) cover different nano-based DDS that can be used to encapsulate drugs for better targeting than with conventional drugs. Nanotechnology drug delivery is used in the treatment of cancer, cardiovascular, pulmonary, genetic, and infectious diseases. In terms of technology, the global nanotechnology drug delivery market has been classified into nanocrystals, nanoparticles, liposomes, micelles, nanotubes, and others.
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Clinical Advantages of Nanotechnology in Drug Delivery: Key Driver
The benefits of nanotechnology-based drug delivery systems for both doctors and patients are lower drug toxicity, more specific targeting, and reduced cost of treatment. Currently, several drug entities fail clinical trials because the compound is unable to reach the targeted site without exhibiting any side effects. The delivery of a compound to specific target site is one of the most integral parts of any treatment ranging from infections to cancer. The overall drug side effects can be lowered significantly using nanotechnology drug delivery. The highly selective approach reduces the side effects and cost as well.
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Oncology Segment to Lead Nanotechnology Drug Delivery Market
Based on application, the global nanotechnology drug delivery market has been categorized into neurology, oncology, cardiovascular/physiology, anti-inflammatory/immunology, anti-infective, and others (hematology, ophthalmology, etc.). Oncology was the largest segment of the global market in 2020. The cardiovascular/pathology segment is projected to expand at a high CAGR during the forecast period. According to the National Cancer Institute, in 2020, around 1,806,590 new cases of cancer will be diagnosed in the U.S. and 606,520 people will die from the disease. According to the World Health Organization, in 2019, around 17.9 million people succumbed to cardiovascular disease (CVD) globally. Rise in prevalence of several types of cancer is the major factor boosting the growth of the oncology segment.
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Nanoparticles Segment to Lead Nanotechnology Drug Delivery Market
Major technologies used in nanotechnology drug delivery are nanocrystals, nanoparticles, liposomes, micelles, nanotubes, and others. Nanoparticles was the largest segment of the global market in 2020. The nanotubes segment is projected to expand at a high CAGR during the forecast period.
North America to Lead Nanotechnology Drug Delivery Market
In terms of region, the global nanotechnology drug delivery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America was the largest market for nanotechnology drug delivery systems, accounting for 41.05% share in 2020. This can be attributed to well-established healthcare infrastructure and large number of prominent biopharmaceutical companies (around 80% of the world's research & development in biopharmaceutical is conducted by U.S.-based firms).
The market in countries in Asia Pacific such as China and India is anticipated to grow at a rapid pace from 2021 to 2028 due to rapid economic growth, increase in disposable income, improvement in healthcare infrastructure, and rise in prevalence of chronic diseases.
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Competition Landscape
Key players operating in the global nanotechnology drug delivery market include AbbVie, Inc., Amgen, Inc., Celgene Corporation, Johnson & Johnson, Merck & Co., Inc., Novartis International AG, Perrigo Company plc, Pfizer, Inc., and Teva Pharmaceutical Industries Ltd.
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