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Rising Chronic Conditions Is A Catalyst For Growth In The Extended-Release Drug Market: Powering Innovation and Expansion in the Extended-Release Drugs Market by 2025
Extended-Release Drugs Market
What Is the Expected CAGR for the Extended-Release Drugs Market Through 2025?
The market for extended-release drugs has seen a significant expansion in recent years. Its size is predicted to increase from $63.11 billion in 2024 to $69.63 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.3%. Factors contributing to this upsurge in the historical phase include better patient adherence, the prevalence of chronic ailments, enhanced efficiency, strategies for patent protection, and biodegradable implants.
What's the Projected Size of the Global Extended-Release Drugs Market by 2029?
The market size for extended-release drugs is forecasted to experience swift expansion in the coming years, expanding to "$111.26 billion in 2029 with a compound annual growth rate (CAGR) of 12.4%. This projected growth during the forecast period can be credited to factors such as the adoption of personalized medicine strategies, the focus on patient-oriented drug development, the increasing prevalence of lifestyle-related diseases, drug repositioning, and worldwide access to extended-release therapies. Key trends predicted for the forecast period encompass pharmaceutical innovation, drug delivery system advancements, progress in nanotechnology, the application of 3d printing to drug formulation, the implementation of artificial intelligence, and environmental sustainability.
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Top Growth Drivers in the Extended-Release Drugs Industry: What's Accelerating the Market?
The extended-release drug market is expected to grow due to the rising prevalence of chronic conditions. Chronic conditions are illnesses that persist for at least one year, requiring continuous medical care, hindering daily activities, or both. They include diseases such as heart disease, cancer, obesity, and diabetes. Extended-release drug delivery systems are meant to maintain a steady level of medication in the body for a prolonged period. This helps to uphold a uniform therapeutic effect and prevent the ups and downs in drug levels seen with immediate-release medicines. For example, in January 2023, the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, forecasted that by 2050, there would be a 99.5% increase in people aged 50 and above suffering from at least one chronic illness, rising to 142.66 million. Therefore, the escalating prevalence of chronic conditions is fueling the growth of the extended-release drug market.
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What Are the Key Trends Driving Extended-Release Drugs Market Growth?
The extended-release drug market is witnessing a significant increase in product innovation-centric trends, with prominent businesses focusing on developing innovative products to maintain their market foothold. Notably, Zydus Pharmaceuticals (USA) Inc., a generic pharmaceutical manufacturer based in the US, introduced Topiramate extended-release capsules for epilepsy in July 2022. The company had previously gained approval from the US Food and Drug Administration (USFDA) to market Topiramate extended-release capsules, USP 25 mg, 50 mg, and 100 mg. This made it the first entity nationwide to get ultimate approval and roll out Topiramate extended-release capsules. These tablets have gained approval for individuals dealing with partial onset or primary generalized tonic-clinic seizure in two different ways.
What Are the Main Segments in the Extended-Release Drugs Market?
The extended-release drugs market covered in this report is segmented -
1) By Type: Sustained Release Drug, Controlled Release Drug
2) By Mode: Over-The-Counter, Prescription
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Mail Order Pharmacies, Drug Stores
Subsegments:
1) By Sustained Release Drug: Matrix Systems, Coating Systems
2) By Controlled Release Drug: Osmotic Systems, Microencapsulation Systems, Targeted Delivery Systems
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Which Top Companies are Driving Growth in the Extended-Release Drugs Market?
Major companies operating in the extended-release drugs market include Pfizer Inc., AbbVie Inc., Novartis AG, Sanofi SA, GlaxoSmithKline PLC, AstraZeneca Plc, Gilead Sciences Inc., Boehringer Ingelheim International GmbH, Viatris Inc., Teva Pharmaceuticals Inc., Eastman Chemical Company, Catalent Pharma Solutions Inc., Sun Pharmaceutical Industries Limited, Purdue Pharma LP, Amneal Pharmaceuticals Inc., Endo Pharmaceuticals Inc., Mallinckrodt LLC, Allergan plc, Hisamitsu Pharmaceutical Co. Inc., Janssen Pharmaceuticals Inc., Noven Pharmaceuticals Inc., Mayne Pharma Group Ltd., Neos Therapeutics Inc., Ardena Holding NV, UPM Pharmaceuticals Inc., Oakwood Laboratories LLC, Roxane Laboratories Inc., Lavipharm Laboratories Inc., Watson Pharmaceuticals Inc.
Which Regions Will Dominate the Extended-Release Drugs Market Through 2029?
North America was the largest region in the extended-release drugs market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the extended-release drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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