Rise in prevalence of chronic diseases and advancement in nanotechnology, drive the growth of the global nanotechnology drug delivery market.
PORTLAND, Ore., July 19, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Nanotechnology Drug Delivery Market by Formulation (Lipid-Based Nanomedicine, Polymer-Based Nanomedicine, Nanocrystals and Others), Applications (Oncology & Haematology, Infectious Diseases, Orthopaedics, Neurology, Urology, Immunology, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global nanotechnology Drug Delivery Industry generated $87.5 billion in 2022, and is anticipated to generate $209.5 billion by 2032, witnessing a CAGR of 9.1% from 2023 to 2032.
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Prime determinants of growth
Rise in prevalence of chronic diseases and advancement in nanotechnology drive the growth of the global nanotechnology drug delivery market. However, manufacturing complexities is hampering the nanotechnology drug delivery market growth. On the contrary, government initiatives in the field of nanotechnology drug delivery are expected to offer remunerative opportunities for expansion of the nanotechnology drug delivery market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $87.5 billion |
Market Size in 2032 | $209.5 billion |
CAGR | 9.1 % |
No. of Pages in Report | 245 |
Segments covered | Formulation, Application, and Region |
Drivers | Rise in prevalence of chronic diseases Advancement in nanotechnology |
Opportunities | Government initiatives in the field of nanotechnology drug delivery |
Restraints | Manufacturing complexities |
Covid-19 Scenario
- The COVID-19 outbreak had a moderate impact on the growth of the global nanotechnology drug delivery market.
- The travel restrictions disrupted the ongoing clinical trials and delayed the research and development of nanotechnology applications in healthcare, resulting in slowing the growth of the market.
- On the other hand, the urgent need for COVID-19 vaccine and treatment spurred rapid advancements in nanomedicine.
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The polymer-based nanomedicine segment to maintain its leadership status throughout the forecast period
Based on formulation, the polymer-based nanomedicine segment held the highest market share in 2022, accounting for more than one-third of the global nanotechnology drug delivery market, due to to high degree of versatility in terms of formulation design and drug delivery strategies. However, the lipid-based nanomedicine is projected to manifest the highest CAGR of 9.7% from 2023 to 2032, period owing to increase in interest for lipid based nanomedicine, and increase in number of FDA approval products.
The oncology and haematology segment to maintain its leadership status throughout the forecast period
Based on application, the oncology and haematology segment held the highest market share in 2022, accounting for nearly two-fifths global nanotechnology drug delivery market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the high research and development activities towards the application of nanotechnology to effectively treat cancer. However, the neurology is projected to manifest the highest CAGR of 11.4% from 2023 to 2032, period due to ability of nanomedicines to effectively cross blood brain barrier and ensuring higher therapeutic effect.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global nanotechnology drug delivery market revenue, owing to advancement in technology in nanomedicines and rise in prevalence of chronic disease such as cancer and strong presence of market key players. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.3% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to favorable government initiatives such as funding and presence of high-tech research institutes.
Leading Market Players:
- ABBVIE INC
- PFIZER LTD
- ASTRAZENECA PLC
- JOHNSON AND JOHNSON
- AMGEN INC.
- MERCK KGAA
- NANOBIOTIX SA
- NOVARTIS AG
- TEVA PHARMACEUTICAL INDUSTRIES LIMITED
- BRISTOL-MYERS SQUIBB COMPANY
The report provides a detailed analysis of these key players of the global nanotechnology drug delivery market. These players have adopted different strategies such as partnership, agreements, and collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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