Nanotechnology Drug Delivery Market to Witness a Robust CAGR of 12.5% During 2015- 2023
The competitive landscape of the global nanotechnology drug delivery market is largely consolidated, with a small number of companies accounting for dominant share in the global market in 2014, observes Transparency Market Research in a recent report. However, the scenario is steadily changing as a number of new pharmaceutical companies foray into the nanotechnology drug delivery space in the lookout for innovative, more effective drug delivery techniques. The rising sums that new companies are investing in research and development in this field are allowing for a rise in R&D activities, helping the market expand at a steady pace.
Collaborations among leading pharmaceutical companies and technology developers is a trend that has picked pace in the market in the past few years. This is enabling massive improvements in clinical models used for evaluating the efficiency of nanomedicines. A number of companies are also focusing on the development of nanomedicines for the treatment of a variety of cancers. Some of the leading companies in the market are Amgen, Inc., Teva Pharmaceutical Industries Ltd., Johnson & Johnson, Novartis AG, and AbbVie, Inc.
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The report predicts that the global nanotechnology drug delivery market will expand at an excellent 12.5% CAGR from 2015 and 2023. If the predictions hold true, the market will rise from a valuation of US$ 4.1bn in 2014 to US$11.9 bn by 2023.
North America to Remain Most Lucrative Regional Market
Of the key applications of nanotechnology drug delivery examined in the report, the oncology segment emerged as the contributor in terms of revenue in 2014. Demand for nanotechnology drug delivery is expected to be the highest in the oncology sector over the report’s forecast period as well owing to the massive rise in prevalence of a number of cancers and the high demand for effective treatment methods for cancers across the globe.
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Geography-wise, the market in North America accounted for the dominant share in the overall market in 2014. The region boasts a vast number of some of the world’s leading pharmaceutical companies, technology developers, and research institutions. Moreover, the massive rise in incidence rate of a number of chronic diseases has compelled governments in developed countries in the region to encourage R&D activities and the development of more effective ways of treating common diseases.
Vast Rise in R&D Activities Enable Development of New Drug Delivery Models
The global market for nanotechnology drug delivery is chiefly driven due to a host of factors, including advancements in nanotechnology, which have revolutionized the field of drug delivery, the rising prevalence of infectious diseases, a variety of cancers, and numerous chronic ailments, and the rising demand for novel and more effective drug delivery systems. The vast rise in research activities in the field of nanotechnology, which has enabled the discovery of several new and more effective varieties of imaging and therapeutic agents and thus the development of more reliable diagnostics and therapeutic options, are also spelling growth for the market.
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However, the market’s growth is limited by a certain degree owing to the uncertain regulatory scenario pertaining to the approval of nanotechnology products on a global front and the high cost of nanomedicines. The high cost of nanomedicines is especially a big challenge for the market when it comes to targeting emerging markets with cost-conscious consumers.
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