Global Nanotechnology Drug Delivery Market Gains from Rising Demand for Technically Advanced Drug Delivery Systems
The application of nanotechnology in drug delivery is poised to surge rapidly in the coming years. Currently, a number of substances are being researched for drug delivery, especially for therapies used in the treatment of diabetes, cancer, and other chronic diseases. The key regional markets, namely North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa have been witnessing immense growth in nanotechnology drug delivery since the last few years.
Nanoparticles reduce the toxicity and curb side-effects of drugs. The application of this technology in drug delivery has improved the delivery of drug molecules to nanometer range. The growing prevalence of various infectious and chronic diseases, advancements in nanotechnology, and the rising demand for technically advanced drug delivery systems are boosting the worldwide market for nanotechnology drug delivery significantly.
Transparency Market Research (TMR) has recently published a study on the global nanotechnology drug delivery market. According to the study, the market attained a value of US$4.1 bn in 2014. Analysts expect it to rise at a CAGR of 12.50% during the period from 2015 to 2023 and reach US$11.9 bn by the end of 2023.
Which of the regional markets for nanotechnology drug delivery is likely to report the highest growth in the coming years?
The Latin America market for nanotechnology drug delivery is expected to register the highest growth in the coming years. The increasing government support in terms of funds for research and development activities in the field of nanotechnology is boosting the Latin America market remarkably.
In addition to this, the increasing focus of leading market players such as Johnson & Johnson and Novartis to strengthen their presence in countries such as Mexico and Brazil is likely to propel this regional market for nanotechnology drug delivery over the next few years.
What are the factors driving the market for nanotechnology drug delivery in other regions?
The increase in research activities by major pharma companies in North America to incorporate nanotechnology in drug delivery is driving the nanotechnology drug delivery market in the region. The Europe market is led by the growing application of nanotechnology in biopharmaceuticals.
The presence of a large consumer base and a huge market for generic drugs is propelling the Asia Pacific market. The market in the Middle East and Africa is expected to derive growth from the infrastructural advancement in the healthcare industry in the near future.
What are the key strategies adopted by leading market participants for their business expansion?
Mergers, acquisitions, and alliances are the key strategies adopted by major companies operating in this market for their business expansion. For instance, Blueberry Therapeutics Ltd., a leading pharmaceutical enterprise, has developed a novel nanopolymer delivery technology that allows it to deliver drugs into cells and tissue effectively. Using this technology, the company is developing nanomedicines for the treatment of inflammatory and infectious diseases.
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Another major pharma company, Bind Therapeutics has recently announced its collaboration with PeptiDream, a Japan-based peptide developer, to research on nanomedicines.
Such strategies adopted by the leading companies are expected to positively influence the market’s trajectory in the near future.