In 2014, the three leading players in the global nanotechnology drug delivery market – Amgen, Inc., Teva Pharmaceuticals, and Novartis – had held a collective share of 26.3%. This extremely fragmented market comprises of a large number of players that are already globally prominent while still having close to half its size dedicated to regional and local players.
As per the findings revealed by Transparency Market Research in its report, the degree of competition in the global nanotechnology drug delivery market is extremely high, owing to the large number of existing players in it. The demand for nanotechnology drug delivery systems is exceptionally high and is increasing at a fast pace. Additionally, the scope of invention and innovation is still very high, allowing players to find success in even niche roles.
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The global market for nanotechnology drug delivery is expected to continue its bold CAGR of 12.5% within a forecast period from 2015 to 2023, in terms of revenue. This revenue is expected to reach US$51,969.7 mn by the end of 2016 and US$118,527.2 mn by the end of 2023. In terms of technologies, the global nanotechnology drug delivery market has been dominated by the segment of nanoparticles. By the end of 2023, the applications of nanoparticles in drug delivery are expected to generate US$33,543.2 mn in revenue.
North America Retains Dominant Usage and Scope of Drug Delivery Methods
North America has consistently held the leading spot in the global nanotechnology drug delivery market in terms of value. By the end of 2023, North America is expected to hold 44,450.5 mn of the revenue generated in the global nanotechnology drug delivery market. The primary reason for this is the medical and healthcare advancements that this region had already possessed over others. Close to 80% of all research and development efforts in the global biopharmaceutical industry take place within the U.S., which is also the leading regional user of nanotechnology in healthcare and specifically, drug delivery.
On the other hand, the emerging Asia Pacific region and its booming healthcare sector has put forth its stronger foot. Key countries in this region are exhibiting a phenomenal rate of growth in the healthcare and medical devices industries. This rapid economic growth rate, coupled with a growing expenditure on healthcare by patients, and the steadily increasing demand for the treatment of chronic diseases, is what may set Asia Pacific on track to challenge the greater shares held by North America and Europe.
Nanotechnology Drug Delivery Finds Application Scope Against Multiple Diseases
“The global nanotechnology drug delivery market has one highly sought-after concept working in its favor: the efficacy with which drug delivery can be achieve using these techniques has allowed for the development of incredibly potent drugs that can be used to combat a lot of the top priority diseases of today. The list includes a number of infectious diseases, genetic disorders, pulmonary diseases, cardiovascular diseases, and several forms of cancer,” states a TMR analyst.
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The introduction of nanotechnology drug delivery has revolutionized the pharmaceutical industry on a much larger scale. The traditional pharmaceutical design of LADME has now been transformed to include other processes such as circulation time, targeting, and triggered activation.
Venture Funds Scarcity Slows Nanotechnology Drug Delivery Market Down
There are quite a few factors responsible for restraining the growth rate of the global nanotechnology drug delivery market. One of the key restraints is the relative lack of venture funds. There are significant investments being made into the market for research and development efforts. However, in the broader picture, the market is still in a very early and formative stage and is in need of deeper investment pools to progress at a satisfactory rate. Other problems include the long waiting time of approval processes and the general lack of accuracy regarding what fields are a part of nano-medicine.
The information presented in this review is based on a Transparency Market Research report, titled, “Nanotechnology Drug Delivery Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”