Market Trends of Controlled Release Drug Delivery Industry
The Targeted Delivery Segment is Expected to Hold a Major Market Share in the Controlled Release Drug Delivery Market.
- The targeted drug delivery is expected to boost the studied market during the forecast period. This trend is primarily due to its rising demand coupled with the increasing geriatric and pediatric population. Compared to traditional delivery systems, the targeted delivery systems achieve a prolonged therapeutic effect, delivering drugs at the target site at a pre-determined rate at predictable drug release kinetics.
- Furthermore, the increasing product launches owing to the growing benefits offered by the targeted delivery are also expected to drive the segment's growth. For instance, in October 2021, NanoString Technologies, Inc. launched the Counter ADC Development Panel, a specialized gene expression tool for use in the rapidly expanding antibody-drug conjugates (ADCs) field. These ADCs enabled the targeted delivery of highly potent cytotoxic compounds to treat cancers. Due to such innovative launches in targeted drug delivery, the segment is believed to witness significant growth.
- In addition, the increasing research and development by the key manufacturers to meet the growing demand for innovative targeted drug delivery products are expected to drive the segment's growth. For instance, in March 2022, AstraZeneca announced that they were developing advanced drug delivery systems for targeted and controlled release of their novel molecules in tissues and cells to optimize their potential benefits for patients. Thus, due to the factors mentioned above, the studied segment is expected to dominate the market with a major share during the forecast period.
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North America is Expected to Hold a Significant Share in the Market and is expected to do the Same in the Forecast Period
- The North American region is expected to hold a significant market share in the controlled-release drug delivery market due to rising incidences of chronic diseases like cancer and HIV and increased product launches.
- According to the article by the Canadian Cancer Society, in November 2022, 233.9 thousand people were predicted to be diagnosed with cancer in 2022. Also, per the HIV in Canada 2021 statistics published by the Public Health Agency of Canada, 1,722 new cases of HIV were diagnosed in 2021. Therefore, the high burden of chronic diseases such as cancer and HIV is expected to boost the demand for controlled-release drug delivery devices for effective drug delivery and treatment, which is expected to accelerate market growth.
- The initiatives taken by market players to meet the growing demand for controlled-release drug delivery are also expected to drive the market's growth in this region. For instance, in January 2021, Tapemarka and Biotts partnered to commercialize MacroPerm, a new large-molecule transdermal technology designed to transport Active Pharmaceutical Ingredients (API) through the skin. Such factors expand the utility of transdermal technology of controlled release drug delivery, accelerating the market growth.
- Therefore, owing to the rising burden of chronic diseases and launches by market players, the studied market is expected to grow in this region during the forecast period.
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