How nanotechnology drug delivery assists healthcare sector and what restricts growth?
Transparency Market Research has published a new market research report titled, “Nanotechnology Drug Delivery Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.” According to the report, the global nanotechnology drug delivery market was valued at US$ 4.1 Bn in 2014 and is estimated to reach US$ 11.9 Bn in 2023, expanding at a CAGR of 12.5% from 2015 to 2023.
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Application of nanotechnology is aimed at improving drug delivery. Advancement in nanotechnology has revolutionized the delivery of nanometer range of drug molecules. Rising prevalence of infectious diseases and cancer, significant nanotechnology research, and increasing demand for novel drug delivery systems are driving the nanotechnology market. However, unspecific regulatory guidelines for novel nanotechnology based drugs is expected to hamper market growth during the forecast period. The global nanotechnology drug delivery market was valued at US$ 4.1 Bn in 2014 and is anticipated to reach US$ 11.9 Bn by 2023, expanding at a CAGR of 12.5% from 2015 to 2023.
Nanoparticles dominated the global nanotechnology drug delivery market in 2014 due to wide range of applications and increase in demand for nanoparticles globally. The dendrimers sub-segment dominated the nanoparticles segment owing to factors such as polyvalency, flexibility in size and shape, monodispersity, biocompatibility, and better transfection properties than other technologies. However, the nanotubes segment is expected to expand at the highest growth rate during the forecast period. Growth of this segment is attributed to high efficiency of nanotubes in health care specifically in drug delivery, bio-sensing methods for disease treatment, and health monitoring.
Oncology was the largest application segment of the nanotechnology drug delivery market in terms of revenue in 2014. The segment is expected to dominate the market during the forecast period. Rise in demand for effective treatment therapies for cancer coupled with increasing incidence of this disease drives the oncology application segment. Neurology was the second largest application segment of the nanotechnology drug delivery market in 2014 due to efficient application of nanotechnology in neuromolecular diagnostics and discovery of neurodegenerative markers.
The cardiovascular application segment is expected to expand at the highest CAGR during the forecast period from 2015 to 2023. Most of the research studies related to nanotechnology-based cardiovascular treatment drugs are in pipeline; however, groundbreaking innovation in this field is expected to drive this market.
The global nanotechnology drug delivery market is consolidated, with relatively small number of companies accounting for majority of the market share in 2014. AbbVie, Inc., Amgen, Inc., Johnson & Johnson, Novartis AG, and Teva Pharmaceutical Industries Ltd. are the key players in the global nanotechnology drug delivery market.
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