The Global Advanced Drug Delivery Market Anticipated to Generate a Revenue of $94,352.5 Million, Growing at a CAGR of 10.0% from 2021 to 2028Download Sample Reports Overview
The global advanced drug delivery market is estimated to be valued at $94,352.5 million by 2028, surging from $45,730.0 million in 2020, at a noteworthy CAGR of 10.0%.
Impact Analysis of COVID-19 on the Advanced Drug Delivery Market
The spread of novel coronavirus had created havoc in the world, infected more than 400 million people in 201 countries. The COVID-19 halted the progress of almost all industries sector, triggering economic crises. The pharmaceutical industry was also affected due to the preventive measure taken by government bodies. The spread of novel coronavirus disrupted the industrial supply chain, triggering a shortage of essential raw materials.
The U.S. is the largest market for advanced drug delivery. According to the study, 1 in 3 Americans was infected with the virus, resulting in economic losses. The spread of COVID-19 had delayed clinical studies, investment, and R&D activities in the U.S.
However, due to growing R&D activities for developing nanoparticle-based drug delivery system, the market is projected to show significant growth in the near future
Global Advanced Drug Delivery Market Analysis
With the growing middle-class population, rising disposable income, and rapid urbanization, people are adopting a more sedentary lifestyle. A sedentary lifestyle is contributing to increase the lifestyle diseases such as obesity. The increasing prevalence of obesity is contributing to diabetes. According to the World Health Organization, around 1.5 million people died due to diabetes.
Injections of insulin and oral hypoglycemic agents remain the primary treatment approach for diabetes management. These traditional methods have poor patient compliance. In recent years, the transdermal drug delivery system is gaining the attention of many medical practitioners as it can overcome the disadvantage associated with invasive injection and oral dosage forms. The growing prevalence of diabetes is projected to drive the market in the coming years.
One of the major challenges in chemotherapy is to change the bio distribution of drugs. To overcome these challenges, scientists and doctors are focusing on nanoparticles such as liposomes. However, the relatively large size of nanoparticles limits drug penetration depth to 1-2 cell layers from blood vessels. Besides, manufacturing nanoparticles requires high investment. Such factors are expected to hinder the market growth.
Companies are working on advanced drug delivery systems to overcome the challenges associated with the conventional drug delivery systems. Companies have increased R&D spending to develop innovative approaches and methods to treat diseases such as cancer, diabetes, and heart disease, among others. Increasing spending is projected to provide growth opportunities for the advanced drug delivery market in the coming years.
Global Advanced Drug Delivery Market, Segmentation
The global advanced drug delivery market is segmented based on drug delivery system, end-user, and region.
Drug Delivery System:
The drug delivery system segment is further classified into nanocarriers, hydrogel, transdermal, and microneedle patch. Among these, the nanocarriers sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $69,389.3 million by 2028, with an increase from $32,740.2 million in 2020. Nanocarriers drug delivery system is widely used in treating diseases such as cancer and diabetes. Such factors are expected to propel the demand for advanced drug delivery in the coming years.
The end-user segment is further divided into the hospitals, specialty clinics, and others. The hospitals sub-segment is anticipated to be the dominating sub-segment in the global market and register a revenue of $44,710.0 million during the analysis timeframe. The growing number of hospitals in developing countries is the main factor driving sales of advanced drug delivery through a hospitals. Furthermore, growing number of multi-specialty hospitals and hospital chain is expected to boost the demand of advanced drug delivery market in the coming years.
The advanced drug delivery market in the North America region is projected to witness a dominant share. This market generated a revenue of $19,938.3 million in 2020 and is further projected to reach up to $39,722.4 million by 2028. The market for advanced drug delivery is driven by growing R&D activities in the U.S. and Canada. Furthermore, increasing prevalence of chronic diseases and healthcare spending is expected to have positive impact on the market in the near future.
Key Players in the Global Advanced Drug Delivery Market
Some of the leading advanced drug delivery market players are
- Bausch Health Companies Inc.
- Novo Nordisk A/S
- Ocular Therapeutix, Inc.
- Raphas Co., Ltd.
- Micropoint Technologies.
- Takeda Pharmaceutical Company Limited.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Advanced Drug Delivery Market
- Bargaining Power of Suppliers: There are numerous raw material suppliers in the market. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: There is higher power of buyer as they can switch from one vendor to another.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Companies in the advanced drug delivery market require specialized knowledge and technology to manufacturer pharmaceutical formulations.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: Global market is dominated by conventional pharmaceutical formulations, however, increasing R&D activities to develop novel formulation will led to no substitute in the near future.
Therefore, the threat of substitutes is moderate.
- Competitive Rivalry in the Market: The companies operating in the global advanced drug delivery are opting for various businesses strategies to hold their position in the market. Companies are launching innovating products in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.