Advanced Drug Delivery Market to Grow $195.13 Billion, Globally, by 2030 at 16.0% CAGR
Increase in prevalence of chronic disorders that need the use of drug delivery systems, technological advancements and developments, and increase in healthcare expenditure drive the global advanced drug delivery market
PORTLAND, Ore., Jan. 10, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Advanced Drug Delivery Market by Product Type (Drug Eluting Lens, Microneedle Patch, Hydrogel Drug Delivery and Nano Carrier) and End User (Hospitals, Specialized Clinics and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global advanced drug delivery market size was accounted for $44.02 billion in 2020, and is expected to reach $195.13 billion by 2030, growing at a CAGR of 16.0% from 2021 to 2030.
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Major determinants of the market growth
Increase in prevalence of chronic disorders that need the use of drug delivery systems, technological advancements and developments, and increase in healthcare expenditure drive the global advanced drug delivery market. However, surge in number of drug recalls and drug failures hinder the market growth. On the contrary, growth potential in the emerging markets opens new opportunities in the future.
Covid-19 scenario:
- The Covid-19 pandemic had a positive impact on the demand for advanced drug delivery systems. Owing to rise in number of Covid-19 patients, a large number of hospitals and clinics were recognized to boost hospital capacity.
- The pandemic encouraged R&D activities and increased the clinical trials for efficacy and safety for the treatment of Covid-19 immunization.
- However, the lockdown hampered the transportation and manufacturing of crucial hospital supplies.
The nano carrier segment dominated the market
By product type, the nano carrier segment held the largest share in 2020, accounting for more than four-fifths of the global advanced drug delivery market, owing to rise in availability of drugs, lower toxicity and effective targeted therapy, and decreased active drug degradation. However, the drug eluting lens segment is estimated to register the highest CAGR of 24.1% during the forecast period, owing to rise in bioavailability of drugs compared to traditional methods such as ophthalmic drops.
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The hospitals segment to portray the highest CAGR through 2030
By end user, the hospitals segment is projected to manifest the highest CAGR of 16.9% from 2021 to 2030, owing to rise in number of in-patient and outpatient visits. However, the specialized clinics segment held the largest share in 2020, contributing to nearly half of the global advanced drug delivery market, due to increase in chronic diseases such as neurology, oncology, orthopedics, and rise in demand for drug delivery treatment.
North America held the lion's share
By region, the market across North America dominated in 2020, accounting for more than two-fifths of the global advanced drug delivery market, due to adoption of advanced technologies and robust R&D infrastructure for science researchers. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 18.6% during the forecast period, owing to government support for R&D activities in pharmaceutical and biotechnology sectors and surge in public-private investments.
Major market players
- Alnylam Pharmaceuticals Inc.
- Bausch Health Companies Inc. (Bausch & Lomb)
- Altaris Capital Partners Llc. (Kindeva Drug Delivery)
- Endo International Plc.
- Biogen Limited
- Micropoint Technologies
- Johnson & Johnson (Johnson & Johnson Vision)
- Ocular Therapeutix Inc.
- Novo Nordisk A/S
- Takeda Pharmaceutical Company Limited.
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