The global market for nanotechnology drug delivery features a largely
consolidated vendor landscape, with a small number of companies
holding a massive share in market’s overall revenue in 2014, says
Transparency Market Research (TMR) in a recent report. The market is,
however, rapidly becoming crowded as a number of new vendors and
companies from the pharmaceutical sphere are investing large sums in
the research and development of new and more effective drug delivery
mechanisms, with nanotechnology being one of the key fields of
experimentation.
The market is also witnessing strategic collaborations among key
medicine companies and technology companies, a trend that is expected
to make the global nanotechnology drug delivery market more
competitive in the next few years. For instance, companies such as
Amgen, Inc., Pfizer, Inc., and AstraZeneca entered into strategic
agreements with BIND Therapeutics in 2011-2012 with the view of
exploring the field of nano-medicine. Some of the leading companies
operating in the global nanotechnology drug delivery market are
Johnson & Johnson, Teva Pharmaceutical Industries Ltd., Amgen,
Inc., AbbVie, Inc., and Novartis AG.
Transparency Market Research estimates that the global nanotechnology
drug delivery market will exhibit an exponential CAGR of 12.5% over
the period between 2015 and 2023, rising from a valuation of US$4.1
bn in 2014 to US$11.9 bn in 2023.
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In terms of application, the nanotechnology drug delivery market
witnessed the dominance of the oncology segment in terms of revenue
contribution to the global market in 2014. Factors such as the vast
global rise in the prevalence of a variety of cancers and the
increased demand for effective treatment methods to provide for the
rising pool of patients are expected to help the segment retain
dominance over the report’s forecast period as well.
From a geographical perspective, the North America market for
nanotechnology drug delivery took the top spot in 2014. The vast rise
in incidence of chronic health conditions such as diabetes and cancer
will continue to fuel the North America market for nanotechnology
drug delivery over the report’s forecast period as well. Latin
America is expected to present promising growth avenues to the
nanotechnology drug delivery market over the forecast period owing to
the rising interest of medicine companies such as Johnson &
Johnson and Novartis in the region.
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Some of the key factors expected to drive the global nanotechnology
drug delivery market are the rising demand for new and more effective
methods of drug delivery, rising R&D activities in the field of
nanotechnology, and the rising set of products available in the
nano-medicine sector. Rapid progress has been achieved in the area,
allowing the discovery of a vast variety of imaging and therapeutic
agents and enabling the development of more effective diagnostics and
therapeutic interventions.
The rising prevalence of a number of chronic conditions and cancers
across the globe and the resultant rise in demand for effective drug
classes, therapeutic mechanisms, and drug delivery systems are also
expected to fuel the development of the global nanotechnology drug
delivery market.
Despite having promising growth opportunities, the global
nanotechnology drug delivery market is expected to have to face
hindrances such as the high cost of a nanotechnology interventions
and the stringent regulatory scenario. The high cost of
nano-medicines will, especially, be a challenge for the market to
gain confidence of consumers in emerging economies of countries such
as India, China, and Brazil.
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