Nanotechnology Drug Delivery Market Size will Observe Substantial Growth by 2023
Nanotechnology drug delivery is a growing field and is witnessing increasing acceptance in health care applications. Nanotechnology drug delivery is widely used in the health care industry in applications such as neurology, anti-infective, cardiovascular disorders, and others. One important and active application area of nanotechnology drug delivery systems is to transport drugs to the final location of therapeutic intervention within the body. The nanotechnology drug delivery market is witnessing rapid growth due to increase in research and development activities in nanotechnology to develop novel nano-medicine. According to Eurostat comprehensive data, the nano-medicine industry in the EU includes 97 startups, 64 SMEs, and 38 large pharmaceutical or medical device companies. Furthermore, technological advancements and rising interest of key companies to invest in nanotechnology boost market growth. For instance, in 2011–2012, Pfizer, Inc., Amgen, Inc., and AstraZeneca signed agreements to collaborate with BIND Therapeutics to develop nano-medicines. These initiatives are expected to fuel the growth of the nanotechnology drug delivery market in the near future. However, stringent regulatory scenario and high development cost of medicines through nanotechnology are likely to hamper market growth during the forecast period. The global nanotechnology drug delivery market was valued at US$ 41,062.5 Mn in 2014 and is projected to reach US$ 118,527.2 Mn by 2023, expanding at a CAGR of 12.5% from 2015 to 2023.
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Based on technology, the global nanotechnology drug delivery market has been segmented into nanocrystals, nanoparticles, liposomes, micelles, nanotubes, and others. The nanoparticles segment dominated the global nanotechnology drug delivery market in 2014. The segment dominated the market as key nanoparticles such as dendrimers, gold nanoparticles, and fullerenes are used in pharmaceutical drug delivery. The nanotubes segment is expected to expand at the highest CAGR during the forecast period from 2015 to 2023.
Based on application, the market has been segmented into neurology, oncology, cardiovascular/physiology, anti-inflammatory/immunology, anti-infective, and others. Anti-infective was the largest application segment of the nanotechnology drug delivery market due to rising prevalence of community-based and hospital-based infections.
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Geographically, North America dominated the global nanotechnology drug delivery market in 2014. Rising incidence of chronic diseases such as cancer and diabetes in the region fueled the growth of the nanotechnology drug delivery market in North America. Europe accounted for the second largest share of the market in 2014 owing to the favorable growth conditions for pharmaceutical and biotechnology manufacturers due to affordability for branded nanotechnology products by consumers. However, the market in Latin America is estimated to expand at the highest CAGR during the forecast period. High market growth in this region is due to increasing interest of leading companies such as Novartis and Johnson & Johnson to establish their presence in countries in Latin America such as Brazil and Mexico.
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Key players having presence in the global nanotechnology drug delivery market are AbbVie, Inc., Amgen, Inc., Celgene Corporation, Johnson & Johnson, Merck & Co., Inc., and Novartis International AG, among others.
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