Introduction of nanotechnology in the healthcare sector has resulted to significant progress in targeted drug delivery. Apart from drug delivery at target sites, nanotechnology is used for disease diagnosis, implants, monitoring, and regenerative medicines. Nanotechnology drug delivery has led to the development of advanced therapeutic and imaging agents, thereby enabling less toxic and more effective diagnostic and therapeutic interventions. Personalized nano-medicine treatment has been made possible with the introduction of nanotechnology drug delivery. The global nanotechnology drug delivery market is expected to expand robustly at a CAGR of 12.5% during the period between 2015 and 2023. The overall market stood at a valuation of US$41,062.5 mn in 2014 and is anticipated to be worth US$118,527.2 mn by 2023.
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The rapid growth of the global nanotechnology drug delivery market can be attributed to the extensive research and development activities to develop novel nano-medicine. Technological advancements and partnerships among key market players are further augmenting the growth of the market. However, high development cost of nano-medicines and stringent regulatory scenario will inhibit the growth of the market in the coming years.
Market to Gain Impetus from Extensive Research to Develop Innovative Nanotechnology Drug Delivery
The key application areas of nanotechnology drug delivery include cardiovascular/ physiology, oncology, neurology, anti-infective, anti-inflammatory/ immunology, and others.
Oncology, cardiovascular/ physiology, and anti-infective application segments contribute significantly towards the growth of the market. In the field of oncology, researchers have worked on attaching ethylene glycol molecules to nanoparticles in order to deliver therapeutic drugs to target sites.
Ethylene glycol molecules inhibit white blood cells from identifying nanoparticles as foreign bodies. As a result, nanoparticles can circulate through the blood stream and reach the target site. At the University of California, researchers have pointed out that this increases the duration of nanoparticles circulating in the blood stream. Therapeutic drugs containing nanoparticles with membranes from red blood cells are reported to be more effective in reaching target sites. In cardiovascular diseases, nanotechnology drug delivery has been helpful in directly targeting drugs to the damaged portion of the artery.
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North America Dominates Global Nanotechnology Drug Delivery Market
In 2014, North America dominated the global nanotechnology drug delivery market owing to the growing prevalence of chronic diseases such as diabetes and cancer, coupled with extensive research and development activities. Europe emerged as the second largest market for nanotechnology drug delivery in the same here due to the presence of a number of pharmaceutical and biotechnology companies in the region. According to the Eurostat data, the nano-medicine industry in the European Union includes 64 small and medium enterprises, 97 startups, and 38 large pharmaceutical or medical device companies. Consumers are able to afford branded nanotechnology products and this has also augmented the growth of the regional nanotechnology drug delivery market. However, in the near future, Latin America is anticipated to expand at the highest CAGR. The rapid growth of the Latin America market is due to the growing interest of leading companies such as Johnson & Johnson and Novartis to expand their presence in the region, especially across Mexico and Brazil.