Novel Drug Delivery System Market is forecasted to grow at high rate due to increase in government spending in research & development, rising demand for targeted drug delivery and increasing prevalence of chronic diseases such as cancer and diabetes. The Global Novel Drug Delivery System Market was valued at USD 54.5 Bn in 2020 is expected to reach USD 86.5 Bn by 2027, with a growing CAGR of 7.1 % during the forecast period
Novel drug delivery system is defined as innovative drug formulations or systems to transport active pharmaceutical component in the body to produce desired therapeutic effect. Less side effects and high drug efficacy contribute to the growth of novel drug delivery system market. This innovative drug delivery system helps in increasing drug bioavailability & drug efficiency, lessen dose and prevent harmful side effects. This novel drug delivery system provides different therapeutic and commercial benefits by formulating novel drug delivery approaches using drug molecules into suitable carries and delivery system.
The driving factors influencing the growth of novel drug delivery market include increase in demand for novel therapies, rise in research and development facilities and growing prevalence for chronic diseases. Moreover, rapid growth in healthcare spending in terms of government initiatives fuels the growth of the novel drug delivery system market. Rise in demand for targeted drug delivery and self-medication thrives the growth of novel drug delivery market.
This industry is broadly segmented into route, mode and region. Based on route, oral drug delivery segment is expected to hold maximum market share during forecast period owing to increase in patient acceptance and ease of dose administration. Based on mode of NDDS, controlled drug delivery accounted for highest market share in 2020 and expected to expand more during forecast period. Geographically, North America accounted for highest market share in 2020 owing to rise in acquisitions & collaboration of industries and increase in chronic diseases drives the growth of novel drug delivery system market in this region
Global Novel Drug Delivery System Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America held maximum market share in 2020 about 43% due to increase in prevalence of chronic diseases like diabetes, cancer and other life-threatening diseases. Moreover, increase in death rate due to cancer and heart diseases drives the demand for novel drug delivery system. Increase in government spending in healthcare, rise in disposable income and growing demand for targeted drug delivery fuels the growth of novel drug delivery system across globe.
The Global Novel Drug Delivery System Market Segmentation:
Global Novel Drug Delivery System Market by Route Type Outlook (Revenue, USD Million, 2021-2027)
Global Novel Drug Delivery System Market By Mode Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the novel drug delivery system market are: