The Global Novel Drug Delivery System Market Size 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 approaches, technologies, formulations, and system of transporting active pharmaceutical ingredients into the body to achieve the desired pharmacological effect. NDDS involve various types of formulations like nanoparticles, liposomes, nanoemulsion, nanogel, and microemulsion etc. NDDS paves the way for formulating more precise and targeted drug delivery.
Advantages of NDDS include dose optimization, less side effect, targeted drug delivery and cost-effective production. NDDS helps to increase the drug efficiency. NDDS are formulated to reduce side-effects, increase drug stability and bioavailability.
The driving factors for global novel drug delivery system include increase in the adoption of innovative drug delivery methods, rise in demand for targeted drug delivery systems, increase in government funding for research & development facilities. Further advances in formulation procedures and promotion of NDDS promote the growth of novel drug delivery system market. Moreover, adoption of controlled release drug delivery system and aim to provide better therapy to patients thrives the growth of novel drug delivery system market.
The adoption of a controlled release drug delivery system has gained huge importance in the last decades due to development in formulation and production procedures. In addition to this, the target of providing right dose at right place boost the growth of novel drug delivery system market. The growth of novel drug delivery system market is expected to expand more during the forecast period.
Novel Drug Delivery System Market Segmentation:
Based on route, oral drug delivery system accounted for the highest market share in 2020 and expected to increase more during forecast period owing to most adoptable and convenient route of drug administration
Based on route, novel drug delivery system market is broadly segmented into oral drug delivery systems, pulmonary drug delivery systems, injectable drug delivery systems and transdermal drug delivery systems. Oral drug delivery is expected to hold highest market share during forecast period due to high patient compliance. Oral route is most common and widely used route of drug administration. Oral drug delivery offers set of advantages over other routes such as easy to administer, cost-effective, easy to store, ease of production and flexibility in the design of formulation which creates opportunity of growth of novel drug delivery system market.
Oral route of drug administration is the successful route for controlled drug release formulations. However, immediate release formulation lack in efficiency of controlling plasma concentration. Oral drug delivery system is majorly driven by rising chronic diseases, patient centric approaches, growing investments by government & private companies in production and repositioning drug molecule using innovative oral drug formulations.
Based on mode, controlled drug delivery system is expected to hold maximum market share during forecast period due to increase in demand for controlled release formulation
Based on mode, novel drug delivery system market is segmented into targeted drug delivery systems, modulated drug delivery systems and controlled drug delivery systems. Controlled drug delivery system has gained huge popularity in drug delivery systems owing to the most acceptable drug formulation. Controlled drug delivery system offers controlled release of drug from formulation and lessen drug toxicity that boost the growth of novel drug delivery system market. It helps to maximize efficacy and minimize side effects. Factors such as less dosing frequency, improved patient acceptance & compliance drives the growth of novel drug delivery system market.
However, targeted drug delivery anticipates the fastest growth with highest CAGR during forecast period owing to increase in research related to targeted therapy and a rise in demand for fast site action. Moreover, increase in chronic diseases such as cancer, diabetes creates the need for a targeted drug delivery system.
Based on geographical region, North America accounted for highest market share in 2020 and expected to maintain it’s dominance during the forecast period due to increase in chronic diseases and rise in health care expenditure
Geographically, North America is expected to hold largest market share during forecast period due to rising healthcare infrastructure and ever-increasing chronic diseases. According to American Heart Association, 2018 report, approximately 2.84 million people in U.S lost their lives due to heart diseases and cancer accounting for a combined 45% of all deaths. Cancer & heart attack are the most common and unpleasant ways of death in America. This led to increase in number of pharmaceutical industries and manufacturing unit in this region which ultimately tend to increase growth of novel drug delivery system market. Other factors such as strong government support, increase in R&D facilities, rise in novel drug discovery and growing awareness regarding availability of various drug delivery system thrives the growth of novel drug delivery system market in North America.
Company Profiles and Competitive Intelligence
The key players operating in the novel drug delivery system market are:
The report also provides in-depth analysis of novel drug delivery system market dynamics such as drivers, restraints opportunities and challenges
COVID-19 Impact on the Novel Drug Delivery System Market Analysis
Covid-19 has highly affected the industries in terms of growth, economy, health, and mental wellbeing of every individual. In this challenging situation, every industry is trying to give best services in terms of quality and safety. Novel drug delivery system manufacturers and researchers are leveraging the covid-19 pandemic with clinical & pre-clinical trials for vaccine delivery systems which is expected to boost the growth of novel drug delivery system market in coming years.
Coronavirus outbreak has created sudden influx of patients, which has generated huge demand for the drug delivery system. This is creating opportunity for the players to expand their production capacities for the foreseeable.
The report also provides in-depth analysis of key trends in novel drug delivery system market
The report also provides in-depth analysis of recent news developments and investments
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