New York, USA, March 28, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global advanced drug delivery market is expected to register a revenue of $94,352.5 million by 2028, growing exponentially at a CAGR of 10.0% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had a negative impact on the growth of the global advanced drug delivery market, owing to the prevalence of lockdowns in various countries across the globe. Stringent regulations were imposed by the government to curb the spread of the virus during the pandemic, and hence biotechnology, pharmaceuticals, and research institutes across the globe extensively halted their R&D activities and production. Thus, there was enormous shortage of life-saving countries in most of the affected countries across the globe.
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Dynamics of the Market
Drivers: Growing prevalence of sedentary lifestyle among millennials and their increased access to high-calorie foods is expected to drive the growth of the advanced drug delivery market during the forecast period. In addition, the increasing application of nanoparticle-based drug delivery systems for the treatment of cancer is further expected to bolster the growth of the market during the forecast period.
Restraints: Poor penetration of nanoparticle-based drug delivery systems into the body is expected to impede the growth of the advanced drug delivery market during the forecast period.
Opportunities: Persistent technological advancements and R&D activities to prosper advanced drug delivery systems is expected to create immense opportunities for the growth of the advanced drug delivery market during the forecast period.
Segments of the Market
The report has divided the market into various segments based on drug delivery system, end-user and region.
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Drug Delivery System: Nanocarriers Sub-segment to be Most Profitable
The nanocarriers sub-segment is expected to generate a revenue of $69,389.3 million during the forecast period. Extensive use of nanocarriers in the treatment of diabetes, cancer, and heart diseases is expected to stimulate the growth of the advanced drug delivery market sub-segment during the forecast period.
End-User: Hospital Sub-segment to be Most Lucrative
The hospital sub-segment is expected to garner a revenue of $44,710.0 million during the forecast period. Growing investments done by governments of developing countries to improve their healthcare infrastructure is expected to drive the growth of the advanced drug delivery market sub-segment during the forecast period.
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Region: North America Region to Dominate the Global Market
The North America region is expected to generate a revenue of $39,722.4 million during the forecast period. Increasing prevalence of heart disease and cancer along with the rising geriatric population in this region is expected to bolster the growth of the market during the forecast period. In addition, availability of improved healthcare infrastructure and skilled medical practitioners are further expected to accelerate the growth of the regional advanced drug delivery market during the forecast period.
Key Players of the Market
The major players of the market include Ocular Therapeutix, Inc., 3M, Raphas Co., Ltd., GALDERMA, Micropoint Technologies., Takeda Pharmaceutical Company Limited., NanoPass, Altaris, Bausch Health Companies Inc., Novo Nordisk A/S, and many more. These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in July 2021, Philip Morris International, one of the leading international tobacco companies in the world, acquired an innovative oral drug delivery specialist company Fertin Pharma for a whooping $813 million, in order to give Philip Morris control over extensive range of drug delivery technologies such as chewing gums that used in the administration of nicotine.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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Related links:
Analyst Review: https://www.researchdive.com/8570/Anlyst-Review/advanced-drug-delivery-market
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