Market Trends of Controlled Release Drug Delivery Industry
The Targeted Delivery Segment is Expected to Hold a Major Market Share in the Market
The targeted delivery segment is poised for growth, driven by the rising demand for targeted drug delivery during the forecast period. This surge is further fueled by the expanding geriatric and pediatric populations. Unlike traditional systems, targeted delivery systems offer a prolonged therapeutic effect, ensuring drugs are released at a predetermined rate directly at the target site.
Targeted drug delivery is effective in various chronic diseases, such as cancer, genetic diseases, and chronic illnesses, and it delivers the drug at the targeted site by facilitating precise and cell-specific drug delivery. For instance, according to the article published in Pharmacological Research in March 2024, nanocarriers can selectively release chemotherapy drugs at tumor sites, reducing harm to healthy tissues in cancer treatment. This targeted approach enhances drug effectiveness and minimizes side effects. Notable examples include Imatinib (Gleevec), a groundbreaking drug in treating chronic myeloid leukemia (CML).
Moreover, key manufacturers are ramping up research and development efforts to cater to the surging demand for innovative targeted drug delivery products, propelling the segment's growth. For instance, in March 2022, AstraZeneca unveiled its initiative to craft advanced drug delivery systems. These systems aim for the targeted and controlled release of novel molecules, ensuring they maximize their therapeutic benefits for patients. Given these developments, the segment is poised to command a significant share of the market during the forecast period.
Thus, the growing application of targeted drug delivery in chronic diseases and strategic activities by the market players is expected to contribute to the segment's growth.
North America is Expected to Hold a Significant Share in the Market During the Forecast Period
North America is expected to hold a substantial share of the controlled-release drug delivery market owing to a surge in chronic diseases, such as cancer and HIV, and a rise in product launches. The growing burden of several chronic diseases in the region is expected to increase the demand for control release formulation for targeted delivery, thereby boosting the market's growth. For instance, according to the American Cancer Society Cancer Statistics 2024, 2 million new cancer cases are predicted to be diagnosed in the United States in 2024. The high burden of cancer creates an opportunity for market players to develop innovative drugs that boost the utilization of controlled-release drug delivery technologies, which is expected to expand the market's growth.
According to the article by the Canadian Cancer Society, in November 2023, 233.9 thousand people were predicted to be diagnosed with cancer in 2022. Therefore, the high burden of chronic diseases such as cancer and HIV is expected to boost the demand for controlled-release drug delivery devices for effective delivery and treatment, which is expected to accelerate the market's growth.
Research initiatives taken by market players to meet the demand for controlled-release drug delivery are also expected to boost the market's growth in this region. For instance, in June 2022, a research study was conducted at the University of Michigan that demonstrated a new method of drug microencapsulation, allowing several peptide drugs to be slowly released into the body. Such factors expand the utility of transdermal technology of controlled release drug delivery, accelerating the market's growth.
Therefore, owing to the rising burden of chronic diseases and launches by market players, the market is anticipated to boost in this region during the forecast period.
