Market Trends of Global Nanotechnology Drug Delivery Industry
This section covers the major market trends shaping the Nanotechnology Drug Delivery Market according to our research experts:
Oncology Segment is Expected to be the Major Contributor to the Market Over the Forecast Period
Cancer is a chronic disease and one of the leading causes of death in the world. Cancer is a disease, in which there will be a rapid creation of abnormal cells that grow beyond their usual boundaries. According to the Globocan 2020 fact sheet, an estimated 19,292,789 new cancer cases were diagnosed worldwide. Additionally, according to estimates from the International Agency for Research on Cancer (IARC), by 2040, the global burden of cancers is expected to grow to 28.8 million new cancer cases. This increasing prevalence of cancer creates the demand for chemotherapy, which require a better drug delivery system, driving the segment for drug delivery devices over the forecast period.
According to the study published in February 2022, titled "Nanoparticle-based drug delivery systems in cancer: A focus on inflammatory pathways" Nanoparticles (NPS) are a type of medication carrier that is typically less than 100 nm in size and can target tumor locations while minimizing off-target effects. Furthermore, NPs can stimulate innate and adaptive immune systems in the tumor microenvironment (TME), inducing a cancer-fighting immune response. Surprisingly, targeting cancer cells with NPs aids in the elimination of treatment resistance and tumor recurrence, as well as the prevention of inflammation. Thus, the effectiveness of the nanoparticles in cancer treatment is expected to rise in demand nanotechnology drug delivery market.
Furthermore, developments in nanoscale technologies and research and development activities have aided market expansion. For instance, in July 2022, biomarkers found by MIT researchers indicate whether distinct types of cancer cells would took up specific nanoparticles. The researchers discovered dozens of biological features that determine whether cancer cells take up different types of nanoparticles after studying interactions between 35 different types of nanoparticles and roughly 500 distinct types of cancer cells. The findings could help researchers better customise drug-delivery particles to certain forms of cancer, or build novel particles that capitalise on the biological characteristics of specific types of cancer cells. Thus, growing number of research activities with respect to segment, likely to boost the segment growth.
Thus, owing to the abovementioned factors, the market segment is expected to project lucrative growth over the forecast period.
North America is Expected to Dominate the Nanotechnology Drug Delivery Market Over the Forecast Period
The North American nanotechnology drug delivery market is estimated to grow significantly during the study period owing to rising incidences of chronic diseases like cancer and HIV, increasing product launches, and rising initiatives by key market players.
According to Statistics published by the Centre for Disease Control and Prevention updated in May 2022, in the United States, there are 30,635 newly diagnosed cases of HIV in 2020 and out of which 24,488 are males and 5,450 are females. The same source also reported that people aged 13-34 years account for nearly 57% of newly diagnosed cases of HIV. Such a high HIV incidence in the country creates an increasing demand for nanotechnology drug delivery devices, and thus drives the growth of the market.
Additionally, according to the estimates of the GLOBOCAN in 2020, there would be 22,81,658 new cancer cases diagnosed in the United States. The most common cancers in the United States are breast cancer, lung cancer, prostate cancer, colorectum cancer, bladder cancer, and skin cancer. Thus, the growing prevalence of chronic diseases is expected to rise in demand for advanced and targeted therapy which is likely to support the market expansion over the forecast period.
Moreover, growing technological advances in the nanotechnology-based drug delivery system are likely to boost the market growth. For instance, in January 2022, the Case Western Reserve University researchers created nanoparticles that transport clot-promoting enzymes to the bleeding site and then release them there to produce fibrin - the body's mesh-like component vital to stopping the bleeding - where it is needed.
Thus, all aforementioned factors are expected to boost the market growth in the region.
