Market Size of Global Nanotechnology Drug Delivery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Nanotechnology Drug Delivery Market Analysis
The nanotechnology drug delivery market is poised to grow at a CAGR of 8.3% over the forecast period.
During the covid-19 pandemic, most pharmaceutical companies and governments were attempting to provide effective medical treatment to covid-19 patients, and medication delivery systems were expected to play an important role in this context. The use of nanoparticles for the treatment of COVID-19 increased. The use of drug delivery devices and systems increased, as nanoparticle drug formulations play a vital role in pulmonary drug delivery. The article published in November 2021, titled 'Nanoparticles as an effective drug delivery system in COVID-19', stated that nanomedicines and nano drug delivery systems and devices show effectiveness against COVID-19 as treatments. The ongoing research on the effectiveness of nanotechnology drug delivery in the treatment of COVID-19 boosted the market and drove the growth of the market studied, during the pandemic.
The rising prevalence of chronic diseases and illnesses such as diabetes, cancer, and cardiovascular disease has increased the demand for innovative medications with targeted delivery for various chronic diseases. The prevalence of diabetes among the global population is drastically increasing. According to the data published by the International Diabetes Federation (IDF) Diabetes Atlas Tenth Edition 2021, in the year 2021, approximately 537 million adults (aged 20-79 years) were living with diabetes. The same source estimated that the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. The rising burden of diabetes is likely to increase the demand for more technically advanced drug delivery options for treatment and diagnosis. Additionally, according to the Global Cancer Observatory (Globocan) Statistics 2020, there are 19.3 million new cases of cancer all over the world, accounting for both sexes in 2020. The same source reports that the incidence of cancer is growing at a rapid pace in the world and estimates that the number of new cases of cancer in both sexes will reach 28.8 million by 2040. Hence, the rising prevalence of chronic diseases creates demand for nanotechnology drug delivery systems, thereby boosting market growth.
Moreover, increasing advancements in nanoscale technologies and research and development activities have also supported the growth of the market. For instance, in July 2022, the EU Horizon 2020 B-SMART project attempted to create a novel method of delivering RNA through the blood-cerebrospinal fluid barrier, allowing treatments to be delivered directly to the brain. A therapy like this has the potential to enhance the lives of millions of people who suffer from neurodegenerative diseases. Hence, such advancements in nano drug delivery systems propel the growth of the market.
However, the cost of nanotechnology drug delivery medicine and stringent regulations for the mechanism approval have restrained the growth of the market.
