Nanotechnology-based Drug Delivery Market Analysis

Nanotechnology-based Drug Delivery Market Analysis

Based on technology, the nanotechnology-based drug delivery market is segmented into nanocrystals, nanoparticles, liposomes, micelles, and other technologies. Nanoparticles dominated the global market in 2022 and will grow at 12.4% CAGR to reach USD 115.7 billion by the end of the forecast period. Continuous advancements in nanomaterials have led to the development of a diverse range of nanoparticle platforms, thereby offering flexibility and versatility in drug delivery applications. Furthermore, increasing investments from both public and private sectors, as well as collaborations between academia, industry, and research institutions, are driving the growth of nanotechnology-based drug delivery systems.
 

Based on application, the nanotechnology-based drug delivery market is segmented into neurology, oncology, cardiovascular/physiology, anti-inflammatory/immunology, anti-infective, and other applications. The oncology segment accounted for 30.2% of the market share in 2022 and is projected to witness considerable growth over the analysis timeframe. Increasing prevalence of cancer is anticipated to accelerate the market growth. For instance, according to the American Cancer Society report, in 2023, more than 1.9 million new cancer cases and 609,360 cancer deaths are projected to occur in the U.S., including approximately 350 deaths per day from lung cancer, the leading cause of cancer death. Therefore, adoption of nanotechnology-based drug delivery systems will allow for controlled and sustained release of anticancer drugs, ensuring optimal drug concentrations within the tumour over an extended period. This capability is crucial for combating cancer's complex nature and overcoming drug resistance thus, augmenting the market expansion.
 

North America nanotechnology-based drug delivery market accounted for 46.6% revenue share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. Factors such as increasing prevalence of chronic diseases, a high disposable income, and robust healthcare infrastructure is expected to supplement the regional growth. Also, favourable regulatory policies and initiatives in North America support the development and commercialization of nanotechnology-based drug delivery systems. Furthermore, presence of several leading pharmaceutical companies, research institutions, and academic centers that are actively involve in the research and development activities related to nanotechnology-based drug delivery systems is further expected to boost the regional market statistics.