Controlled Release Drug Delivery Market Poised to Garner High Growth Due to Rising Chronic Disease Prevalence
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29 Aug 2024 09:33:21 am.
The controlled release drug delivery market offers major advantages over conventional drug delivery such as reduced dosing frequency, better patient compliance and consistent drug levels in the bloodstream. Controlled drug delivery systems help in targeted drug delivery and minimization of side effects.Global controlled release drug delivery market is estimated to be valued at USD 52.5 Bn in 2024 and is expected to reach USD 106.1 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.6% from 2024 to 2031.Key TakeawaysKey players operating in the controlled release drug delivery market are Orbis Biosciences, Inc., Merck and Co., Inc., Alkermes plc, Johnson and Johnson, Coating Place, Inc., Corium International, Inc., Depomed, Inc., Pfizer, Inc, Aradigm Corporation, Capsugel., Abbott Laboratories, Roche Holdings AG, AstraZeneca, Baxter International Inc, Teva Pharmaceutical Industries Ltd., Bristol-Myers Squibb Company. The key players are focusing on new product launches and collaborations to expand their market share.The growing prevalence of chronic diseases like diabetes, cancer and cardiovascular diseases have increased the Controlled Release Drug Delivery Market Demand. These systems help in improving drug therapy, enhanced bioavailability and targeted drug delivery. The demand for non-invasive and pain-free drug administration is another major growth driver.The controlled release drug delivery market is observing highest growth in the North American region owing to rising incidence of lifestyle diseases, growing aging population and availability of advanced healthcare systems. Key players are expanding their geographic reach in emerging regions of Asia Pacific and Latin America to tap the high market potential.Market DriversThe increasing R&D investments by major players for development of advanced drug delivery technologies is a key growth driver for this market. Continuous technological advancements are helping in development of novel drug delivery formulations with tailored drug release properties. The rising focus on personalized medicines and special drug formulations for pediatric and geriatric patients is another major factor boosting the demand.PEST AnalysisPolitical: The controlled release drug delivery market is regulated by various government agencies and regulations. Regulations can potentially impact R&D approvals and timelines.Economic: The economic growth and increasing healthcare expenditures are driving the demand for advanced drug delivery systems. The rising income levels are enabling access to advanced treatments.Social: A growing geriatric population and the increasing prevalence of chronic diseases are creating social demands for improved medications and drug delivery technologies for better management of diseases.Technological: Advancements in material sciences and 3D printing are enabling the development of novel drug delivery platforms like microelectromechanical systems and printed pills for controlled release over extended durations. Nanotechnology research is also widening the scope of targeted and stimuli-responsive delivery systems.Geographical concentration of marketNorth America currently dominates the Controlled Release Drug Delivery Market Regional in terms of value, mainly driven by the large pharmaceutical industry presence, availability of advanced healthcare facilities, and higher adoption of novel drug delivery technologies in the region.Fastest growing regionHowever, the Asia Pacific region is poised to be the fastest growing market during the forecast period due to the rising healthcare expenditures, growing generic drug industry, and rapid economic development of countries like China and India enabling greater access to innovative therapeutics.Get more insights on Controlled Release Drug Delivery MarketFor More Insights Discover the Report In language that Resonates with you:-About Author:Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
