Nanotechnology Drug Delivery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Nanotechnology Drug Delivery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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.

Key Market TrendsOncology 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.

Competitive Landscape

The nanotechnology drug delivery market is moderately competitive. The increasing number of companies found investing in research and development in this field is allowing for a rise in R&D activities, helping the market expand at a steady pace. There are also collaborations among leading pharmaceutical companies and technology developers that have picked pace in the market in the past few years. Several companies are also focusing on the development of nanomedicines for the treatment of a variety of cancers. Some of the major players are Taiwan Liposome Company, Nanobiotix, Aquanova AG, NanoCarrier Co Ltd, and NanOlogy LLC

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