Targeted drug delivery system enable efficient and effective delivery of drug and diagnostic agents to the targeted cells, tissues or organs while avoiding harmful side effects in non-target areas. The technology involved in targeted drug delivery facilitate selective delivery of active pharmaceutical ingredients to particular sites of action within the body. These systems have gained increased importance in the treatment of cancer, respiratory infection, and other chronic ailments by minimizing toxic side effects and improving drug therapeutic efficacy.
The global Targeted Drug Delivery Market is estimated to be valued at Us$ $130 Billion in 2023 and is expected to exhibit a Cagr Of 2.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing prevalence of chronic diseases such as cancer, respiratory infections, cardiovascular diseases etc. globally coupled with elderly population are major factors driving the growth of targeted drug delivery market. According to WHO , majority of deaths are caused by chronic diseases worldwide. Out of which cancer alone accounted for 9.6 million deaths globally in 2018. Targeted therapies have potential for better treatment outcomes of chronic diseases in effective way. In addition, R&D investments by key players to develop advanced targeted therapies and product approvals are also boosting the market growth. However, high development cost associated with targeted drug delivery systems may hinder the market growth over the forecast period.
SWOT Analysis
Strength: Targeted drug delivery has several advantages over traditional drug delivery methods. It helps deliver the drug directly to the disease site in high concentrations while avoiding healthy tissues, lowering side effects. This enhances efficacy and compliance. Targeted drug delivery also helps improve stability of drugs susceptible to degradation in the body.
Weakness: Developing targeted drug delivery systems requires extensive research and testing to design carriers that can effectively recognize diseased cells. This makes the development process lengthy and expensive. There are also challenges in largescale production of targeted delivery systems within acceptable costs.
Opportunity: The growing geriatric population suffering from chronic diseases provides significant opportunities. Growing demand for personalized therapies and nanomedicines also opens up opportunities. Advancements in material sciences, tumor biology and genetic engineering are further driving developments in targeted drug delivery.
Threats: Strict regulations for approval of targeted delivery systems delays market entry. Requirements for extensive clinical trials increase costs and risks. Compatibility issues of carriers with drugs is also a challenge. Substitution threat from alternatives like gene therapy also exists.
Key Takeaways
The Global Targeted Drug Delivery Market Demand is expected to witness high growth. The market size is projected to reach USD 175 Billion by 2030 from estimated USD 80 Billion in 2024, growing at a CAGR of 2.1% during the forecast period.
Regional analysis :
North America dominates currently due to advanced healthcare systems and active research. Asia Pacific is expected to witness fastest growth due to rising healthcare investments, growing affordability and increasing incidence of chronic diseases.
Key players related content comprises Key players operating in the Targeted Drug Delivery market are Johnson & Johnson, Gilead Sciences, Celgene, Amgen, Pacira Pharmaceuticals, Sun Pharmaceutical, Sigma-Tau Pharmaceuticals, Teva Pharmaceutical, and Bayer AG.
Get more insights on this topic :
https://www.insightprobing.com/the-growing-need-for-personalization-in-cancer-treatment-drives-the-targeted-drug-delivery-market/
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