Rise in the Population Globally
There is a significant rise in the population of old people and children. Most of the old population suffers from health related problems, such as, compromised physical and mental functions that affect the intake of their medications. In addition, the body of the children and old people cannot tolerate the side effects of the drugs and its high dosage. Hence, with rising population of patients and its various innovations, the market for controlled release drug delivery technology will witness a steep growth during the forecast period.
The factor driving the controlled release drug delivery technology market is the rise in the spending of research & development to cure the non communicable diseases and diseases persisting for a long time, efficiently. The systems are working to be mechanically strong in order to stabilize the medical condition of the patient along with the achievement of high drug loading. Moreover, the research and development is working on cost effective controlled release drug delivery technology, which is estimated to increase the notable rate of its adoption over the forecast period.
The controlled release drug delivery system technology market is anticipated to record a notable CAGR of around 8% over the forecast period 2020-2028. The key factors driving the growth of this market include the low treatment cost, reduced drug toxicity along with the increased therapeutic efficacy. Moreover, these technologies provide various advantages over traditional delivery systems, such as, uniform drug level which stabilizes the medical condition, reduced dosage and less side effects, and is also a significant factor anticipated to fuel the growth of the controlled release drug delivery system technology market over the forecast period.
The technology type market is segmented into wurster technique, implants, targeted delivery, micro encapsulation and others. Based on these segments, the targeted delivery segment will account for the leading share in the market on the back of its improved absorption, low risk of side effects, increased safety and it offers preferred site of action. Moreover, large number of key players has a strong portfolio for the technology. These factors, in turn, are expected to augment the market growth over the forecast period.
High Cost of Controlled Release Drug Delivery Technology and Non-Biocompatibility of Materials Used
Despite of the advantages related to the controlled release drug delivery technology, high cost of the system and non biocompatibility & biodegradability with appropriate controlled release properties of the material used in drugs is expected to act as a key restraint to the growth of controlled release drug delivery technology market. Further, the inactive substances that act as a medium for a drug are deemed acceptable for the therapy of children are very few and the need for high dose of API (Active Pharmaceutical Ingredient) is hampering the growth of the market.
Our in depth analysis of controlled release drug delivery technology market include the following segments:
On the basis of regional analysis, the controlled release drug delivery technology market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for Enterprise file sync and sharing platform in North America is anticipated to hold the largest share on the account of prevailing diseases related to gastrointestinal disorders, advancement in the technological infrastructure of pharmaceutical industry along with the increasing activities of research & development. The increase in the number of gastrointestinal patients will result in the rise in demand for controlled release drug delivery technology. The Asia Pacific market is predicted to be rapidly growing on the back of increase in geriatric and paediatric population in the region, rising demand for the controlled release drugs dosage over the forecast period.
The controlled release drug delivery technology market is further classified on the basis of region as follows:
In the News
On April 22, 2o2o: Researchers at the University of Pittsburgh School Of Medicine developed a new needle delivery system in which the vaccine will penetrate into the upper level of the skin and then release molecules to attack the virus. Additionally, this vaccine improves the immune responses in patients.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.