Targeted drug delivery offers various advantages over traditional drug delivery methods such as site-specific drug delivery at therapeutic concentrations and minimal systemic side effects. Targeted drug carriers ensure localized drug release at disease sites thereby significantly improving the efficacy of anti-cancer and chronic disease therapeutics.
The global Targeted Drug Delivery Market is estimated to be valued at US$ 167.1 Billion in 2023 and is expected to exhibit a CAGR Of 2.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased prevalence of cancer and chronic diseases has been a key factor driving the growth of the targeted drug delivery market. According to the National Cancer Institute, in 2022, nearly 1.9 million new cancer cases are expected to be diagnosed in the United States. Targeted drug delivery helps in optimized treatment of cancer by enabling site-specific drug accumulation and retention at tumor sites while reducing systemic toxicity. Significant R&D investments by pharmaceutical companies in developing advanced targeted drug delivery systems such as nanoparticles, monoclonal antibodies, and ligand-mediated targeted therapies to treat various cancers and chronic diseases have further augmented the demand for targeted delivery over the forecast period.
Segment Analysis
Targeted drug delivery market is segmented based on technology into polymeric drug conjugates, liposomes, microspheres, antibody drug conjugates, dendrimers and others. Among these, antibody drug conjugates is expected to be the dominant and fastest growing segment owing to their high specificity and ability to target tumors. Antibody drug conjugates directly target cancerous cells while sparing healthy cells minimizing side effects. They have emerged as an important class of therapeutics for the treatment of various cancers.
Key Takeaways
The Global Targeted Drug Delivery Market Demand is expected to witness high growth over the forecast period. The global Targeted Drug Delivery Market is estimated to be valued at US$ 167.1 billion in 2023 and is expected to exhibit a CAGR of 2.1% over the forecast period 2023 to 2030.
Regional analysis showed that North America currently dominates the targeted drug delivery market and is expected to continue its dominance over the next few years. This can be attributed to the rising prevalence of cancer and chronic diseases, presence of key players, growing investment in R&D and well-established healthcare infrastructure. Asia Pacific is poised to be the fastest growing region in the targeted drug delivery market owing to increasing healthcare spending, growing geriatric population, rising awareness about diseases.
Key players operating in the targeted drug delivery market are Johnson & Johnson, Gilead Sciences, Pfizer, Abbott Laboratories, Amgen, AstraZeneca, Boston Scientific, Bayer AG. These players are focusing on partnerships, new product launches, and regulatory approvals to expand their product portfolios and strengthen their positions in the targeted drug delivery market. For instance, in 2023, Bayer AG received FDA approval for its antibody drug conjugate (ADC) Vitrakvi® (larotrectinib) for the treatment of solid tumors with NTRK gene fusions.
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