Nanotechnology Drug Delivery Market worth US$ 118,527.2 Million by 2023: Rising Prevalence of Cancer to Provide Massive Push to Market

The global medical sensors market demonstrates a fragmented and competitive landscape, states a new research report by Transparency Market Research (TMR). The top three players, namely, Danaher Corp., Honeywell International Inc., and NXP Semiconductors, could hold only a little more that 23% of the overall market in 2014. With a large clientele base, efficient business strategies, and constant efforts to deliver superior products, these companies have made their way to the top of this market. Over the coming years, these companies are likely to shift towards mergers, acquisitions, and strategic alliances for the further expansion of their businesses. A significant rise in research and development activates are also on the cards, states the research report.

Transparency Market Research estimates that the global nanotechnology drug delivery market will exhibit an exponential CAGR of 12.5% over the period between 2015 and 2023, rising from a valuation of US$4.1 bn in 2014 to US$11.9 bn in 2023.

In terms of application, the nanotechnology drug delivery market witnessed the dominance of the oncology segment in terms of revenue contribution to the global market in 2014. Factors such as the vast global rise in the prevalence of a variety of cancers and the increased demand for effective treatment methods to provide for the rising pool of patients are expected to help the segment retain dominance over the report’s forecast period as well.

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From a geographical perspective, the North America market for nanotechnology drug delivery took the top spot in 2014. The vast rise in incidence of chronic health conditions such as diabetes and cancer will continue to fuel the North America market for nanotechnology drug delivery over the report’s forecast period as well. Latin America is expected to present promising growth avenues to the nanotechnology drug delivery market over the forecast period owing to the rising interest of medicine companies such as Johnson & Johnson and Novartis in the region.

Some of the key factors expected to drive the global nanotechnology drug delivery market are the rising demand for new and more effective methods of drug delivery, rising R&D activities in the field of nanotechnology, and the rising set of products available in the nano-medicine sector. Rapid progress has been achieved in the area, allowing the discovery of a vast variety of imaging and therapeutic agents and enabling the development of more effective diagnostics and therapeutic interventions.

The rising prevalence of a number of chronic conditions and cancers across the globe and the resultant rise in demand for effective drug classes, therapeutic mechanisms, and drug delivery systems are also expected to fuel the development of the global nanotechnology drug delivery market.

Despite having promising growth opportunities, the global nanotechnology drug delivery market is expected to have to face hindrances such as the high cost of a nanotechnology interventions and the stringent regulatory scenario. The high cost of nano-medicines will, especially, be a challenge for the market to gain confidence of consumers in emerging economies of countries such as India, China, and Brazil.

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Name: Rohit Bhisey
Organization: Transparency Market Research