There has been a groundswell of interest in the application of nanotechnology for developing drug delivery systems, on account of unique properties nanoparticles have in vitro and in vivo. Particularly, they hold vast potential in developing innovative targeted drug delivery systems, especially for targeting tumors in cancer therapeutics. A sizeable number of nanotechnology-based therapeutic products approved by regulatory agencies world over is underpinning the vast potential of the market. The nanovehicles contains organic or inorganic nanomaterials and devices and encapsulate various biodegradable materials.
Trends Underpinning Expansion of Nanotechnology Drug Delivery Systems
• Huge Market Potential
The nanotechnology drug delivery market is witnessing constant developmental advances riding on the back of several potentially promising applications of nanomedicine. The market is expected to witness a vigorous growth with rapidly emerging opportunities in the application of nanotechnology in healthcare. According to an estimate by Transparency Market Research, the opportunities in the global market is projected are worth US$ 118,527.2 million by 2023 end, rising at an impressive CAGR of 12.5% during 2015–2023.
• What makes Demand Lucrative?
The need for developing new and improved drug and gene delivery methods has made nanosystems a promising candidate for targeted as well as non-targeted delivery. Nanotechnology drug delivery mechanisms are gathering steam among biotechnology and pharmaceutical companies and worldwide researchers. The system has the potential to increase the therapeutic efficacy, enhance drug bioavailability, improve the solubility of hydrophobic drugs, and get over various side effects linked with conventional drug delivery.
Which developments reinforce rapid advances in nanotechnology drug delivery market in the coming years?
Relentless efforts by researchers to develop innovative drug delivery models based on nanotechnology are imparting growth momentum to the market. One area that has gained considerable pace is the use of nanosystems for targeted drug delivery in chronic diseases and cancer. Nanoparticles loaded with anti-cancer drugs have emerged to be potentially encouraging for the cancer treatment as they modify drug pharmacokinetics and ensure controlled release of medication for prolonged periods, and with less toxicity. The search for more effective treatments to various types of cancer will pave way for promising applications of nanotechnology in drug delivery. The application area is also witnessing new paradigms from rapid advances made in nanotechnology to develop next generation nanosystems and the rising number of clinical research. However, clinical translation of encouraging results about the potential of nanosystems was and continue to be the major challenge for researchers and market players.
The lack of effectiveness of existing chemotherapy treatments on pediatric cancer patients have given rise to an unmet medical need. To this end, a team of researchers in Israel has invented a nanotechnology system for delivering anticancer drugs to children in a targeted fashion. The efficacy of the system was tested on the mouse model and was found to substantially prolong the life of mice. The three-year study was supported by the Technion – Israel Institute of Technology and funded by the European Commission.
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Regions with Potential Developmental Prospects for Nanotechnology Drug Delivery Systems
On the regional front, the one that emerged to the fore is North America. The region is the most attractive for market players who seek better drug delivery systems for a host of chronic diseases, including diabetes. The substantial rise in research and development funds in the region is also sustaining the rapid expansion of the market. Several prominent pharmaceutical and biotech companies and medical device makers, including Johnson & Johnson and Novartis, are increasingly exploring revenue stream in Latin America. This regional market is expected to rise at the most lucrative pace over the assessment period.