Targeted drug delivery plays a vital role in modern medicine by providing a targeted approach of drug administration to specific sites of action in the body. Traditional drug delivery methods lack site specificity and can cause systemic toxicity. Targeted drug delivery aims to minimize this by selectively transporting therapeutic substances to the desired locations in the body using targeted carriers like nanoparticles, liposomes, monoclonal antibodies. These targeted carriers bind, transport, and gradually release the drug at the targeted site while preventing effects on healthy tissues, thereby enhancing the efficacy of pharmaceuticals and reducing side effects.
The global Targeted Drug Delivery Market is estimated to be valued at US$ 761.95 Mn 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
Nanotechnology-enabled targeted drug delivery is witnessing significant growth. Nanoparticles are emerging as promising carriers for targeted delivery of therapeutic agents to specific sites. Diseases like cancer are especially suitable for treatment through targeted delivery of drugs conjugated to nanoparticles. For instance, Abraxane by Abraxis uses nanotechnology based approach for targeted delivery of paclitaxel to treat breast cancer. Growing R&D in the area of nanomedicine and nanoparticle based drug delivery is expected to boost the targeted drug delivery market during the forecast period.
Threat of new entrants: The threat of new entrants is moderate in the targeted drug delivery market due to high capital requirements and stringent regulations.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players in the market providing substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many suppliers of raw materials.
Threat of new substitutes: The threat of new substitutes is low as targeted drug delivery offers novel ways of treating diseases with minimal side effects.
Competitive rivalry: The competitive rivalry is high due to many international players competing on the basis of innovative drug delivery systems.
The global Targeted Drug Delivery Market Demand is expected to witness high growth. The global Targeted Drug Delivery Market is estimated to be valued at US$ 761.95 Mn in 2023 and is expected to exhibit a CAGR of 2.1% over the forecast period 2023 to 2030.
North America is expected to dominate the targeted drug delivery market during the forecast period. This is attributed to growing cancer prevalence, rising geriatric population and higher healthcare spending in the region. Asia Pacific is anticipated to exhibit the fastest growth in the targeted drug delivery market during the forecast period. Factors such as increasing healthcare spending, rising cancer incidence and growing initiatives by market players to tap opportunities in emerging countries are driving the market growth in the region. China is expected to be the major revenue generating country due to rising medical tourism and growing pharmaceutical industry in the country.
Key players operating in the targeted drug delivery market are American Beryllia Inc., American Elements, Belmont Metals, Hunan Shuikoushan Nonferrous Metals Group Co. Ltd, IBC Advanced Alloys, Materion Corporation, NGK Metals Corporation. The market players are focusing on new product launches and geographical expansion to strengthen their market presence. For instance, in 2023 American Beryllia Inc. launched a new targeted drug delivery system for lung cancer treatment in the US market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it