According to Market Research Future (MRFR), the global controlled release drug delivery market is expected to create a valuation of over USD 70.15 BN by 2023, growing at a double-digit CAGR of 14 % during the review period. Technological advancements, improved outcomes & patients’ experience, beneficial reimbursement policies, and increasing awareness towards healthcare are other key factors impacting the market growth, positively.
The controlled release drug delivery market is growing rapidly over the past few years. Increasing prevalence of chronic diseases and increasing government regulation to prevent overdose effects act as a significant driving force pushing up the market growth. Furthermore, the growing geriatric and pediatric population is creating huge market demand. Moreover, the advantages that these gastric retentive drug delivery systems offer accelerate the growth of the market.
On the other hand, some limitations associated with the application of these systems, such as the possibility of less accuracy in adjusting the dosage and controlled release drug delivery system is not suitable for all drugs are expected to impede the growth of the market. Also, the higher cost of these systems compared to the conventional drug delivery systems hampers the growth of the market.
Players leading the controlled release drug delivery market include Coating Place, Inc.(US), Depomed, Inc. (US), Corium International Inc.(US), Pfizer Inc.(US), Alza Corporation (Johnson & Johnson)(US), SKY Pharmaceuticals Pvt. Ltd.(China), Biogen (US), AstraZeneca (US), GlaxoSmithKline (UK), Collegium Pharmaceutical (US), Novartis (UK), and Allergan(Ireland), among others.
The global controlled release drug delivery market has been segmented based on route of administration, release mechanism, product, and end user.
- By route of administration, the global controlled release drug delivery market has been segmented into oral, injectable, ocular, nasal, topical and implantable.
- By release mechanism, the global controlled release drug delivery market has been segmented into chemically activated controlled drug delivery systems, polymer-based drug delivery systems, feedback-regulated drug delivery systems, activation modulated drug delivery systems, and micro-reservoir partition-controlled drug delivery systems.
- By product, the global controlled release drug delivery market has been segmented into sustained release, ocular implants, drug-eluting stents, auto-injectors, nasal sprays, needle-free injectors, metered dose inhalers, transdermal patches, infusion pumps, and nebulizers.
- By end user, the global controlled release drug delivery market has been segmented into hospital and clinics, personal use, research centers, and others.
North America is the leading market for controlled release drug delivery. The significant market share of the market attributes to the vast patient pool suffering from various diseases, mainly such as gastrointestinal disorders (Crohn’s disease and ulcerative colitis) and Alzheimer’s, etc. Besides, advanced healthcare infrastructure, growing pharmaceutical industry, and increasing research & development activities foster the regional market growth.
North America is a well-developed region, and its highest GDP helps the region to have the edge over other regions in terms of aspects such as healthcare and technology. Additionally, the presence of the geriatric population and development in medical technology are supporting the growth of the market. Indeed, the high economic growth is a key driving force behind the growth of the regional market, allowing access to the quality of life for the people.
Europe stands second in the global controlled release drug delivery market. The increasing prevalence of respiratory diseases and high blood pressure or hypertension among the population boosts the growth of the regional market. The well-established healthcare sector is a major growth impeding factor for market growth in the region. Moreover, the resurging economy is playing a vital role in market development, allowing the proliferation of the healthcare sector in the region.
The Asia Pacific controlled release drug delivery market is growing rapidly owing to the huge patient population suffering from chronic diseases and an increase in the geriatric and pediatric population. Also, the increasing demand for controlled doses to reduce the side effects and toxicity level in the patients contribute to the market growth of controlled release drug in Asia Pacific countries.
The rising economy in countries such as China, Japan, South Korea, and India impacts market growth positively. Furthermore, the rising demand for quality devices in healthcare and rapidly developing healthcare technology is expected to foster the APAC controlled release drug delivery market.
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