Published on : Apr 04, 2016
Nanotechnology is aimed at improving drug delivery and has absolutely revolutionized the delivery of drug molecules in the nanometer range. According to a report published by Transparency Market Research, which is a market intelligent firm, the global nanotechnology drug delivery market which valued at US$ 4.1 bn in 2014, is expected to reach US$ 11.9 bn in 2023, expanding at a CAGR of 12.5% from 2015 to 2023.
Rising Prevalence of Infectious Diseases Drives Nanotechnology Drug Delivery Market
The growing geriatric population across the globe has encouraged the growth of the global nanotechnology drug delivery market. Moreover, rising prevalence of infectious diseases coupled with growing number of cancer patients have boosted the market’s growth significantly. The growing demand for effective therapy for cancer and other diseases has helped the market to grow and the continued prevalence of diseases will ensure the market’s growth in the coming years.
Oncology Application Segment to Dominate the Global Nanotechnology Drug Delivery Market
The global nanotechnology drug delivery market is segmented on the basis of application into neurology, oncology, cardiovascular/ physiology, anti-inflammatory/ immunology, anti-infective, and others. Out of these, in the year 2014, oncology emerged as the largest application in terms of revenue, and is in fact expected to retain its position for the coming years. Rise in the need for effective cancer therapies is responsible for the growth of the oncology segment. The second largest segment was neurology, with its growth attributed to its application in neuromolecular diagnostics. The cardiovascular segment is expected to grow at the fastest rate due to revolutionary innovation in the field.