The controlled release drug delivery market involves designing drug delivery systems whose main objective is to control the rate, time and/or place of release of drugs in the body. This type of drug delivery mechanism helps in achieving the desired drug concentration in the blood or at target sites for a prolonged duration to achieve controlled therapeutic effects. The controlled release drug delivery aids in better patient compliance due to fewer doses and reduced side effects, as compared to conventional drug delivery systems.
The global controlled release drug delivery market is estimated to be valued at US$ 106.1 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the market are Orbis Biosciences, Inc., Merck and Co., Inc., Alkermes plc, Johnson and Johnson, Coating Place, Inc., Corium International, Inc., Depomed, Inc., Pfizer, Inc, Aradigm Corporation, Capsugel. Key players focus on product innovation, partnerships and geographical expansion strategies to gain significant market share.
The major opportunities in the controlled release Controlled Release Drug Delivery Market Growth include development of innovative drug delivery technology to provide enhanced patient convenience and compliance. Furthermore, increasing R&D expenditure by pharmaceutical companies and growing adoption of newer drug delivery systems for biologics also provide new opportunities.
Global expansion of market has been witnessed with growing generics market. Asia Pacific region, in particular, presents lucrative growth prospects with presence of generic drugs manufacturing giants and rise in healthcare expenditure.
Market drivers
The rising prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases drive the growth of controlled release drug delivery market. The controlled drug delivery aids in improving the efficacy of drugs, adherence to treatment and also reduces dosing frequency, thus finding increased usage. According to WHO, chronic diseases accounted for approximately 60% of all reported deaths in the world in 2001. Therefore, increasing burden of chronic diseases is expected to propel the market growth during the forecast period.
PEST Analysis
Political: Government regulations regarding drug approval procedure can affect the Controlled Release Drug Delivery Market Analysis. Changes to patent laws may also impact innovation.
Economic: Economic growth drives increased healthcare spending and thus demand for controlled release drug delivery systems. Downturns can limit R&D investment and uptake of new products.
Social: Growing awareness of benefits like increased treatment effectiveness and patient compliance boosts demand for controlled release drugs. Aging populations also support market growth.
Technological: Advancements in polymer engineering, nanotechnology, artificial intelligence are enabling novel controlled release mechanisms. Development of biodegradable systems and personalized medicines present opportunities.
Geographical Concentration
North America holds the largest share of the market in terms of value currently due to high healthcare spending and robust R&D activities in pharma sector. This region is expected to continue dominating during the forecast period.
Fastest Growing Region
Asia Pacific region is projected to witness the fastest growth in the controlled release drug delivery market over next few years. Factors such as rising income levels, increasing healthcare access and expanding patientbase with chronic diseases in countries like China and India will support market expansion in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn