Asia a "New Frontier" for pharma sector growth in advanced drug delivery market, reports BCC Research
Many key players in the advanced drug delivery industry are focusing on emerging markets (especially in Asia) to launch new products and increase their penetration. BCC Research reveals in its new report that the market in Asia-Pacific region should record the highest growth rate among major regions.
Drug delivery refers to technologies, formulations/systems (based on drug vehicles/carriers) and approaches (route of administration) used to deliver drugs for various applications/therapeutic use. Advanced drug delivery technologies refer to the technologies used for controlling the rate of drug release. The report focuses on modified drug delivery technologies such as extended release (controlled and sustained release), controlled release, targeted release, delayed release and pulsatile release.
The advanced drug delivery market is expected to increase from about $178.8 billion in 2015 to nearly $227.3 billion in 2020, reflecting a five-year compound annual growth rate (CAGR) of 4.9%. North America leads the global advanced drug delivery market, followed by Europe. However, Asia-Pacific should grow the fastest during the forecast period with a five-year CAGR of 6.4%.
Advanced drug delivery technologies (ADDTs) have been a boon for the market as advanced formulations have proven to increase the efficiency and efficacy of drug delivery systems, resulting in better outcome of treatments. Moreover, ADDTs have become the Holy Grail in the treatment of several diseases and in unlocking the potential/value of the pharma industry's existing compounds, as well as in exploring the potential of several new compounds.
Currently, the market is growing at a moderately healthy rate that should continue for the next five years. The market is not expected to saturate any time soon. In fact, patent expiries, targeted drug delivery systems, gene therapy nanotechnology and biologics, which are expected to open up new opportunities, should bolster growth.
The advantages that advanced drug delivery systems offer over traditional drug delivery systems is a key driver. These benefits include higher efficacy, localized treatment of diseases, duration of drug delivery, convenient routes of administration, better targeting and lower dosing frequency. Consequently, these developments are driving significant growth in the global drug delivery market.
Over the next five years, Asia-Pacific should see the highest growth rate due to the strategic expansion of market players in this region, market diversification and the growing multidimensional healthcare / pharmaceutical market in the region.
"Asia is considered a new frontier for pharma sector growth," says BCC Research analyst Himani S. Wadhwa. "This is supported by the shifting focus of the pharma sector toward emerging countries like those in the Asia-Pacific region, which are expected to support sustainable growth and help companies balance the effects of increasing regulatory issues, patent expirations and stagnation of mature markets. This region represents huge untapped potential."
Global Markets and Technologies for Advanced Drug Delivery Systems (PHM006K) analyzes the industry by technologies/systems (referred to as technologies in the report), applications, and routes of administration and drug delivery vehicles. Analyses of global market drivers and trends, with data from 2014, estimates for 2015, and projections of CAGRs through 2020 also are provided.