Novel Drug Delivery System (NDDS) Market To Grow Like Never Before By 2022
Novel Drug Delivery System (NDDS) refers to the formulations, systems to transport pharmaceutical compound in the body, and approaches needed to achieve the desired therapeutic effect. The side effects and slow processing of conventional drug therapy are contributing to the emergence of novel drug delivery system’s concept. Novel ideas based on interdisciplinary approaches controlling the pharmacodynamics, immunogenicity, pharmacokinetics, bio-recognition, and efficiency of drugs were generated. This new system helps in reducing the drug degradation, increasing availability of drugs, and prevent from harmful side effects of drugs. This system provides various commercial and therapeutic benefits by enabling to formulate the novel drug delivery devices so that it can incorporate the drug molecules into the new delivery system.
Growing prevalence of chronic diseases, drug innovation, and the rising biologics market is also contributing to the growth of novel drug delivery systems market. According to data published by Fraser Institute Canada in July 2016, around 22% of overall sales of pharmaceutical firms in 2013 and expected to reach 32% by 2023 globally. The global spending on biologics has increased by 7% as compared to previous year.
Effectiveness of novel drug delivery system in cancer therapy is also a major factor propelling the novel drug delivery systems market growth. For instance, according to the data published by International Journal of Pharma Sciences and Research (IJPSR), around 9 million deaths occurred due to cancer in 2015 and estimations reveal that around 11.4 million people are expected to die due to cancer by 2030. However, patent cliff, patent expiry, and an increase in injury cases are the factors hindering the growth of global novel drug delivery systems market.
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Increase in investment in research and development for new medicines is accounting for the growth of novel drug delivery systems market in North America
Regional segmentation of novel drug delivery system (NDDS) market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. North America holds the major share in the novel drug delivery systems market owing to the factors such as growing research and development in the field of drug delivery systems, the high adoption rate of new technology, and supportive reimbursement policies. According to Pharmaceutical Research and Manufacturers of America (PhRMA), the members of PhRMA have invested an estimated amount of $51.2 billion in 2014 in research and development of novel medicines. Asia Pacific is also expected to witness growth in the novel drug delivery systems market due to the increase in investment in pharmaceutical and biotechnology Industry and growing research and development in the healthcare sector.
Key industry players are adopting strategy such as geographical expansion and agreement with other companies to hold the lead in the novel drug delivery system market
Key industry players operating the novel drug delivery system (NDDS) market include Abbott Laboratories Limited, Johnson & Johnson, 3M Company, Bayer AG, Novartis AG, Teva Pharmaceuticals Industries Limited, Boston Scientific, AstraZeneca Plc., Sanofi SA, and Genzyme Co.. The key industry players are involved in applying strategies such as geographical expansion, low-cost strategy, agreement with other companies, and penetration strategy to hold the largest share in the highly competitive novel drug delivery systems market. For instance, Vetter Pharmaceutical and Microdermics Inc. have done strategic corporation agreement recently with each other to develop innovative micro needle drug delivery system.
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