Over the course of the forecast period, rising cancer incidence rates are anticipated to fuel the expansion of the global market for targeted medication delivery. For instance, the American Cancer Society anticipated that there were about 10 million cancer deaths and 19.3 million new cancer cases worldwide in 2020. Over the course of the projected period, market players' expanding R&D efforts are anticipated to fuel market expansion. For instance, the clinical biopharmaceutical business Transcenta Holding Limited stated in February 2022 that the first patient dosed in the phase IIa study of the monoclonal antibody TST001 against claudin 18.2 coupled with cisplatin and gemcitabine for the first-line treatment of biliary tract cancer has been treated. The market's major players are concentrating their efforts on the study and creation of new, tailored medication delivery systems. Over the forecast period, this is anticipated to fuel market expansion. For instance, Ikena Oncology, a clinical-stage biotechnology company, announced in November 2021 that the U.S. Food and Drug Administration (FDA) had accepted the application for the novel TEAD inhibitor IK - 930's Investigational New Drug (IND) designation.
According to Coherent Market Insights, The market for Targeted Drug Delivery is anticipated to reach a value of US$ 6,960 million in 2022 and grow at a CAGR of 15.9% from 2022 to 2030.
Market Players in the Targeted Drug Delivery Industry:
1. Becton
The company was established in 1897 and has its headquarters in New Jersey, U.S. The business produces and markets reagents, instrument systems, and medical equipment. Moreover, BD offers analytics and consulting services in some areas. BD receives FDA 510(k) clearance in March 2023 for the first-ever high-throughput diagnostic test for infectious vaginitis. BD will launch a High-Throughput Single-Cell Multiomics Platform in February 2023 to broaden the scope of scientific discovery.
2. Boston Scientific Corporation
The company was established in 1979 and has its headquarters in Marlborough, Massachusetts, in the United States. The company designs, fabricates, and markets minimally invasive medical equipment. Boston announced in January 2021 that it would spend up to $1.2 billion to purchase Minneapolis-based Preventice Solutions, Inc. and its portfolio of mobile heart health solutions. The business disclosed its intentions to acquire M.I.Tech Co., Ltd. of South Korea for roughly $230 million in June 2022. Boston declared in August 2022 that it will purchase Obsidio, Inc.
3. AstraZeneca PLC
The company was established in 1999, and its headquarters are in Cambridge, United Kingdom. Treatments for neurological, respiratory, inflammatory, viral, and heart problems are among its product offerings. In January 2023, AstraZeneca announced that it would purchase CinCor Pharma for $1.8 billion. The company announced in July 2022 that it would extend its portfolio of blood cancer drugs by purchasing TeneoTwo for up to $1.3 billion.
4. 3M
The company was founded in the United States in 1902, with its headquarters in Saint Paul, Minnesota. The business operates in the industries of manufacturing, consumer goods, healthcare, and employee safety. In December 2021, 3M announced that Neogen, a provider of products for animal healthcare and food testing, will be integrated into its processes for food safety.
5. Baxter International Inc.
The business was established in 1931 and is based in Illinois, United States. The business creates, produces, and sells goods and technologies for treating renal illness, trauma, immunological disorders, infectious diseases, haemophilia, and other acute and chronic medical ailments. In September 2021, Baxter announced that it would pay $12.4 billion to acquire Hill-rom. For $12.5 billion, the deal was finalised in December 2021.
6. AbbVie Inc.
The business was founded in 2012 and is located in Illinois, United States. The company manufactures pharmaceuticals for specialised therapeutic fields such immunology, chronic renal disease, hepatitis C, women's health, oncology, and neuroscience. The purchase of Soliton was disclosed by Allergan Aesthetics in May 2021. TeneoOne's lead chemical TNB-383B was acquired by Abbvie in June. Abbvie purchased Syndesi Therapeutics in March 2022 for up to $1 billion.
7. Savara Inc.
The firm was established in 1995 and has its headquarters in Texas, United States. Pharmaceutical business Savara Inc. is engaged in clinical research. The Company focuses on the creation of cutting-edge medicines for the management of severe and fatal uncommon respiratory disorders. Savara provides services to all countries.
*Definition: A therapeutic agent is selectively and preferentially delivered to the target site using the approach of targeted drug delivery, which does not simultaneously act on the non-target site.
