NANOTECHNOLOGY DRUG DELIVERY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

High costs associated with research and development activities can hamper the global nanotechnology drug delivery market growth. Developing nanomedicines and targeted drug delivery systems requires extensive research and testing over several years. It involves investigating the interaction of nanoparticles with biological systems at a molecular level and evaluating their pharmacokinetics, biocompatibility, and toxicity aspects thoroughly before these can be tested on humans. This entire process from molecule design to clinical trials is an expensive and resource-intensive endeavor. For instance, according to the data published by Global Burden of Disease Cancer Collaboration in 2020, the median worldwide research expenditure for designing one new cancer drug was estimated to be US$ 648 million. This included expenditures on drug discovery, preclinical and clinical development, as well as post-marketing studies. Out of this, costs for phase 3 clinical trials alone amounted to nearly US$ 200 million per new cancer drug. Due to high R&D costs, developing safe and efficacious nano-based formulations within budget constraints can pose significant challenges for pharmaceutical companies and research institutes. The high failure rate of drug candidates during clinical evaluation also adds to the financial risks associated with nanomedicine research.

Market Opportunities: R&D in developing novel formulations

The evolving area of nanotechnology can offer opportunities for drug delivery applications globally. Developing novel formulations at the nanoscale that can effectively target site-specific delivery significantly impact patients' lives and drive the market growth. By engineering nanoparticles, liposomes, dendrimers and other nanocarriers, researchers are working towards increasing bioavailability, solubility and stability of drug molecules. This allows for targeted distribution of drugs in the body, with minimal side-effects. For instance, researchers at the National Cancer Institute developed a nanocarrier that can deliver 50 times the amount of chemotherapy drugs directly to the brain tumors as compared to traditional treatment methods. This has the potential to improve outcomes for patients with difficult to treat cancers. Continued R&D in cell-specific targeting technologies could enable precision delivery of therapeutic payloads like genes, proteins and antibodies to treat a wide range of diseases. Novel nanosystems that can track biological cues in the body and release drug molecules accordingly would revolutionize ways to diagnose and treat cancer, cardiovascular diseases, neurological disorders, and more.