TARGETED DRUG DELIVERY MARKET ANALYSIS

Targeted Drug Delivery Market Size and Trends

Global targeted drug delivery market is estimated to be valued at USD 9.22 Bn in 2024 and is expected to reach USD 26.24 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 16.1% from 2024 to 2031.

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The targeted drug delivery market is expected to witness significant growth over the forecast period. This is mainly attributed to a rise in the prevalence of chronic diseases worldwide as targeted drug delivery facilitates localized and sustained drug release at the target site. Targeted delivery of anti-cancer drugs to malignant tumors results in minimized drug toxicity and maximized therapeutic activity. Additionally, increased investments in R&D of advanced targeted drug delivery systems by key players and favorable funding environment for the development of novel technologies will further augment the market expansion through 2031.

Increasing Cancer Population Worldwide

Increasing cancer population worldwide is expected to drive the market growth over the forecast period. For instance, in 2020, according to the American Cancer Society, it was estimated that 19.3 million new cancer cases and almost 10 million cancer deaths occurred worldwide in 2020.

Increasing Partnerships Among Key Market Players

Increasing partnerships among key market players is expected to drive the market growth over the forecast period. For instance, in November 2020, NellOne Therapeutics, a biopharmaceutical company, announced that it had licensed a drug delivery system from the Department of Energy’s Oak Ridge National Laboratory that is designed to transport therapeutics directly to cells infected by SARS-CoV-2, the virus causing COVID-19.