Novel Drug Delivery Systems Market Size

Novel Drug Delivery Systems Market size was valued at USD 65.44 billion in 2023 and is anticipated to reach USD 182.3 billion by 2036, registering around 8.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of novel drug delivery systems is assessed at USD 69.73 billion. Novel drug delivery systems are used to facilitate targeted drug delivery, which couldn’t be achieved through regular drug administrations. The growth of the novel drug delivery systems market can be attributed to the growing prevalence of chronic diseases, including cancer, diabetes mellitus, coronary obstructive pulmonary diseases, ischemic heart diseases, and mental disorders. According to the data by the World Health Organization (WHO), in 2019, an estimated 1.5 million deaths were directly caused by diabetes, 17.9 million people died from cardiovascular diseases, and 3.23 million deaths were caused by chronic obstructive pulmonary disease (COPD) worldwide. Moreover, 10 million deaths were caused by cancer, in 2020. Novel drug delivery system can deliver drugs in a more controlled manner, which is estimated to boost the market growth. Moreover, various technological advancements in the medical sector, have improved the scope of specific tissue treatment. Such factors are estimated to strengthen the market growth. Additionally, the growing investment for development of new drugs and treatment methods, accompanied with the expiration of existing international patents, are anticipated to boost the market growth. Furthermore, the increasing healthcare expenditure across the globe, is estimated to boost the novel drug delivery systems market growth. According to the data by the World Bank, USD 1,111.082 was spent per capita for healthcare globally, in 2018, which has increased significantly from USD 999.104 in 2015.