The rising prevalence of chronic diseases to boost the Magnetic driven Drug Delivery Technology Market growth

 

Magnetic driven Drug Delivery Technology Market, By Route of Administration (Oral Drug Delivery, Pulmonary Drug Delivery, Injectable Drug Delivery, Ocular Drug Delivery, Nasal Drug Delivery, Topical Drug Delivery, Implantable Drug Delivery, Transmucosal Drug Delivery), Facility of Use (Hospitals, Ambulatory Surgical Centers/Clinics, Home Care Settings, Diagnostic Centers, Others) and by Region (Europe, North America, Asia Pacific, Africa, Latin America and Middle East) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global Magnetic Driven Drug Delivery Technology Market is estimated to be valued at US$ 39.33 billion in 2022 and is expected to exhibit a CAGR of 9.0 % over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Magnetic Driven Drug Delivery Technology Market is a method in which magnetic substances such as iron oxide particles are a compound of a delivery automotive for magnetic drug delivery, attributed to the ease with which the nanoparticles can be extracted to magnetopuissant targets. 

Competitive Landscape:

Key players involved in the growth of the global Magnetic driven Drug Delivery Technology market are 3M, EyePoint Pharmaceuticals Inc., Merck Sharp & Dohme Corp., BD, Sanofi,  Johnson & Johnson Private Limited ., NanoPass, F. Hoffmann-La Roche AG, Takeda Pharmaceutical Company Limited, Bayer AG, Novartis AG, generex,Pfizer Inc, Alkermes.,  Antares Pharma, Vectura Group plc, Baxter, AstraZeneca, and GlaxoSmithKline plc.

Market Key Drivers:

The rising prevalence of chronic diseases is expected to augment the growth of global Magnetic driven Drug Delivery Technology market. For instance, as per NIH around one in three adults suffer from chronic diseases across the globe.

The increasing clinical trials and rising investment by the key players is projected to propel the growth of global Magnetic driven Drug Delivery Technology market. For instance, as per NIH, in November 24, 2022 around 434 thousand clinical trials were conducted across the globe.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of the global Magnetic driven Drug Delivery Technology market due to the rising cases of pandemic. The shift and necessity of providers towards curing the Covid-19 patients was on a rise. The delay in treatment and check-up of other diseases, the clinical trials has impeded the market growth.

Key Takeaways:

The global Magnetic driven Drug Delivery Technology market is anticipated to exhibit a CAGR of 9.0 % during the forecast period due to the rising innovations and development for the expansion of product. For instance, in August 2019, scientists from the MIT introduced a nanomaterials-driven technology called as remotely managed chemomagnetic modulation that enables the pharmacological survey of targeted neural populace in freely moving subjects.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Magnetic driven Drug Delivery Technology market due to rising healthcare expenditure, increasing chronic diseases such as cancer, diabetes and cardiac diseases, the rise in innovations and developments. For instance, as per CDC, around 805,000 people in the U.S suffer from cardiac arrest.