PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555490
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555490
Long-Acting Drug Delivery Technologies and Services Market size was valued at USD 12,234.23 Million in 2023, expanding at a CAGR of 11.2% from 2024 to 2032.
Long-Acting Drug Delivery Technologies and Services imply advanced methods and systems designed to administer medications over extended periods with fewer doses compared to traditional methods. These technologies aim to improve patient adherence, enhance therapeutic efficacy, and reduce the frequency of administration.
Long-Acting Drug Delivery Technologies and Services Market- Market Dynamics
Increasing patient adherence and the prevalence of hypertension, and psychiatric diseases are expected to propel market demand
Diabetes, hypertension, cancer, and psychiatric disorders are increasingly common and often require long-term management. Long-acting formulations reduce the frequency of dosing and improve patient adherence which is expected to bolster market growth. There is a growing emphasis on preventive healthcare, which includes using long-acting medications to manage conditions before they become severe, thereby improving quality of life and reducing long-term healthcare costs.
The development of long-acting formulations for biologics and biosimilars is expanding the market. These drugs often require complex delivery systems to maintain stability and effectiveness over time. Innovations in pharmaceutical technology, such as nano-based drug delivery systems, advanced polymers, and improved formulation techniques, are making long-acting drug delivery systems more effective and versatile. Enhanced convenience from fewer doses and less frequent administration encourages patients to stick to their treatment plans, which can lead to better health outcomes and reduced healthcare costs. All these benefits are projected to contribute to market growth.
Long-Acting Drug Delivery Technologies and Services Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.2% over the forecast period (2024-2032)
Based on Material segmentation, the polymer-based segment was predicted to show maximum market share in the year 2023, owing to its high efficiency in long-acting drug delivery.
Based on Dosage Form segmentation, long acting injectables segment was the leading Dosage Form in 2023, owing to its greater effects in drug delivery & quick response.
Based on End User segmentation, the pharmaceutical & biotech companies' segment was the leading End User segment in 2023, owing to the high demand for drugs in the pharma & biotech industries.
Based on region, North America was the leading revenue generator in 2023, due to the government & FDA support.
The Global Long-Acting Drug Delivery Technologies and Services Market is segmented based on Material, Dosage Form, End User, and Region.
The market is divided into two categories based on Material: polymer-based and non-polymer based. The polymer-based segment dominates the market. Polymer-based drugs provide long-acting durability and thus are gaining more traction in the market.
The market is divided into four categories based on Dosage Form: long acting injectables, acting implantables, long-acting oral, and others. The long acting injectables segment dominates the market. Injectables have high efficiency in common respiratory disorders which is fueling segment growth.
The market is divided into three categories based on End Users: pharmaceutical & biotech companies, research & development, and others. The pharmaceutical & biotech companies segment dominates the market and is expected to maintain its high dominance during the forecast period. The growing number of drug development and pharma technologies are boosting market demand.
Long-Acting Drug Delivery Technologies and Services Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The United States holds a significant share of the global market due to advanced healthcare infrastructure, high adoption rates of new technologies, and substantial R&D investments. Europe is a major market with a growing emphasis on personalized medicine and advanced drug delivery systems. Key markets include Germany, France, and the UK. Latin America is an emerging market with expanding healthcare access and increasing investments in healthcare infrastructure.
The long-acting drug delivery technologies and services market is characterized by significant competition and ongoing innovations. Companies in this space are engaged in various strategies, including technological advancements, partnerships, collaboration, and market expansions. Companies are investing in nanotechnology, biodegradable polymers, and advanced microsphere technologies to enhance long-acting drug delivery systems. Strategic partnerships between pharmaceutical companies, technology firms, and academic institutions are crucial for advancing long-acting drug delivery technologies and expanding market reach.
In February 2023, EyePoint Pharmaceuticals and Rallybio formed a research agreement to assess Rallybio's inhibitors of complement component 5 (C5) using Durasert(R) technology.
In April 2023, the U.S. FDA approved ABILIFY ASIMTUFII, a long-acting injectable suspension, developed by Otsuka, administered intramuscularly once every two months for the treatment of schizophrenia.