Extended Release Drugs Market to achieve CAGR of 10.5% between 2023 and 2032, owing to rising prevalence of pulmonary diseases | insightSLICE
The global Extended Release Drugs market size was estimated to be US$ 46 billion in 2021 and is expected grow at a CAGR of 10.5% between 2023 to 2032.
Conventional pharmaceuticals start to release their active component as soon as they are consumed. The time, rate, and area of a medicine’s distribution into the body are all regulated through planned technologies called drug delivery systems. The efficacy and safety of these approaches have been validated.
A dose formulation that cuts the dosage in half is labeled “extended release medicines.” The FDA has issued precise regulations that extended release medications must adhere.
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A suitable environment for market expansion will be created by the growing use of diverse drug delivery methods by physicians and patients, the safety and efficacy of extended drug release, and a decrease in medical care costs as a result of extended release meds.
As potential controlled drug delivery entities, multiple carrier systems are being tested and developed. The market for controlled release liposomal and inhalation delivery technologies is anticipated to grow rapidly over the next few years as an outcome of the increasing acceptance rate of these technologies.
The key players of the Global Extended Release Drugs Market are:
Pfizer, Mallinckrodt, Actavis, Janssen Pharmaceuticals, Endo Pharmaceuticals, Purdue Pharma, Lavipharm Labs, Mylan Technologies, Noven, Aveva, Watson, Impax, Ranbaxy and others.
Driving factors for the growth of Global Extended Release Drugs Market
Rising prevalence of pulmonary diseases
The rising demand to treat pulmonary increases the needs of extended release drugs. Additionally the demand for drugs to treat vascular disorders in the coming years will also rise due to surging of pulmonary diseases which in turn will bolster the growth of the global extended release drugs market.
Patent expiration of blockbuster drugs
The need for new pharmaceuticals and biopharmaceuticals is being spurred by the patent expiration of popular prescriptions. The application of controlled release liposomal and inhalation delivery technologies has therefore increased as a result of the increased emphasis on cutting-edge and effective drug delivery methods.
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COVID-19 impact on Extended Release Drugs market
The global pandemic of COVID-19 has offered pharmaceutical companies numerous opportunities to increase their research and development budgets in order to offer treatment options to critically ill COVID-19 patients. Extended release drugs for COVID-19 infection has shown to be favorable in treating COVID-19. Also the increase of activities by the regulatory authorities to approve new treatments has further bolstered this market growth.
Global Extended Release Drugs Market Key Segments:
By Drug Release
- Sustained release
- Controlled Release
By Distribution Channel
- Hospital pharmacies
- Retail pharmacies
- Mail order pharmacies
- Drug Stores
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
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Global Nebulizer Market: https://www.insightslice.com/nebulizer-market
Challenges of Global Extended Release Drugs Market
High costs in manufacturing
Developing extended release pharmaceuticals is a highly complex and costly process that requires significant investments, clinical trial expertise, quality systems, scientific standards and technical capabilities.
Immunoglobulin manufacturers are required to invest in clinical trials and post-approval safety monitoring programs due to stringent regulations required by the regulators.
Adverse side effects of drugs
Many extended release drugs previously introduced have shown multiple adverse side effects and therefore have been not approved by the regulators. Such setbacks for the drug manufacturers will further challenge the growth of the extended release drug market.
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