The Extended-Release Drugs Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Extended-Release Drugs Global Market Report 2024, The extended-release drugs market size has grown rapidly in recent years. It will grow from $57.11 billion in 2023 to $63.82 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to patient compliance improvement, chronic disease prevalence, improved efficacy, patent protection strategy, biodegradable implants.
The extended-release drugs market size is expected to see rapid growth in the next few years. It will grow to $99.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to personalized medicine approaches, patient-centric drug development, rising incidence of lifestyle diseases, drug repurposing, global access to extended-release therapies. Major trends in the forecast period include pharmaceutical innovation, advancements in drug delivery systems, advancements in nanotechnology, 3d printing in drug formulations, use of artificial intelligence, environmental sustainability.
The increasing incidence of chronic conditions is expected to propel the growth of the extended-release drug market going forward. Chronic conditions are defined as conditions that last for a year or longer and necessitate continuing medical care, restricting everyday activities, or both. Heart disease, cancer, obesity, and diabetes are a few examples. Extended-release drug delivery systems are designed to provide a relatively constant level of medication in the body over a long period. It helps maintain a consistent therapeutic effect and avoids the fluctuations in drug levels that can occur with immediate-release medications. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, it was projected that by the year 2050, the number of individuals aged 50 years and older who have at least one chronic illness will surge by 99.5%, rising to 142.66 million. Therefore, the increasing incidence of chronic conditions is driving the growth of the extended-release drug market.
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The extended-release drugs market covered in this report is segmented –
1) By Type: Sustained Release Drug, Controlled Release Drug
2) By Mode: Over-The-Counter, Prescription
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Mail Order Pharmacies, Drug Stores
Product innovation is a key trend gaining popularity in the extended-release drug market. Major companies operating in the extended-release drug market are developing innovative products to sustain their position in the market. For instance, in July 2022, Zydus Pharmaceuticals (USA) Inc., a US-based generic pharmaceutical manufacturer, launched Topiramate extended-release capsules for epilepsy. The US Food and Drug Administration (USFDA) has previously approved the company to commercialize Topiramate extended-release capsules, USP 25 mg, 50 mg, and 100 mg. It is the first business in the country to obtain final approval and introduce Topiramate extended-release capsules. Topiramate extended-release tablets are approved in two ways for individuals with partial onset or primary generalized tonic-clinic seizure.
The extended-release drugs market report table of contents includes:
1. Executive Summary
2. Extended-Release Drugs Market Characteristics
3. Extended-Release Drugs Market Trends And Strategies
4. Extended-Release Drugs Market – Macro Economic Scenario
5. Global Extended-Release Drugs Market Size and Growth
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26. South America Extended-Release Drugs Market
27. Brazil Extended-Release Drugs Market
28. Middle East Extended-Release Drugs Market
29. Africa Extended-Release Drugs Market
30. Extended-Release Drugs Market Competitive Landscape And Company Profiles
Top Major Players:
- Pfizer Inc
- AbbVie Inc
- Novartis AG
- Sanofi SA
- GlaxoSmithKline PLC
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