Overview and Scope
Extended-release drugs are a dosage form made to release the medication over a longer time, at a predetermined rate, duration, and location, in a controlled manner. The drug can be taken less frequently than the immediate release form, and patients may take 1 to 2 doses each day instead of 3 to 4.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the extended-release drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the extended-release drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the extended-release drugs market report are Pfizer Inc., AbbVie Inc., Novartis AG, Sanofi SA, GlaxoSmithKline PLC, AstraZeneca Plc, Gilead Sciences Inc., Boehringer Ingelheim International GmbH, Viatris Inc., Teva Pharmaceuticals Inc., Eastman Chemical Company, Catalent Pharma Solutions Inc., Catalent Pharma Solutions Inc, Sun Pharmaceutical Industries Limited, Purdue Pharma LP, Amneal Pharmaceuticals Inc., Endo Pharmaceuticals Inc., Mallinckrodt LLC, Allergan plc, AVEVA Group PLC, Hisamitsu Pharmaceutical Co. Inc., Janssen Pharmaceuticals Inc., Noven Pharmaceuticals Inc., Mayne Pharma Group Ltd., Neos Therapeutics Inc., Ardena Holding NV, UPM Pharmaceuticals Inc., Oakwood Laboratories LLC, Roxane Laboratories Inc., Lavipharm Laboratories Inc., Watson Pharmaceuticals Inc.
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
…
32. Global Extended-Release Drugs Market Competitive Benchmarking
33. Global Extended-Release Drugs Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Extended-Release Drugs Market
35. Extended-Release Drugs Market Future Outlook and Potential Analysis
36. Appendix
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