Revolutionizing Patient Care: The Impact of Extended Release Drugs Market
According to a new report published by K D Market Insights, titled, “Extended Release Drugs Market Insights, Trends, Opportunity & Forecast, 2023–2032,”. The global extended release drugs market size is the increasing acceptance of diverse dosage forms. Extended release drugs offer controlled drug delivery systems that release the active ingredient in a controlled environment, ensuring the time, rate, and area of drug release in the body. These systems are considered safe and effective, which are the major factors augmenting the growth of the global extended release drugs market. The global extended release drugs market is anticipated to grow at a high CAGR of 10.5% from 2023 to 2032. The market's revenue surged to $48 billion in 2022, and it is expected to further accelerate, reaching a notable $130.2 billion by 2032.
The increasing prevalence of chronic diseases such as diabetes, cancer, and heart disease are further expected to create ample growth opportunities for the global extended release drugs market during the forecast period i.e., 2023-2032. Moreover, technological advancements have played a crucial role in enhancing the safety and efficacy of extended release drugs. Compared to conventional oral drugs has propelled market expansion. Growing demand for pediatric and geriatric extended release formulations, is expected to contribute towards the market growth during the period.
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The North America region accounted for the largest share in the global extended release drugs market in 2022. The region is further projected to continue dominating in the market during the forecast period. This can be attributed to the leading pharmaceutical and biopharmaceutical companies and increasing investments in research and development.
According to distribution channel, the hospital pharmacies segment accounted for the largest market share in the extended release drugs market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
The global extended release drugs market is segmented into product type, distribution channel and region. Based on product type, the market is bifurcated into sustained release drug, controlled release drug. Based on distribution channel, it is classified into hospital pharmacy, retail pharmacy, mail order pharmacies, drug stores.
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The global extended release drugs market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Extended Release Drugs Market
On the basis of distribution channel, the hospital pharmacies segment accounted for the largest market share in the extended release drugs market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
On the basis of region, North America accounted for the largest share in the global extended release drugs market in 2022. The region is further projected to continue dominating in the market during the forecast period.
On the basis of region, Asia-Pacific is estimated to account for the second largest share in the market during the forecast period.
Some of the major extended release drugs companies profiled in the report include Pfizer, Mallinckrodt, Actavis, Janssen Pharmaceuticals, Endo Pharmaceuticals, Purdue Pharma, Lavipharm Labs, Mylan Technologies, Noven, Aveva, Watson, Impax, Ranbaxy.