Nanomedicine Market to reach US$ 512.47 billion by 2028, Says TMR
- Efficacy of nanomedicine for targeted drug delivery at the right rate of delivery in the right proportion to boost nanomedicine market
- Extensive use of nanomedicine in the treatment of chronic diseases to enable rapid metabolism of medications in the body to stimulate adoption
ALBANY, N.Y., March 4, 2022 /PRNewswire/ -- The nanomedicine market is estimated to expand at a CAGR of 12.6% for the forecast period from 2021 to 2028. Consistent R&D in nanomedicine with the need to identify and exploit the full potential of current technologies for nanomedicine such as nanoparticles, nanocarriers, and nanosensors is anticipated to create monumental opportunities in nanomedicine market.
Nanomedicine is used extensively in the treatment of chronic diseases such as diabetes, cardiovascular diseases, and dementia wherein it enables the rapid metabolism of medication in the body. Nanomedicine technologies such as nanoparticle based diagnostic agents, targeted drug delivery, and conjugated drug nanoparticles currently find an array of medical applications.
Prospects of development of new technologies such as molecular nanotechnology, nanorobots, and nanovaccinology to open up new application areas of nanomedicine will stimulate the growth of nanomedicine market. For instance, lab-on-chip technology is looked upon to benefit healthcare diagnostics due to increased accuracy with reduced sample size.
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Nanomedicine Market – Key Findings of Report
- Efficacy of nanomedicine to deliver drugs at the target site at the right rate of delivery in the right proportion for complicated disease conditions such as cancer spurs adoption
- Advances in nanomedicine attempts to fill the wide gap between patient needs and available line of treatment beyond breakthrough medical therapies such as portable imaging and advanced medical sensors
- Prospects of expanding potential of nantechnology in in vivo imaging, such as improving contrast and distribution in ultrasound and MRI that points at improved diagnostics and identified medication distribution & metabolism in the body to contribute to growth of nanomedicine market
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- Array of nanomedicine technologies such as targeted drug delivery, conjugated drug particles, and nanoparticle based diagnostic agents witness medical applications
- Challenges of low concentration of nanomedicine technology and small number of nanomaterial suppliers account for hospitals to mostly make long-term contracts with suppliers with pre-negotiated terms and conditions for uninterrupted supply of raw materials
- Demand for array of nanomedical products such as nanorobots, monoclonal antibody-based immunoassays, DNA probes, nanosensors, and nanoparticle-based imaging agents stirs with increasing healthcare spending and improving healthcare facilities in developing countries
- Oncology segment held the leading share in nanomedicine market in 2020. Applications of nanotechnology in cancer diagnosis and treatment have yielded promising results for drug delivery, drug carriage, gene therapy, targeted therapy, molecular imaging, and biomarker mapping.
- Adoption of nanomedicine to treat cancer is also related to improved responsiveness against tumors by acting as carriers of drug, and as an adjuvant for vaccine therapy to help target tumors more effectively
- North America is a key region in the nanomedicine market. Presence of avant-garde healthcare infrastructure facilitates the advancements of nanomedical products such as DNA probes, nanorobots, nanosensors, monoclonal antibody-based immunoassays, and nanoparticle-based imaging agents in healthcare facilities of the region.
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Nanomedicine Market – Growth Drivers
- Several medical applications of nanomedicine in the diagnosis, treatment, monitoring, and control of biological systems for improved medicine drug delivery, which involves manipulating materials on nanoscale fuel the growth of nanomedicine market
- Advancement in drug delivery technologies along with rise in acceptance of nanomedicine for various medical applications stimulates nanomedicine market
Nanomedicine Market – Key Players
Some of the key players operating in the nanomedicine market are;
- GE Healthcare
- Abbott Laboratories
- Nanosphere Inc.
- Teva Pharmaceutical Industries Ltd.
- Celgene Corporation
- Life Technologies
- Gilead Sciences Inc.
- Merck & Co. Inc.
- Pfizer Inc.
- Mallinckrodt plc
- Sigma-Tau Pharmaceuticals Inc.
- Novavax Inc.
- MagArray Inc.
The nanomedicine market is segmented as follows;
Global Nanomedicine Market, by Application
- Neurology
- Cardiovascular
- Anti-inflammatory
- Anti-infectives
- Oncology
- Others
Global Nanomedicine Market, by Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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