Nanomedicine Market to Reach the Value of US$ 512.5 Bn by 2028, Rising Prevalence of Chronic Diseases to Boost the Market
Wilmington, Delaware, United States: According to the report, the global nanomedicine market was valued at US$ 198.9 Bn in 2020 and is projected to expand at a CAGR of 12.6% from 2021 to 2028.
Nanomedicine, a branch of nanotechnology, is used in the diagnosis, treatment, monitoring, and control of biological systems. Nanomedicine improves medicine delivery by manipulating materials on a nanoscale. Hence, nanomedicine has aided in the treatment of various diseases. It is still in a nascent stage, with several products in the pipeline.
Advancement of drug delivery technologies is projected to be a major factor driving the global nanomedicine market during the forecast period. Moreover, rise in acceptance of nanomedicine in various applications is anticipated to propel the global nanomedicine market.
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Rise in Burden of Complex and Chronic Diseases Globally to Augment Market
Rise in prevalence of chronic diseases such as cardiovascular diseases, diabetes, and cancer is expected to drive the demand for nanomedicines in the next few years
Nanotechnology's growing potential in in vivo imaging, such as improving contrast and distribution in ultrasound and MRI, has enhanced diagnostics and identified medication distribution and metabolism in the body. This is another key factor likely to contribute to the growth of the global market in terms of revenue in the near future. However, rise in concerns about the toxicity and environmental impact of nanomaterials and stringent regulatory approval procedures are projected to hamper market growth during the forecast period.
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Oncology to be Highly Lucrative Segment
In terms of application, the global nanomedicine market has been classified into cardiovascular, anti-inflammatories, anti-infectives, neurology, oncology, and others (dental, orthopedic, urology, ophthalmic)
The oncology segment accounted for major market share in 2020. Nanotechnology applications in cancer diagnosis and treatment have yielded several promising results, including drug delivery, gene therapy, detection and diagnosis, drug carriage, biomarker mapping, targeted therapy, and molecular imaging.
Nanomedicine can be used in cancer to boost immune response against tumors by acting as an adjuvant for vaccine therapy or as drug carriers to help target tumors more effectively with anti-cancer agents while leaving normal tissues untouched.
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North America to Dominate Global Market
In terms of region, the global nanomedicine market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America is projected to be a highly lucrative market for nanomedicine during the forecast period. Increase in presence of patented nanomedical products across the region is a major factor driving the market.
Availability of advanced and cutting-edge healthcare infrastructure has aided in the development of nanomedical products such as nanorobots, DNA probes, monoclonal antibody-based immunoassays, nanosensors, and nanoparticle-based imaging agents. Moreover, favorable regulatory environment is a key factor propelling the nanomedicine market in North America. A positive legal and regulatory environment facilitates the development and early acceptance of nanotechnology-based medical products.
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Competitive Landscape
The global nanomedicine market is fragmented in terms of number of players. Key players in the global market include GE Healthcare, Merck & Co, Inc., Abbott Laboratories, Pfizer, Inc., Nanosphere, Inc., Mallinckrodt plc, Teva Pharmaceutical Industries Ltd., Sigma-Tau Pharmaceuticals, Inc., Celgene Corporation, Novavax, Inc., Life Technologies, MagArray, Inc., and Gilead Sciences, Inc.
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