Nanomedicine Market Size to Surpass US$ 866.26 Billion by 2029

According to Report, the global nanomedicine market size is expected to surpass around US$ 866.26 billion by 2029 from valued at US$ 377.37billion in 2021 and expanding growth at a CAGR of 11% from 2022 to 2030.

Demand for nanomedicine remains strong in 2021. Some sales insight revealing the strong growth of nanomedicine during the past few years are listed below:

• The global nanomedicine market size is expected to reach US$964.15 billion by 2030
• There were around 50 million individuals with dementia in 2020 and this number is expected to reach 82 million by 2030
• There were around 19.3 million new cases of cancer recorded in 2020, globally
• Coronary heart disease caused 360,900 deaths in US in 2021
• Around 805,000 people dies in 2021 due to stroke in US
• Cardiovascular diseases cause around 32% of deaths across the globe and it is the leading cause of death

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Leading Regions Market Review

Global Bearing Market Captured by North America

The rising investments in the research and development of the nanotechnology-based nanomedicines in North America is significantly boosting the growth of the nanomedicine market. The increased prevalence of various chronic diseases such as cardiovascular diseases, cancer, respiratory disorders, diabetes, and musculoskeletal diseases in US is a major factor that significantly drives the demand for the nanomedicine among the consumers. The growth of the market is primarily driven by the rising demand for the innovative and effective medicines to cure various non-communicable and genetic diseases.

The rising adoption of the nanotechnology in the development of early diagnosis therapies and drugs that can effectively treat the diseases by eliminating the natural limitations is expected to drive the growth of the nanomedicine market in North America. Furthermore, the favorable government support to the pharmaceutical companies for the development of various innovative drugs is a major factor that has fueled the market growth. The US holds the property rights of most of the newly developed drugs. Moreover, the presence of giant biopharmaceutical companies in the region has significant contributions towards the growth and development of the nanomedicine market in North America.

What are the key trends in the Global Nanomedicine Market?

Few of the market players are investing and developing various novel technologies and products to compete with the existing products in the market. Few of them are engaging into strategies like acquisitions and collaborations to gain competitive edge in the market. For instance, in 2020, SPI Medical and Nano-X Imaging agreed to introduce and distribute Nano-X’s X-Ray systems in Mexico. Moreover, significantly rising prevalence of various chronic diseases such as cancer, diabetes, and cardiovascular diseases are expected to drive the market growth in the forthcoming years. The rising technological advancements in the field of life sciences and biopharmaceuticals is expected to fuel the use of the nanomedicines during the forecast period.

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What are the key challenges in the Global Nanomedicine Market?

The major challenge faced by the market players in the nanomedicine market is the high capital investments. The advanced technologies related to the nanomedicine are very expensive. Further, the research, development, and clinical trials of the nanomedicines involves a huge cost and the majority of the times the clinical trials fail, which results in huge costs. Further, the acquisition and retaining of the candidate is a costly and difficult task. Therefore, the various processes in the development of nanomedicine and its clinical trials involves as lot of cost, regulatory compliances, and complications that presents a huge challenge for the manufacturers.

Asia Pacific Forecast the Strongest Growth Rate During the Forecast Year (2022-2030)

Asia Pacific is expected to offer lucrative growth opportunities to the market players in the forthcoming years. The rising investments by the market players in the region, presence of several top contract research organizations and contract manufacturing organizations, and the favorable government support are some of the major factors that are expected to boost the growth of the Asia Pacific nanomedicine market.

The rising prevalence of various chronic and genetic diseases, rising awareness regarding the nanomedicine, and growing focus of the pharmaceutical companies towards the adoption of nanotechnology in manufacturing drugs are the prominent growth drivers of the nanomedicine market in Asia Pacific. The increased adoption of the nanomedicine in the development of drugs and vaccines for the COVID-19 disease in 2020 by some of the prominent players has fueled the demand for the nanomedicine and this trend is expected to continue over the forecast period.

Top Nanomedicine Manufacturers

Sanofi SA, Abbott, Pfizer Inc., CombiMatrix Corporation, GE Healthcare, Celgene Corporation, Johnson & Johnson Services Inc., Luminex Corporation, Merck & Company Inc., and Nanosphere Inc. are the major players operating in the global nanomedicine market.

Market Segmentations:

By Modality

• Treatments
• Diagnostics

By Application

• Drug Delivery
• Diagnostic Imaging
• Vaccines
• Regenerative Medicine
• Implants
• Others

By Indication

• Oncological Diseases
• Infectious Diseases
• Cardiovascular Diseases
• Orthopedic Diseases
• Neurological Diseases
• Urological Diseases
• Ophthalmological Diseases
• Immunological Diseases
• Others

By Nanomolecule Type

• Nanoparticles
  • Metal & Metal Oxide Nanoparticles
  • Liposomes
  • Polymers & polymer drug conjugates
  • Hydrogel nanoparticles
  • Dendrimers
  • Inorganic nanoparticles
• Nanoshells
• Nanotubes
• Nanodevices

Regional Segmentations:

• North America (U.S. and Canada)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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