Nanomedicine Market : Drivers for Development and Possible Impacts of Covid-19 pandemic
SummaryNanomedicine aims at comprehensive monitoring, repair, control, defense, construction and improvement of all human biological systems, working from the molecular level using engineered devices and nanostructures, eventually aiding human health.
Nanomedicine is an application of nanotechnology in the field of diagnosing, treating and preventing disease and traumatic injury, of relieving pain, and improving human health with the application of molecular knowledge and tools. It is a combination of five sub-disciplines Nanomaterials, Novel Therapeutics and Drug Delivery Systems, Nanodevices, Analytical Tools Nanoimaging and Clinical, Regulatory and Toxicological Issues.
Nanomedicine aims at comprehensive monitoring, repair, control, defense, construction and improvement of all human biological systems, working from the molecular level using engineered devices and nanostructures, eventually aiding human health. All the active components ranging from the size of one nanometre to hundreds of nanometers are included as nano-components. The focus of nanomedicine is the nanointeractions within a framework of a larger device or biologically, within a cellular/sub-cellular system.
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A range of effective healthcare products based on nanomolecule are in pipleline and withhold the potential avenues for growth of nanomedicine market. The products that are recorded to be in phase II of clinical development are anticipated to be commercialized over the coming decade thereby influencing revenue generation over the forecast period. Personalized medicines and effective treatment for eradication of genetic abnormalities are also expected to fuel market growth.
In Europe, application of nanosized drug delivery system in routine clinical use has showcased promising results.. Application of nanomedicine in drug delivery systems can be attributed to the physicochemical properties exhibited by nanoparticles which allows delivery of drug by enhancing cellular penetration and lowering drug toxicity is revolutionary and presents drug delivery as an emerging product line thereby fueling market growth.
Oncology and cancer treatment utilizes this technique for creating products for diagnosing and treating cancer. Application of nanomedicine in cancer treatment is anticipated to serve as a tool for active and passive targeting of cancer thereby impacting the nanomedicine market in oncology positively.
Nanomedicine market is segmented on the basis of product, technology, application and region. Based on product, the market is segmented into therapeutics, regenerative medicine, in-vitro diagnostics and in-vivo diagnostics vaccines. The market is bifurcated in Clinical Oncology, Infectious diseases, Clinical Cardiology, Orthopedics and Others on the basis of application. The type segment is further bifurcated into Nanoparticles, Nanoshells, Nanotubes and Nanodevices. The nanoparticle segment is further divided into metal and metal oxide nano particles, Liposomes, Polymers & polymer drug conjugates, Hydrogel nanoparticles, Dendrimers, Inorganic nanoparticles. The nanoparticles segment under type segment, is further bifurcated into metal and metal oxide which is further segregated based on type and application. The type segment comprises sub segments including Gold Nanoparticles, Silver Nanoparticles, Iron Oxide Nanoparticles, Alumina Nanoparticles, Gadolinium Oxide Nanoparticles and Others. The application segment comprises In-vivo Imaging, Targeted Drug Delivery, Proton Therapy, In-vitro assays, Cell & Phantom Imaging. The market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa on the basis of region.
The North America region is expected to dominate the nanomedicine market owing to advancement in healthcare and sophisticated healthcare infrastructure. Additionally, favorable government policies supporting the R&D funding to obtain promising results also contributes to the North America’s strong hold in the regional market. Furthermore, growing partnerships between private enterprises and nanomedicine startup organizations also contribute to North America’s leading position in the market. However, the Asia Pacific region is also anticipated to witness lucrative growth over the forecast period owing to rise in number geriatric population, increased research grants and growing demand for prophylaxis of life-threatening diseases. Furthermore, increasing international research collaborations and venture capital investors from developing economies are also expected to propel growth in nanomedicine market over the forecast period.
Major players operating in the market are Arrowhead Research, Teva Pharmaceutical Industries Ltd, Merck & Co. Inc., Ablynx NV, Celgene Corporation, Abraxis Bioscience Inc., Nanosphere, Inc., Combimatrix Corp, GE Healthcare, Combimatrix Corp, Pfizer Inc.
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