+22% CAGR Growth projected in Nanopharmaceuticals Market to reach US$ 168.9 Billion by 2027, An Attention on their clinical translatability
SummaryThe global nanopharmaceuticals market size was valued at US$ 28,434.3 million in 2017, and is expected to exhibit a CAGR of 22.1% over the forecast period (2018–2026).
Nanopharmaceuticals play a major role in advance healthcare, as it is widely used in drug delivery. Nanopharmaceuticals differ from other macroscopic level of medicines in its shape and composition and offer advantages over the bulk analogues such as precision targeting and patient compliance.
The global nanopharmaceuticals market size was valued at US$ 28,434.3 million in 2017, and is expected to exhibit a CAGR of 22.1% over the forecast period (2018–2026).
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Increasing prevalence of cancer and neurological diseases is expected to propel growth of the global nanopharmaceuticals market
Nanopharmaceuticals are used in various conditions such as cancer, neurological disorders, and other diseases. Moreover, high prevalence of cancer globally, is expected to drive the market growth. According to World Health Organization (WHO), September 2018 factsheet, around 9.6 million deaths occurred due to cancer, and the disease was second leading cause of death, globally.
Increasing incidences of neurodegenerative diseases such as Alzheimer’s disease and Parkinson’s disease is expected to propel growth of the global nanopharmaceuticals market over the forecast period. According to the World Alzheimer Report 2015, around 46 million people were diagnosed with dementia worldwide in 2015, which was estimated to increase to around 131.5 million by 2050.
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However, possible toxicity issues, and lack of regulatory guidelines are expected to hinder the market growth. The P&T Community Journal, Volume 42, December 2017, stated an example of carbon-based nanopharmaceuticals demonstrating toxicity in several in vitro and in vivo studies. The mechanism behind toxicity is assumed oxidative stress and others.
Rising prevalence of chronic diseases in North America is expected to drive the North America nanopharmaceuticals market growth
North America holds dominant position in the global nanopharmaceuticals market, owing to increasing research and development activities in application of nanotechnology in pharmaceuticals and rising prevalence of chronic disorders. According to the Centers for Disease Control and Prevention (CDC) factsheet, around 6 in 10 adults are diagnosed with chronic diseases and 4 in 10 adults have two chronic diseases in the U.S. According to the same source, chronic diseases account for around 75% of healthcare spending in the U.S.
Key manufacturers in the region focuses on developing and innovating new drugs for meeting the needs of patients, which is expected to bolster the market growth over the forecast period. For instance, in October 2012, Celgene Corporation, a U.S.-based company, received approval from the U.S. Food and Drug Administration (FDA) for Abraxane (paclitaxel protein-bound particles for injectable suspension), which is used for first-line treatment of advanced non-small cell lung cancer.
Moreover, key players in the market are focused on receiving the U.S. Food and Drug Administration (FDA) approval for novel products to treat patients. For instance, in May 2017, NovoNodisk received Food and Drug Administration (FDA) approval for glycopegylated Rebinyn, which is used to control bleeding and bleeding management in patients diagnosed with hemophilia B.
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Major players operating in the global nanopharmaceuticals market include Abbott, GlaxoSmithKline plc., Eli Lilly and Company, Astrazeneca plc., Novavax, Inc., Stryker Corporation, OSI Pharmaceuticals, Kadmon Pharmaceuticals, Samyang Biopharm, Mitsubishi Tanabe Pharma Corporation, Kaken Pharmaceutical, Selecta Biosciences, Par Pharmaceutical, Cerulean Pharma Inc., Navidea Biopharmaceuticals, Inc., AbbVie Inc., AMAG Pharmaceuticals, Amgen Inc., Astellas Pharma Inc., Celgene Corporation, Gilead Sciences, Inc., JOHNSON & JOHNSON, Merck & Co., Inc., Novartis AG, Pfizer, Inc., Hoffmann-La Roche AG, Sanofi S.A, Shire Plc., and Teva Pharmaceuticals Industries Limited.
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