Nanomedicine Market To Rise At A Steady Growth Rate In The Coming Years
Nanomedicine is nanotechnology used for diagnosing, treating, preventing diseases and traumatic injury, and to control of human biological systems using engineered nanodevices and nanostructures at the molecular level. The technology repairs damaged cells or get into cells and replaces damaged intracellular structures at individual stage. Nanomedicine uses nano-tools which are 1000 times smaller than a cell for treatment of single cell. It is also used in polymer therapeutics, regenerative medicine and targeted drug delivery. Technological advancements are currently being made to areas such as diagnosis, drug delivery and imaging agents.
High prevalence of central nervous system diseases such as Parkinson’s disease, senile dementia, Alzheimer disease, ocular diseases, etc. is a key factor driving growth of the global nanomedicine market. Growing awareness related to nanomedicine applications, increasing government focus in terms of high funding for life science research and technological advancements in manufacturing process of nanomedicine are some of the significant factors expected to propel growth of the global nanomedicine market over the forecast period.
However, high cost associated with nanomedicine based devices is a major factor restraining growth of the global nanotechnology market. Moreover, stringent government regulations and risk of environment contamination due to release of toxic nanomaterials occurs during production and disposal of these medicines. Nanomedicine also cause health issues such as genotoxicity, immunotoxicity and inflammation, which is likely to hamper growth of the global nanomedicine market.
Increasing use of nanomedicine as probe or contrast agent in medical imaging techniques to extend the application of imaging and to improve the quality of images is also expected to generate potential opportunity for key players in the global nanomedicine market over the forecast period.
The global nanomedicine market is segmented on the basis of product, application and region. On the basis of region, the global nanomedicine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market is a dominant market in the global nanomedicine market and accounts for largest market share in terms of revenue. This is attributed to presence of technologically advanced healthcare infrastructure in the region. The market in Asia Pacific is expected to register fastest growth rate over the forecast period, owing to rising awareness about nanomedicine and high prevalence of chronic diseases in countries in the region.
Prominent players in the global nanomedicine market include Abbott Laboratories, Ablynx NV, Abraxis BioScience, Inc., Celgene Corporation, Teva Pharmaceutical Industries Limited, GE Healthcare Limited, Merck & Co., Inc., Pfizer Inc., Nanosphere, Inc. and Johnson & Johnson Services, Inc.