Nanomedicines Market at Splendid Growth of 454.8 Billion USD By Technology, Future Opportunities and Challenges
Use of nanotechnology in the medical sector is called nanomedicine. The emerging technology is used in biological devices, nanomaterials, nanoelectronic biosensors, molecular nanotechnology including biological machines. Nanomaterials can be amalgamated with biological structures or molecules to add various functionalities in them. The very small size of nanomaterials is similar to that of the majority of biological structures and molecules, which promotes their use in vitro and in vivo biomedical applications and research. Integration of biology and nanomaterials has facilitated progress in the fields of diagnostic devices, analytical tools, contrast agents, drug delivery vehicles, and physical therapy applications. Although the technology offers several benefits, it has some challenges such as toxicity of nanomaterials (i.e., on the scale of 0.1 to 100 nm) and their impact on the environment.
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Nanotechnology-based methods offer more reliable and accurate results and require less time in diagnosis of various diseases. This approach also reduces the demand for disposables and reagents. Nanoscale particles have larger surface to volume ratio compared to micro and macro sized particles which increases demand for nanoscale particles in drug delivery. Nanoscale products enter into the body cavities for the treatment or diagnosis of various diseases. The approach is highly invasive and has improved bioavailability, which further improves the efficacy of diagnosis and treatment and decreases side effects in the cases of targeted therapy.
Increasing technological advancements, favorable regulatory framework, and surge in R&D funding are some of the factors propelling growth of the market. Moreover, increasing government initiatives and high prevalence of chronic diseases such as diabetes, obesity, cancer, orthopedic diseases, and kidney disorder, growing geriatric population, and increasing preference for targeted nanomedicines is also expected to contribute to growth of the market.
Entry of new manufacturers in the market is expected to bridge the supply and demand gap of nanomedicines. Presently, the aforementioned drivers balance the risk related with nanomedicines such as high cost and toxicity. Nanomedicine finds major application in the treatment of various cancer. Some of the pharmaceuticals formulations that use nanotechnology include, Depocyt, Doxil, Oncospar, Neulasta, and Abraxane. Increasing prevalence of cancer is expected to boost demand for nanomedicines over the forecast period. For instance, according to National Cancer Institute, around 1,685,210 new cases of cancer were diagnosed in the U.S. alone in 2016 and the number is likely to rise in the future.
North America accounted for the largest market share in the global nanomedicines market. The market in Asia Pacific is expected to witness significant growth due to increasing geriatric population, growing healthcare awareness among the populace, and increasing disposable income in the region.
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Nanomedicines Market Taxonomy
On the basis of Nanomolecule type, global market is classified into:
- Metal & Metal Oxide Nanoparticles
- Polymers & polymer drug conjugates
- Hydrogel nanoparticles
On the basis of application, global market is classified into:
On the basis of disease type, global market is classified into:
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However, R&D and manufacturing of nanomedicines is associated with high costs, which is expected to restrict growth of the market over the forecast period. Increasing manufacturing cost leads to high purchasing cost of the drugs for the consumers, especially in the developing countries.
Increasing prevalence of chronic diseases and high unmet medical needs are expected to boost growth of the global nanomedicines market
Development of novel products and therapies such as portable imaging devices, advanced medical sensors, and non-invasive surgical tools has led to a gap between patient demand and treatment supply. Increasing development in nanomedicines is expected to fill the gap. Nanomedicines can prove effective in carrying the drugs to the target site and in the right proportion, which is expected to drive the nanomedicines market growth over the forecast period.
Major players operating in the global nanomedicines market include, CombiMatrix Corporation, Abbott Laboratories, GE Healthcare, Johnson & Johnson, Sigma-Tau Pharmaceuticals, Inc., Mallinckrodt plc., Nanosphere, Inc., Merck & Company, Inc., Celgene Corporation, Pfizer, Inc., UCB (Union chimique belge) S.A, and Teva Pharmaceutical Industries Ltd.About Us:
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