Author: Himanshu Patni
21 November 2022
Nanomedicine is the application of nanotechnology to achieve innovation in healthcare. It uses the properties developed by a material at its nanometric scale of 10-9 m which often differ in terms of physics, chemistry, or biology from the same material at a bigger scale. The rising demand for advanced medical technology and the surging prevalence of chronic diseases are responsible for the market growth of nanomedicines. For instance, as per the WHO, Cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. Furthermore, the growth of the diagnostic industry also rises the need for nanomaterials in diagnostics. Thus, the market of nanomedicines to witness lucrative growth in the future.
The Nanomedicine Market is expected to grow at a steady rate of around 10% owing to the rising cases of chronic and rare diseases. Major companies in the market offer Arrowhead Pharmaceuticals Inc., Brigham and Women’s Hospital, Nanospectra Biosciences Inc., ABLYNX, AMAG Pharmaceuticals, Bio-Gate AG, Celgene Corporation, Johnson & Johnson Services Inc., Pfizer Inc., and Abbott.
Based on the product, the market has been categorized into therapeutics, regenerative medicine, in-vitro diagnostics, in-vivo diagnostics, and vaccines. Among them, the therapeutic segment is expected to witness lucrative growth during the forecast period. The surging demand for effective medicines and the rising prevalence of chronic diseases is the major factor that is the rising demand for the therapeutic use of nanomedicines. Forinstance, as per the public health foundation of India, Stroke caused 699,000 deaths in India in 2019, which was 7.4% of the total deaths in the country.
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Based on the application, the market has been categorized into clinical oncology, infectious diseases, clinical cardiology, orthopedics, and others. Among them, the clinical oncology segment is expected to have significant growth in the market. The rising prevalence of cancer and the higher focus on the development of effective and specific medicine for cancer is the important factor that is catalyzing the market of the clinical oncology segment. For instance, as per the article published in NCBI in August 2022, Nanomedicines are applied as alternative treatments for anticancer agents. For the treatment of cancer, due to the small size in nanometers (nm), specific site targeting can be achieved with the use of nanomedicines, increasing their bioavailability and conferring fewer toxic side effects.
For a better understanding of the market adoption of the nanomedicine industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America constitutes a significant nanomedicine market due to the increasing R&D activities for developing a better and more efficient method of treatment. For instance, the U.S. investments in R&D increased by 13% in 2020 in comparison with 2018 which accounted for US$ 5,86,959 in 2018 and reached US$ 6,64,058 in 2020
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Some of the major players operating in the market include Arrowhead Pharmaceuticals Inc., Brigham and Women’s Hospital, Nanospectra Biosciences Inc., ABLYNX, AMAG Pharmaceuticals, Bio-Gate AG, Celgene Corporation, Johnson & Johnson Services Inc., Pfizer Inc., and Abbott Laboratories.
Global Nanomedicine Market Segmentation
Market Insight, by Product
• Therapeutics
• Regenerative medicine• In-vitro diagnostics• In-vivo diagnostics• Vaccines
Market Insight, by Application
• Clinical Oncology
• Infectious diseases• Clinical Cardiology• Orthopedics• Others
Market Insight, by Region
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