The emergence of nanomedicine in the pharmaceutical and medical device industry will bring up more opportunities in terms of new technologies, advanced products, improved pharmaceutical properties of the drug enabling better therapy and nanomaterial based devices. Few important factors driving the market include increasing research funding, rising government support, improved regulatory framework, technological know-how and rising prevalence of chronic diseases such as diabetes, cancers, obesity, kidney disorders, orthopedic diseases and others.
Oncology held majority of the market share in 2012 on account of following factors:
- Presence of high number of commercialized nanomedicine products in the market
- Improved bioavailability and efficacy of the tumor specific nanomedicine enabling targeted drug delivery
- Rise in nanomedicine drug formulations replacing conventional drug formulations in cancer treatment
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According to the data given in the report, the global nanomedicine market is primarily driven by an increase in the rate of investments made into it. These investments are coming in the form of government support and collaborations within the healthcare industry. Most of the investments are made to improve the research and development efforts in the global nanomedicine market.The high rate of investments is being made to complement the rising prevalence of chronic diseases, which is increasing the number of patients with unresolved medical requirements.
Major restraints on the global nanomedicine market, as stated in the report, are the high costs associated with the development of effective nanomedicine, along with the overall insufficiency of framework in terms of regulatory guidance.The future of the global nanomedicine market could rely on a growing trend of identifying new applications in nanomedicine, along with its increasing scope of use in emerging economies.
The report provides a segmented analysis of the global nanomedicine market in terms of applications and geography.In terms of applications, the global nanomedicine market was led by the oncology segment in 2012, when it held nearly 38.0% of the market. Oncology holds a high percentage of nanomedicine use in the commercialized sense, allowing it to hold the largest share in the global nanomedicine market. The report, however, states that the oncology segment will lose market share to the cardiovascular segment, which is growing at the fastest rate due to an increasing population of geriatric citizens around the world.
The regional analysis of the global nanomedicine market provided in the report reveals Asia Pacific to exhibit the fastest CAGR of 14.6% between 2013 and 2019. This region owes its rapid growth rate to the increase in awareness of the benefits of nanomedicine usage in the treatment of chronic diseases. This is more relevant to China and India, where the growing rate of diagnosis of chronic illnesses, coupled with the increase in healthcare expenditure and collaborative efforts, is promoting the use of nanomedicine.
Till 2012, the global nanomedicine market was led by North America owing to the highly advanced infrastructure and services present in the healthcare industry. The report suggests that North America will maintain its dominance over the global nanomedicine market for the given forecast period.
The global nanomedicine market will exhibit a CAGR of 12.3% within a forecast period of 2013 to 2019. The market was valued at US$78.54 bn in 2012 and is expected to reach US$177.60 bn before the end of 2019, according to a research report released by market intelligence firm, Transparency Market Research. The report, titled “Nanomedicine Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” holds vital data on this market for to help the market stakeholders in strategic planning in the near future.
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The key players in the global nanomedicine market are Teva Pharmaceutical Industries Ltd., Sigma-Tau Pharmaceuticals Inc., UCB SA, Nanosphere Inc., Pfizer Inc., GE Healthcare, Merck & Co. Inc., Johnson & Johnson, Mallinckrodt plc, Celgene Corporation, Abbott Laboratories, and CombiMatrix Corp.