Advancements in nanomedicine and interdisciplinary approaches combining biotechnology, nanotechnology, information & communications technologies, and cognitive sciences have revolutionized the pharmaceuticals sector. This has led to the sizeable growth of the market, as key market players are constantly indulging in the R&D activities of drugs, which in turn has fueled the market growth.
A new report published by Allied Market Research, stat that the global nanomedicine market was valued at $111,912 million in 2016, and is projected to reach $261,063 million by 2023, growing at a CAGR of 12.6% from 2017 to 2023. The drug delivery segment accounted for nearly two-fifths share of the global market in 2016.
Nanomedicine is an application of nanotechnology that deals in the prevention & treatment of diseases in humans. This technology uses submicrometer-sized particles for diagnosis, treatment, and prevention of diseases. Nanomedicines are advantageous over generic drugs in several aspects such as, to reduce renal excretion, improve the ability of drugs to accumulate at pathological sites, and enhance the therapeutic index of drugs. Thus, nanomedicine is used in a wide range of applications that include aerospace materials, cosmetics, and medicine.
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The global market is driven by increase in the development of nanotechnology-based drugs, advantages of nanomedicine in various healthcare applications, and growth in need of therapies with fewer side effects. However, long approval process and risks associated with nanomedicine (environmental impacts) restrain the market growth. In addition, growth of healthcare facilities in emerging economies is anticipated to provide numerous opportunities for the market growth.
The vaccines segment is expected to register a significant CAGR of 13.2% throughout the forecast period. The treatment segment accounted for about fourth-sevenths share in the global market in 2016, accounting for the highest share during the forecast period. This is due to the high demand for therapeutics among patient and rise in the incidence of chronic diseases.
The neurological diseases segment is expected to grow at the highest CAGR of 13.9% during the forecast period, owing to high demand for brain monitoring & treatment devices and drugs. The oncological diseases segment accounted for the highest revenue in 2016, with one-third share of the global market, and is expected to maintain its dominance throughout the forecast period.
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Key Findings of the Nano-medicine Market:
- The regenerative medicine segment is anticipated to grow at the highest CAGR of 13.8% during the forecast period.
- The U.S. was the major shareholder in the North America nanomedicine market in 2016.
- The oncological diseases segment accounted for one-third share in the global market in 2016, and is expected to maintain this trend throughout the forecast period.
- China occupied one-third share of the Asia-Pacific nanomedicine market in 2016, registering a CAGR of 14.3% from 2017 to 2023.
- The treatment segment dominated the market with about fourth-sevenths of the overall share of the market in 2016.
In 2016, Asia-Pacific and LAMEA collectively accounted for about one-fourth share of the global market, and is expected to continue this trend due to increased adoption of nanomedicines, especially in China, India, and the other developing economies. In addition, rise in investments by key players in the field of nanomedicines is key driving factor of the Asia-Pacific market.
The key players operating in the global nanomedicine market are Abbott Laboratories, CombiMatrix Corporation, General Electric Company, Sigma-Tau Pharmaceuticals, Inc., Johnson & Johnson, Mallinckrodt plc, Merck & Company, Inc., Nanosphere, Inc., Pfizer, Inc., and Teva Pharmaceutical Industries Ltd. The other prominent players in the value chain include Celgene Corporation, UCB (Union Chimique Belge) S.A., AMAG Pharmaceuticals, Nanospectra Biosciences, Inc., Arrowhead Pharmaceuticals, Inc., Leadiant Biosciences, Inc., Epeius Biotechnologies Corporation, Gilead, and Cytimmune Sciences, Inc.