New York, USA, June 17, 2022 (GLOBE NEWSWIRE) -- Nanomedicine Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Nanomedicine Market Information By Product Modality Application, Indication and Region - Forecast till 2030” The global market is expected to cross USD 393.04 billion by 2030 at a CAGR of 9.2%.
Market Scope:
One of the nanotechnology applications used to diagnose, treat, monitor, and control biological systems is nanomedicine. The use of nanoscale material manipulation to improve medicine delivery is known as nanomedicine. Nanomedicine holds the promise of improving early detection, prevention, diagnosis, therapy, and follow-up for a variety of diseases, including cancer.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 393.04 billion |
| CAGR | 9.2% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Nutritional Ingredients, Ailment and Form |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increase in R&D activities regarding nanorobots & Growing burden of chronic and infectious diseases worldwide |
| Rise in out-licensing of nanodrugs and developments in healthcare facilities in the emerging economies |
Nanomedicine Market Competitive Dynamics:
The major players of the market are
- Pfizer Inc. (US)
- Johnson & Johnson Services, Inc., (US)
- General Electric Company (US)
- Invitae Corporation (US)
- Leadient BioSciences Inc (Italy)
- Merck & Co., Inc. (US)
- DiaSorin S.p.A. (Italy)
- Nanosphere Health Sciences, Inc. (US)
- Celgene Corporation (US)
- Teva Pharmaceutical Industries Ltd. (Israel)
Nanomedicine Market Dynamics:
Market Drivers:
Nanorobotics is a nanotechnology field that is evolving rapidly. Nanorobots are projected to be utilized in a variety of applications in the near future, such as protecting individuals from disease, distributing drugs to treat diseases, etc. In the future of medicine, nanorobots will have a vast array of applications, including cancer diagnosis and therapy. The introduction of nanobots for multiple applications will help maximize market potential and minimize the need for intrusive procedures. Consequently, an increase in R&D spending by companies in order to create exceptional nanobots for the healthcare industry is anticipated to fuel global market growth throughout the forecast period.
Nanomedicine plays a crucial role in the development of revolutionary pharmaceuticals with a lower risk of side effects and greater efficacy than conventional treatments due to its unique size and shape characteristics. The industry is in its infancy, with numerous products in development. Consequently, the market is anticipated to expand at a steady rate throughout the forecast period. The nanomedicine market value chain study consists of four important components: research and development, design, production of ear health products, distribution and sales, and after-sales services.
Market Limitations:
The most important ethical concerns in nanomedicine include risk assessment, risk management, and risk communication in clinical trials. Consequently, the issues associated with pharmaceutical research and production apply not only to nanomedicines but also to the products derived from them. In contrast, their growing knowledge has encouraged regulatory bodies to reevaluate their current restrictions.
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COVID-19 Analysis:
The pandemic of COVID-19 raised the demand for nanomedicines to treat a variety of diseases. Applications of nanomedicine have opened up new pathways for the development of creative solutions for the prevention, diagnosis, and treatment of the COVID-19 virus and other viral diseases. The control of COVID-19 was achieved through the development of nanomaterials such as disinfectants, personal protective equipment, diagnostic systems, and barrier systems for treatment and vaccine development.
Nanomedicine Market Segmentation:
By Product
During the projected period, the nanoparticles sector is anticipated to dominate the global nanomedicine market. This is due to the benefits offered by various nanoparticles, as well as the increasing usage of metal and metal oxide particles in photodynamic therapy (PDT) for the treatment of cancer and infectious diseases, which will raise product demand.
By Modality
In 2021, the treatment segment generated the biggest revenue share. This is owing to the increased use of medicinal activity and nanomedicine to treat a variety of life-threatening diseases, such as cancer, diabetes, and cardiovascular disease. This is anticipated to boost expansion in the treatment industry throughout the forecast period.
By Application
The drug delivery segment was the largest contributor to the global market in 2021 and is anticipated to maintain its dominance throughout the forecast period, owing to a rise in the frequency of diseases such as cancer and the COVID-19 virus, as well as a rise in the awareness of nanomedicines' applications.
In contrast, the diagnostic imaging category is anticipated to grow at the fastest rate in the coming years. In recent years, nanomedicine, or the development of medicinal technology involving nanoscale modifications, has expanded quickly. Significant improvements have been made in targeted medication delivery, controlled drug release, tissue engineering, and in vitro diagnostics.
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Nanomedicine Market Regional Analysis:
In 2021, North America's market held the highest proportion. This is a result of the increasing demand for nanomedicines and the availability of advanced healthcare facilities staffed by trained medical personnel.
The Asia-Pacific region is anticipated to have the highest CAGR between 2022 and 2030. This is attributable to improvements in healthcare infrastructure, an increase in the number of hospitals with instruments, the growth of the R&D industry, an increase in healthcare reforms, and technological advances in nanomedicines. In addition, the increasing number of venture capital investors from emerging nations is anticipated to boost the expansion of the nanomedicine market in the area over the coming years.
Increased government backing and financing, rising demand for cures with fewer side effects, and the cost-effectiveness of therapies are driving the European nanomedicine sector. In addition, greater nano medication licensing and the expansion of healthcare facilities in Europe are anticipated to provide numerous chances for the growth of the European nanomedicine industry. In addition, the market is expanding as the number of rivals grows and breakthrough technology becomes increasingly prevalent.
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The Middle East and Africa were among the rest of the world's countries. Increased incidences of cancer and cardiovascular illness, as well as advances in nanoscale technology for diagnostic procedures and rising demand for tailored medicines. In addition, the expansion of nanomedicine licensing and healthcare facilities in Middle East and African nations is anticipated to boost the nanomedicine industry's growth. In addition, the utilization of nanotechnology-based contrast networks, diagnostics, and monitoring of pharmaceutical effects on an unprecedentedly short time scale is projected to fuel future expansion.
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