Wilmington, Delaware, United States, May 11, 2023 (GLOBE NEWSWIRE) -- The global nanomedicine industry was valued at USD 198.9 Bn in 2020 and to reach USD 512.5 Bn by 2028 with a CAGR of 12.6% from 2021 to 2028.
Ongoing clinical studies on development of safer and efficient theranostic nanoformulations would offer new business opportunities for pharmaceutical companies in the global nanomedicine market.
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Steady development of a wide spectrum of nanoparticles, such as tumor-targeted nano-formulations and multi-functional polymeric nanoparticles for targeted drug delivery applications presents lucrative opportunities for companies in the nanomedicine market. Significant research & development of next-generation nanoparticle-based drug delivery systems for treatment of diseases concerned with the central nervous system, chronic myelogenous leukemia, and chronic hepatitis C has broadened the market outlook.
Continuous advancement in nanotechnology has led to significant applications of nanomedicine in diagnostic imaging of diseases. Nanorobotics, for instance, is gaining traction in novel drug delivery systems for patients suffering from cancer, joint disorders, dental problems, and diabetes. This is augmenting the market size. However, high cost of nanoparticles manufacturing has hampered the market outlook in recent years.
Key Findings of Study
- Significant Adoption of Nanomedicine in Oncology Applications: Based on application, the oncology segment is projected to witness significant revenue growth in the market. The application segment is lucrative due to growing demand for novel anticancer medications worldwide. A host of nanomedicine formulations have gained approval for the treatment of cancer, which has accelerated market progress. Instances are recent approvals of lipid-based and protein-based nanoparticles by the U.S. FDA and the European Medicines Agency (EMA) for cancer treatment.
- Recent development of nanocarriers for targeted delivery of therapeutic agents at major sites of metastasis is a favorable trend. Surge in R&D in novel cancer nanotherapeutic agents is likely to offer significant revenue opportunities for companies in the nanomedicine market. Recent market trends indicate ongoing studies to exploit polymeric micelles and numerous inorganic nanomaterials, which is broadening the prospects of next-generation cancer therapy.
- Consistent R&D in Nanotechnology-based Products for Advanced Disease Diagnostics and Therapeutics: Companies are focusing on utilizing nanomaterials as contrast agents in diagnostic imaging applications. A number of nano-imaging agents are in the pre-clinical and clinical development stage currently. For instance, increased focus on using theranostic nanoparticles in diagnostic imaging of a range of diseases has led to development of promising nanomedicines for cancer and has accelerated market development. Widely accepted usage of theranostic nanoformulations in breast cancer therapy represents one such example.
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Key Drivers
- Surge in prevalence of chronic diseases/non-communicable diseases especially among the geriatric population of many countries is fueling R&D in the nanomedicine market.
- A number of nanoparticles have generated attention among researchers in site-specific drug delivery. Thus, rapidly increasing utilization of nanocarriers in targeted drug delivery in diabetes, atherosclerosis, cancer, myocardial ischemia, pulmonary tuberculosis, Parkinson’s disease, Alzheimer’s disease, and many other chronic conditions is propelling the nanomedicine market. Some of the examples are usage of mesoporous silica nanoparticles and superparamagnetic iron oxide nanoparticles (SPIONs) in effective and targeted drug delivery vehicles.
Regional Growth Dynamics
North America is projected to retain the dominant market share from 2021 to 2028. Rapid pace of adoption of nanomedicine for the diagnosis and treatment of chronic diseases has propelled the market size over the past few years.
Growth in awareness about benefits of nanorobots, nanosensors, and nanotechnology-based imaging agents in targeted therapy in many diseases is further anticipated to fuel the market. Presence of a strong regulatory framework, such as standards by the FDA, is encouraging the development of effective and safer nanoparticles for drug delivery systems. Several biopharmaceutical companies are tapping into the revenue potential by offering nanoparticle formulations in the U.S.
Asia Pacific and Europe are expected to witness significant adoption of nanomedicine in the treatment of chronic diseases including certain cancers. Consistent R&D in nanomaterial-based drug delivery in the regions is anticipated to bolster market growth in the near future. For instance, a number of clinical and preclinical studies have been conducted in recent years in Asia, focusing on peptides, nucleic acids, and genes as novel therapeutic agents based on nanomedicine for chronic disease treatment.
Competition Landscape
Companies are making significant investment in R&D activities related to novel nanoparticles. They are focusing on molecular nanotechnology (MNT), nanorobots, and nanovaccinology.
Prominent companies profiled in the nanomedicine market include:
- GE Healthcare
- Merck & Co, Inc.
- Abbott Laboratories
- Nanosphere Inc.
- Teva Pharmaceuticals Industries Ltd.
- Pfizer, Inc.
- Celgene Corporation
- Novavax, Inc.
- Life Technologies
- Gilead Sciences
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Nanomedicine Market Segmentation
Application
- Cardiovascular
- Anti-inflammatory
- Anti-infectives
- Neurology
- Oncology
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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