According to MRFR analysis, the global nanomedicine market size is expected to register a CAGR of ~9.2% from 2023 to 2030 and hold a value of USD 393,040 million by 2030.
Nanomedicine is one of the nanotechnology applications used to diagnose, treat, monitor, and control biological systems. Nanomedicine is the use of nanoscale material manipulation to improve medicine delivery. Nanomedicine has the potential to enhance early detection, prevention, diagnosis, therapy, and follow-up for a wide range of illnesses, including cancer. Hundreds of nanomedicine products are now being tested in clinical trials, covering all major cardiovascular, neurological, inflammatory, and musculoskeletal illnesses. With over 80 commercialized products spanning from nano-delivery and medications to medical imaging, biomaterials, and diagnostics, nanomedicine market is an enabling technology in all healthcare disciplines. For instance, according to Alzheimer's Disease International, there will be around 50 million persons with dementia worldwide by 2020. This figure is predicted to double every 20 years, reaching 82 million in 2030 and 152 million in 2050.
Several prominent players are involved in strategic agreements, product launches, and joint ventures to sustain their market positions. For instance, in January 2022, Pfizer Inc. (US) and Acuitas Medicines (Canada) collaborated to develop a lipid nanoparticle delivery method for mRNA vaccines and therapeutics. Pfizer will have the opportunity to license Acuitas' LNP technology on a non-exclusive basis for up to ten vaccine or therapeutic targets.
Across all regions, North America dominates the global Nanomedicine Market and is likely to maintain its dominance throughout the forecast period. This is due to an increase in the number of lethal diseases, an increase in the demand for nanomedicines, the availability of advanced healthcare facilities with trained medical professionals, an increase in the number of RD activities with a large presence of key players, and an increase in government investments in the healthcare system.
On the other hand, the European nanomedicine market is driven by increased government support and funding, increased demand for therapies with fewer side effects, and the cost-effectiveness of therapies. Furthermore, in recent years, significant gains in clinical research and radiation technology advancements in Europe have allowed for more accurate therapy and less injury to non-cancerous cells.
Asia-Pacific is anticipated to be the fastest-growing region over the assessment period. This is due to the improvements in healthcare infrastructure, a growth in the number of hospitals equipped with contemporary instruments, the expansion of the RD industry, an increase in healthcare reforms, and technological achievements in nanomedicines. Furthermore, the growing number of venture capital investors from developing countries is expected to drive the growth of the region's nanomedicine market in the coming years.
The growth of the market in the rest of the world (the Middle East Africa and Latin America) is attributed to the increased prevalence of cancer and cardiovascular disease, as well as advancements in nanoscale technology for diagnostic procedures and the growing desire for personalized therapeutics in developing countries throughout this area would create new potential opportunities for the regional market during the projection period. Additionally, the expansion of nanomedicine licensing and healthcare facilities in Middle East and Africa countries is expected to promote the growth of the nanomedicine industry. Furthermore, the use of nanotechnology-based contrast networks, diagnostics, and monitoring of medicinal effects on an unprecedentedly short time scale is likely to drive future growth.
The global nanomedicine market outlook has been segmented based on product type, modality, application, and indication.
Based on product type, the market has been segregated nanoparticles (metal metal oxide nanoparticles, liposomes, polymers polymer-drug conjugates, hydrogel nanoparticles, dendrimers), nano-shells, nanotubes, nanodevice, where the nanoparticles segment held the largest share of the market in 2021, due to the advantages provided by different nanoparticles, as well as the rising use of metal and metal oxide particles in photodynamic therapy (PDT) for cancer and infectious disease treatment.
Based on modality, the global nanomedicine market has been classified into diagnostics and treatments. The treatment segment dominated the market and accounted for the largest market share in 2021. This is due to the increasing medicinal activity and nanomedicine being used to treat a wide range of life-threatening illnesses, including cancer, diabetes, cardiovascular disease, and others. This is expected to drive treatment sector growth throughout the projection period.
Based on application, the global nanomedicine market has been classified into drug delivery, diagnostic imaging, vaccines, regenerative medicine, implants, biomaterials, and others. The drug delivery industry segment dominated the market in 2021. This is due to the increase in prevalence of diseases such as cancer and COVID-19 virus and increased awareness of nanomedicines applications.
The nanomedicine market is segmented into cardiovascular diseases, infectious diseases, orthopedic diseases, neurological diseases, oncological diseases, anti-inflammatory diseases, and others. The oncological disease segment is projected to show rapid growth over the forecast period 2022–2030. This is owing to the rising prevalence of cancer worldwide. Nanomedicines deliver more sensitive cancer detection and higher therapeutic success with far fewer side effects than conventional medicines.
Some of the key players in the global Nanomedicine 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), and others.
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