Nanomedicine Market to Grow at CAGR of 12% through 2031 – Advancements in Healthcare Infrastructure & Intense Biotechnology-Related R&D Activities to Bolster Growth, says The Brainy Insights
The nanomedicine market’s development is driven by technological advancements such as applications in early illness diagnosis, chronic disease prevention, and preventative intervention. North America emerged as the largest market for the global nanomedicine market, with a 37% share of the market revenue in 2023.
Newark, Feb. 22, 2023 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 160 billion in 2023 nanomedicine market will reach USD 396.15 billion by 2031. The expanding nanomedicine applications due to technological advancements in nanotechnology will probably drive the global nanomedicine market. Governmental and corporate institutions have increased their study into nanotechnology, and there has been an increase in the application of this technology in experiments to treat various chronic conditions. This is anticipated to significantly enhance the nanomedicine market, along with the high level of unmet medical needs, sizable geriatric population, and rising prevalence of chronic and acute illnesses.
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Key Insight of the Nanomedicine Market
Asia Pacific to account for the fastest market size during the forecast period.
Asia Pacific is expected to have the fastest-growing market for nanomedicine during the forecast period. The market for nanomedicine market in the region has been increasing because more people are attending consensus meetings on nanoscience and nanotechnology. For instance, Beijing, China, hosted the 9th International Conference on Nanoscience and Technology in August 2022. (NANO China 2022). The conference aims to spread scientific breakthroughs, changes in specific business sectors, technical innovations, new possibilities, and problems.
The diagnostic imaging segment is expected to augment the nanomedicine market during the forecast period.
The diagnostic imaging segment is anticipated to dominate the market over the forecast period. Diagnostic imaging refers to various techniques for peering inside the body to ascertain what’s wrong and support a diagnosis. Medical professionals also use it to gauge how well a patient’s body responds to disease or fracture treatment.
The oncological diseases segment market size was 62.4 billion in 2023
The oncological diseases segment held the largest market share in 2023 and is expected to continue during the forecast period. A promising method of treating cancer is nanomedicine. This expanding area of medical study can be used to find more precise treatments for various illnesses, including cancer. The incidence of cancer is rising on a global scale. For instance, the global burden of cancer climbed to 19.3 billion cases and 10 billion cancer deaths in 2020, according to GLOBOCAN 2020. Nanomedicine provides hopeful improvements over oncology cancer diagnosis and treatment approaches. Cancer medicines and diagnostics based on nanotechnology have advanced significantly, and many more innovative advancements are currently in the works.
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Advancement in market
In January 2022, NaNotics LLC and Mayo Clinic announced a research collaboration to create a NaNot targeting the soluble version of PD-L1, an immune inhibitor produced by tumours.
In October 2020, Medtronic PLC unveiled the Adaptix Interbody System, a guided titanium spinal implant featuring Titan nanoLOCK Surface Technology.
Driver: Rise in Demand
The increasing out-licensing of nanomedicines and expanding healthcare facilities in emerging markets create market growth potential. Technology developments such as those used in early disease diagnosis, chronic disease prevention, and preventive intervention are likely driving the development of the nanomedicine industry. Nanotechnology involves several steps. The nanometric reduction of larger structures and molecules impacts how the technology is accepted. The rising nanomedicine applications will likely drive the global nanomedicine market due to technological developments in nanotechnology.
Restraint: High Cost
The development of the nanomedicine industry needs to be improved by severe regulatory issues and the high cost of nanoparticle-assisted medicine compared to its conventional counterparts. But the dangers of nanomedicine can create new barriers to the market’s growth.
Opportunity: Government Initiatives
Governmental and business institutions are studying nanotechnology more than ever, and more experiments are using this technology to cure various chronic illnesses. Along with the high degree of unmet medical needs, substantial geriatric population, and rising prevalence of chronic and acute disorders, this is projected to boost the nanomedicine industry significantly.
Challenge: Inadequate Knowledge
Inadequate knowledge of how nanoparticles alter the metabolic routes and systems of the body. Since nanomedicine may provide a significant risk to both people and the environment, scientists are particularly interested in understanding its toxicity, characterization, and exposure pathways.
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Some of the major players operating in the nanomedicine market are:
● Abbott Laboratories
● Celgene Corporation
● Combi Matrix Corporation
● General Electric
● Nano spectra Biosciences, Inc.
● Mallinckrodt Pharmaceuticals
● Johnson & Johnson Services, Inc.
● Pfizer, Inc.
● Merck & Co., Inc.
● Arrowhead Pharmaceuticals, Inc.
● Teva Pharmaceutical Industries Ltd.
Key Segments cover in the market:
● Drug Delivery
● Diagnostic Imaging
● Active Implants
● Tissue Regeneration
● Oncological Diseases
● Cardiovascular Diseases
● Orthopaedic Diseases
● Neurological Diseases
● Infectious Diseases
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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