The new report by Expert Market Research titled, ‘Global Nanomedicine Market Report and Forecast 2023-2031’, gives an in-depth analysis of the global nanomedicine market, assessing the market based on its segments like product type, Application, Nanomolecule Type and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2032)
- Historical Market Size (2023): USD 239.1 billion
- Forecast CAGR (2024-2032): 11.6%
- Forecast Market Size (2032): USD 677.7 billion
The rising usage of nanomaterials such as nanocapsules and nanotubes in drug delivery systems can be linked to the rise in demand for nanomedicines. The rise in cancer and cardiovascular disease occurrences has boosted the need for nanomedicines, resulting in increased public and private investment in nanomedicine research and breakthroughs in biodegradable nanoparticles. The cost-effectiveness of these medicines, as well as their lack of adverse effects, are important drivers of the nanomedicine industry’s expansion.
The North American nanomedicine sector is predicted to be one of the main markets for nanomedicine in the forecast period of 2023-2028, thanks to significant government investment on nanomedicine research in the United States. The region’s growth is attributed to the greater availability of patented nanomedicine items. Nanomedicine is easily available in this region, in addition to a well-developed healthcare infrastructure and a high prevalence of cancer, which has assisted market expansion.The Asia Pacific region’s huge senior population is experiencing high rates of cancer and cardiovascular illness, which is likely to drive the region’s nanomedicine industry. The regional market for nanomedicine is predicted to be one of the fastest expanding. Increased research funds to combat life-threatening diseases are likely to boost market expansion in Asia Pacific, with nations like China and Japan leading the way.
Nanomedicine Market Definition and Major Segments
Nanomedicine is a branch of nanotechnology that focuses on diagnosing, treating, monitoring, and controlling biological systems. By modifying materials at the nanoscale, it increases drug delivery. As a result, nanomedicine has helped in the treatment of a wide range of diseases.
Nanomedicine is still in its infancy, with a slew of new products in the works. Nanobiotix has discovered 230 nanomedicine items that are either labelled or in the testing phase. Out of the 230 products, 49 are now on the market, and 122 are in various stages of clinical testing, including Phase II and Phase III trials.
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By application, the market is categorised into:
Based on product type, the market can be segmented into:
- Regenerative Medicine
- In-Vitro Diagnostics
- In-Vivo Diagnostics
Based on nanomolecule type, the industry is categorised into:
- Nanoparticles and Quantum Dots
The major regional markets of nanomedicine are:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Nanomedicine Market Market Trends
Nanotechnology is now making great development in the identification and treatment of chronic diseases such as cancer, heart disease, and other disorders in the healthcare industry, which is one of the most important areas where nanotechnology has made substantial success. As healthcare corporations focus on transdermal insulin administration and the industry’s attention shifts toward transdermal medicine delivery, businesses investigating patch technology have attracted considerable funding. Furthermore, in order to limit the danger of adverse effects, the personalised medicine delivery strategy is being heavily emphasised. This approach delivers reachability with greater efficacy and less degradation by bypassing the body’s defense mechanisms. In the next years, such technical advancements and investments are projected to propel the industry forward.
Key Market Players
The major players in the market are Arrowhead Pharmaceuticals, Inc., Nanospectra Biosciences, Inc., Ablynx N.V., AMAG Pharmaceuticals, Inc., Celgene Corporation and Others.
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