An increase in R&D activities regarding nanorobots and significant investments in clinical trials by the government as well as the private sector drive the growth of the global nanomedicine market.
PORTLAND, Ore., March 15, 2022 – Allied Market Research published a report, titled, “Nanomedicine Market by Modality (Diagnostics and Treatment), Application (Drug Delivery, Diagnostic Imaging, Vaccines, Regenerative Medicine, Implants, and Others), and Indication (Clinical Oncology, Infectious Diseases, Clinical Cardiology, Orthopedics, Neurology, Urology, Ophthalmology, Immunology, And Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report published by Allied Market Research, the global nanomedicine market was estimated at $171.69 billion in 2020 and is expected to hit $393.04 billion by 2030, registering a CAGR of 9.2% from 2021 to 2030.
Nanomedicine is the use of nanotechnology in medicine. Nanomedicine encompasses everything from medicinal nanomaterials and biological devices to nanoelectronic biosensors and potentially future molecular nanotechnology applications such as biological machines. Nanomedicine’s current challenges include determining the toxicity and environmental impact of nanoscale compounds (materials whose structure is on the scale of nanometers, i.e. billionths of a meter).
Drivers, restraints, and opportunities-
Increase in R&D activities regarding nanorobots and significant investments in clinical trials by the government as well as the private sector drive the growth of the global nanomedicine market. On the other hand, the long approval process and several risks associated with nanomedicines (environmental impact) impede the growth to some extent. However, the rise in out-licensing of nanodrugs and developments in healthcare facilities in the emerging economies are expected to create lucrative opportunities in the industry.
Covid-19 Scenario-
- The outbreak of the pandemic gave way to steep increase in demand for nanomedicines for treatment of an array of diseases. Applications of nanomedicine offered new opportunities for development of novel products for prevention, diagnosis, and treatment of COVID-19 virus and other viral infections. This, in turn, impacted the global nanomedicine market positively.
- This is trend is most likely to continue post pandemic as well.
The clinical oncology segment to dominate by 2030-
By indication, the clinical oncology segment contributed to the lion’s share in 2020, holding nearly one-third of the global nanomedicine market, owing to the advancements made in the nanomedicine sphere and increase in awareness of nanomedicines in the area of nanotechnology. However, the neurology segment is projected to manifest the fastest CAGR of 10.7% from 2021 to 2030. This is attributed to the significant investments in clinical trials by the government as well as private bodies.
The treatments segment to retain the lion’s share-
By modality, the treatments segment held the major share in 2020, garnering more than four-fifths of the global nanomedicine market. An increase in the prevalence of diseases such as cancer and COVID-19 virus and a surge in awareness of nanomedicines applications propel the growth of the segment. The diagnostics segment, on the other hand, is projected to cite the fastest CAGR of 10.2% throughout the forecast period. The rise in the number of oncology diseases and an increase in disposable income fuel the segment growth.
North America Nanomedicine Market held the major share in 2020-
By region, North America dominated in 2020, garnering nearly two-fifths of the global nanomedicine market. Availability of advanced healthcare facilities along with trained medical professionals drives the market growth in the region. The market across Asia-Pacific, simultaneously, is expected to cite the fastest CAGR of 11.2% throughout the forecast period. A surge in the incidence of various diseases and rise in R&D investments in developing countries such as Japan and China accelerate the market growth.
Key players in the industry-
- Mallinckrodt plc.
- DiaSorin S.p.A.
- Johnson & Johnson
- General Electric Company
- Invitae Corporation
- Leadient BioSciences Inc.
- Merck & Co., Inc.
- Pfizer Inc.
- Teva Pharmaceuticals Ltd.
- Abbott Laboratories
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SOURCE Allied Market Research