PUBLISHER: Allied Market Research | PRODUCT CODE: 1070539
PUBLISHER: Allied Market Research | PRODUCT CODE: 1070539
The global nanomedicine market was valued at $171,695.33 million in 2020, and is projected to reach $393,046.52 million by 2030, registering a CAGR of 9.2% from 2021 to 2030.
Nanomedicine is a branch of medicine that uses tools and knowledge of nanotechnology for prevention and treatment of different diseases. Nanomedicines are multifunctional drugs with programmable properties that find applications in monitoring, construction, repair, and control of biological systems at the molecular level using nanodevices and nanoparticles. They have the potential to revolutionize the current scenario of detection of disease, its treatment, and diagnosis methods.
Emerging innovative technologies for drug delivery, advantages of nanomedicine in various healthcare applications, and rise in government support and funding drive growth of the market. Moreover, growth in need for safe and cost-effective therapies also contribute toward growth of the market. However, long approval process and risks associated with nanomedicines (environmental impact) are expected to hinder the market growth. Conversely, increase in out-licensing of nanodrugs and growth of healthcare facilities in emerging economies are expected to offer lucrative opportunities for market expansion during the forecast period.
The nanomedicine market is segmented on the basis of modality, application, indication and region. On the basis of modality, the market is segmented into diagnostics and treatment. On the basis of application, the market is segmented into drug delivery, diagnostic imaging, vaccines, regenerative medicine, implants, and others. On the basis of indication, the market is segmented into clinical oncology, infectious diseases, clinical cardiology, orthopedics, neurology, urology, ophthalmology, immunology and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.