PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320229
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320229
Nanomedicine Market size was valued at USD 180,905.6 Million in 2022, expanding at a CAGR of 10.9% from 2023 to 2030.
Nanomedicine is the application of nanotechnology to achieve innovation in healthcare. It uses the properties developed by a material at its nonmetric scale 10-9 m which often differ in terms of physics, chemistry, or biology from the same material at a bigger scale. Nanomedicine offers the potential to provide early detection and prevention, as well as significantly enhance diagnosis, therapy, and follow-up for a wide range of diseases, including cancer. Overall, numerous Nanomedicine items are currently in clinical trials, spanning all main disorders such as cardiovascular, neurological, musculoskeletal, and inflammatory. Nanomedicine, which enables advancements in all sectors of healthcare, now accounts for over 80 marketed items, ranging from nano-delivery and pharmaceutical to medical imaging, diagnostics, and biomaterials.
Nanotechnology provides medications to be delivered to the exact recognition where they are needed, increasing therapy effectiveness. Nanoparticle drug delivery systems, nano-encapsulation, and nanoscale drug carriers are among the technologies being researched to improve the precision, control, and safety of drug delivery. As governments and commercial entities around the world boost their investment in healthcare infrastructure, sophisticated treatment techniques such as Nanomedicine are becoming more popular. Latest OECD estimates point to average health expenditure growth of 5% in 2020, driven by the exceptionally high growth in spending by government and compulsory schemes (+8.1%) in response to the additional need to address the COVID-19 pandemic. Recent developments in nanotechnology provide enormous opportunities for the development of new Nanomedicine applications. Continuous research and development can result in advancements in illness treatment and prevention. However, the development and production of nanoparticles for medical use can be expensive. These high costs can make Nanomedicine products less accessible, especially in developing and underprivileged regions.
The Global Nanomedicine Market is segmented on the basis of Indication, Molecular type Application, and Region.
The market is divided into three categories based on Indication: Clinical Oncology, Infectious Diseases, Clinical Cardiology, Orthopedics, and Others. Clinical Oncology is expected to dominate the market growth. Clinical oncology, the research, and cancer treatment is one of the key sectors where Nanomedicine has a substantial influence.
The market is divided into four categories based on Molecule Type: Nanoparticles, Nanoshells, Nanotubes, and Nanodevices. Nanoparticles dominate the market and are likely to maintain their dominance during the forecast period. As a subfield of medicine that uses nanoparticles to prevent and treat diseases, Nanomedicine has been showing remarkable potential for transforming healthcare.
The market is divided into four categories based on Application: Therapeutics, In-vitro Diagnostics, Drug Delivery, In-vivo Imaging, and Implants. The drug delivery segment dominates the market. The application of Nanomedicine in drug delivery is one of the most promising areas of healthcare.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the Nanomedicine Market. Growing awareness of the prospective benefits of nanotechnology in healthcare, a surge in chronic and life-threatening diseases, and a population that is aging are all fueling up demand for Nanomedicine in North America. According to the CDC, 90% of the nation's USD3.8 trillion per year healthcare costs can be attributed to people with chronic diseases and mental health conditions. A recent Partnership to Fight Chronic Disease publication determined that treatment of the seven most common chronic diseases, coupled with productivity losses, will cost the U.S. economy USD2 trillion dollars annually USD8,600 per person, by 2030. Europe and Asia Pacific region are expected to drive market growth in the forecast period, due to the availability of advanced healthcare facilities with trained medical professionals, a rise in the number of R&D activities along with the large presence of key players.
The Nanomedicine Market is a rapidly growing emerging area with rising demand worldwide driven by the increasing prevalence of chronic diseases, aging populations, and technological improvements. Companies are heavily investing in R&D in order to develop revolutionary Nanomedicine solutions. The competitive advantage is based on technological innovation and the efficacy of developed items. Many companies are entering into partnerships and collaborations to reduce R&D expenses and advance product development and approval. These collaborations frequently involve the exchange of expertise and resources, which can help businesses obtain a competitive advantage. For example, on 21 Oct, 2022, GE Healthcare and Accuray Incorporated announced nowadays global commercial collaboration agreement to develop solutions that will allow more healthcare teams across the world to adapt patients' care at every point of their treatment path. The two companies will make available a comprehensive offering that combines GE Healthcare's precision diagnostic tools and Accuray Incorporated's innovative radiation therapy delivery capabilities to advance radiation therapy practice and help patients diagnosed with cancer gain personalized care.
On 9 January 2023, A novel combination of artificial intelligence and production techniques could change the future of Nanomedicine, according to Cornell researchers using a new USD3 million grant from the National Science Foundation to revolutionize how polymer nanoparticles are manufactured.