Cancer Nanotechnology Market: Current Analysis and Forecast (2023-2030)

The cancer nanotechnology market is expected to register a CAGR of approx. 13.8% over the period of 2023-2030. Nanotechnology offers the means to target therapies directly and selectively for cancerous cells and neoplasms. With these tools, clinicians can safely and effectively deliver chemotherapy, radiotherapy, and the next generation of immuno- and gene therapies to the tumor. For instance, according to GLOBOCAN, 2020, the global cancer burden increased to 19.3 million cases and 10 million cancer deaths in 2020. This increasing prevalence of cancer contributes to the growth of the cancer nanotechnology market. Furthermore, government initiatives and policies aimed at improving cancer care and addressing rare diseases have contributed to the growth of the market. In 2018, Scientists at the Department of Science and Technology fabricated highly biocompatible porous polydimethylsiloxane (PDMS) nanoparticles as a versatile vehicle to deliver anti-cancer drugs to the nuclei of tumor cells without utilizing any intrinsic ligands (ions or molecules). The nucleus of any cell contains most of its genetic material. Bioactivatable nanoparticles that modify properties in reaction to factors or procedures within the body act as dynamic reporters of in vivo states and can provide both spatial and temporal information on disease progression and therapeutic response. Hence, boost the growth of cancer nanotechnology market.

Based on type, the market is segmented into nanoparticles, nanofibers, nanorods, graphene, nanofluidic devices, and others. Among these nanoparticles have a significant share of the market. This is because drug delivery devices and systems increased as nanoparticle drug formulations are vital in pulmonary drug delivery. The nanoparticles can deliver the normally insoluble drugs to local and distant tumor sites in a better way, thus reducing the systemic side effects generally associated with traditional drug therapies.

Based on application, the market is segmented into diagnostics, therapeutics, and theranostics. Among these, diagnostics has a high market share in 2022 and will dominate during the forecast period. This is due to the rise in the adoption of nanotechnology in medical diagnosis and imaging is increasing the market growth demand. In biomedical research, nanotechnology is widely used against COVID-19, as in numerous vaccinations that use nanoparticles as a treatment based on the encapsulation of the active ingredient of certain medications. Numerous nanosystems have been found to be better candidates for therapeutic purposes than conventional ones. Thus, this factor boosts market growth.

Based on the cancer type, the market is segmented into breast cancer, stomach cancer, lung cancer, and others. Among this breast cancer will attain a high market share during the forecast period. Breast cancer held more than 60% share in the market owing to the presence of wide range of nanotechnology for the management of breast cancer and the surge in the prevalence of breast cancer.

For a better understanding of the market adoption of nanomedicines, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. Cancer Nanotechnology has gained increasing popularity in North America due to various factors. The North America Cancer Nanotechnology market is expected to continue to grow in the coming years, driven by the increasing prevalence of cancer and growing awareness of nanotechnology among healthcare professionals and the general population, development of advanced imaging techniques and the rise in treatment option. For instance, in 2020, according to Cancer.net, an estimated 586,202 people were diagnosed with thyroid cancer.

Some of the major players operating Johnson & Johnson, GE Healthcare, Combimatrix Corporation (Invitae Corporation), F. Hoffmann-La Roche, Sigma-Tau Pharmaceuticals Inc., Merck and Company Inc., Pfizer, Inc., Nanosphere, Inc. (Luminex Corporation), Celgene Corporation, and Teva Pharmaceutical Industries among others. Several M&A's along with partnerships have been undertaken.