The Global Nanomedicine Market Size is valued at 167.28 billion in 2022 and is predicted to reach 455.70 billion by the year 2031 at a 11.89% CAGR during the forecast period for 2023-2031.
Key Industry Insights & Findings from the Report:
- Technological developments in areas like early illness diagnosis, chronic disease prevention, and preventative intervention are propelling the growth of the nanomedicine industry.
- Rising sophisticated drug delivery methods are one of the key drivers driving the market's expansion and demand for nanomedicines. Consequently, this has cleared the path for the market's expansion.
- North America dominated the market and accounted for a global revenue share in 2023.
- The growth of the nanomedicine industry is being hindered by significant regulatory issues and the high expense of nanoparticle-assisted medicine in comparison to its conventional counterparts. However, in the near future, new challenges to the market's growth may arise from the hazards related to nanomedicine.
Nanomedicine is the use of nanotechnology in the realm of medicine. It entails using nanoscale materials and technology to diagnose, treat, and prevent diseases. Scientists and researchers may alter and control matter at the molecular and atomic levels by operating at the nanoscale, allowing for specific interactions with biological systems. Nanotechnology breakthroughs have broadened the potential for using nanoscale materials and devices in medicine.
The development of innovative nanomaterials, nanosensors, and nanodevices with enhanced characteristics and capabilities has accelerated the advancement of nanomedicine. Because of the increasing frequency of chronic diseases such as neurological disorders, cancer, and cardiovascular disease, there is a massive need for more effective and tailored treatment alternatives.
However, the epidemic has disrupted global supply chains, affecting the manufacture and distribution of nanomedicine products. Manufacturing delays, raw material shortages, and logistical issues have all hampered the availability and delivery of nanomedicine technologies such as nanomaterials, nanoparticles, and nanoscale devices.
Competitive Landscape:
Some of the Nanomedicine Market players are:
- Abbott Laboratories
- CombiMatrix Corporation
- Celgene Corporation
- Nanospectra Biosciences, Inc.
- GE Healthcare
- Johnson & Johnson Services, Inc.
- Mallinckrodt Pharmaceuticals
- Merck & Co., Inc.
- Pfizer, Inc.
- Teva Pharmaceutical Industries Ltd.
- Arrowhead Pharmaceuticals, Inc.
Market Segmentation:
The Nanomedicine Market is segmented on the basis of application, indication scope, and molecule type. Application segment includes therapeutics, in-vitro diagnostics, drug delivery, In-vivo imaging, and implants. The indication scope segment includes clinical oncology, infectious diseases, clinical cardiology, orthopedics, and others. By molecule type, the market is segmented into nanoparticles, metal & metal oxide nanoparticles, liposomes, polymers & polymer-drug conjugates, hydrogel nanoparticles, dendrimers, inorganic nanoparticles, nanoshells, nanotubes, and nanodevices.
Based On Application, The Drug Delivery Segment Is Accounted As A Major Contributor In The Nanomedicine Market
The drug delivery category is expected to hold a major share in the global Nanomedicine Market in 2022 owing to the rising frequencies of various chronic and infectious diseases, including cancer and COVID-19, as well as increasing awareness of the potential uses for nanomedicines. Furthermore, an increase in research activities investigating the potential applications of nanomedicines in medication delivery is propelling the segment. In March 2023, for example, researchers at Memorial Sloan Kettering Cancer Centre and Mount Sinai Health System discovered a novel medication delivery technique for the targeted release of anti-cancer therapies for the treatment of pediatric brain tumors.
The Clinical Oncology Segment Witnessed Growth At A Rapid Rate
The clinical oncology segment is projected to grow at a rapid rate in the global Nanomedicine market. Due to the rising prevalence of cancer illnesses, a large number of cancer treatment products are now in clinical trials, as well as advancements in therapeutic particles and devices. Clinical oncology, which includes several active and passive cancer-targeting approaches within the nanomedicine business, is predicted to grow during the projection period.
In The Region, The North America Nanomedicine Market Holds A Significant Revenue Share
The North America Nanomedicine Market is expected to register the highest market share in terms of revenue in the near future. This growth is attributed to the presence of developing relationships between enterprises in this field and nanomedicine start-ups. Furthermore, the region benefits from government assistance as well as increased R&D investments. The country has a large number of manufacturing companies with active strategic ventures in the nanomedicine industry. The Asia Pacific market is anticipated to expand rapidly. This can be linked to increased public knowledge of nanomedicine and increased public participation in consensus conferences related to nanoscience and nanotechnology.
Recent Developments:
- In September 2022, NaNotics LLC, which is a biopharmaceutical business, stated that it will begin human trials as part of a research collaboration with Mass General Cancer Center, a branch of Massachusetts General Hospital (MGH) in Boston. Together, the two firms will create revolutionary subtractive nanoparticles known as NaNots that specifically target the soluble tumour necrosis factor receptors, which are immune inhibitors created by tumours.
Nanomedicine Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 167.28 Bn |
|
Revenue Forecast In 2031 |
USD 455.70 Bn |
|
Growth Rate CAGR |
CAGR of 11.89 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Type Of Technology, Product, Application, And End User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Abbott Laboratories; CombiMatrix Corporation; Celgene Corporation; Nanospectra Biosciences, Inc.; GE Healthcare; Johnson & Johnson Services, Inc.; Mallinckrodt Pharmaceuticals; Merck & Co., Inc.; Pfizer, Inc.; Teva Pharmaceutical Industries Ltd.; Arrowhead Pharmaceuticals, Inc. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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