The emergence of nanomedicine in the pharmaceutical and medical device industry will bring up more opportunities in terms of new technologies, advanced products, improved pharmaceutical properties of the drug enabling better therapy and nanomaterial based devices. Few important factors driving the market include increasing research funding, rising government support, improved regulatory framework, technological know-how and rising prevalence of chronic diseases such as diabetes, cancers, obesity, kidney disorders, orthopedic diseases and others.
The global nanomedicine market is categorized into six segments based on application, namely neurology, cardiovascular, anti-inflammatory, anti-infective, oncology and others.
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Oncology held majority of the market share in 2012 on account of following factors:
Presence of high number of commercialized nanomedicine products in the market
Improved bioavailability and efficacy of the tumor specific nanomedicine enabling targeted drug delivery
Rise in nanomedicine drug formulations replacing conventional drug formulations in cancer treatment
However, the global market for cardiovascular is expected to grow at the fastest pace owing to increasing prevalence of cardiovascular diseases demanding drugs with improved efficacy and therapeutic properties. Furthermore, realizing the importance and benefits of nanomedicine, researchers and manufacturers are seeking to develop products with improved therapeutic properties in the cardiovascular segment.
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The global nanomedicine market is further analyzed into four geographies namely North America, Europe, Asia-Pacific and rest of the world (RoW). The North American nanomedicine market held the majority of global market share in 2012 because of the presence of large number of patented nanomedicine products and favorable regulatory framework in the region. In addition, the presence of sophisticated healthcare infrastructure supports development of advanced products such as nano probes, nanorobots, monoclonal antibody based immunoassays and nanoparticle based imaging agents for early detection of diseases.
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However, the Asia-Pacific region is expected to grow at a faster CAGR owing to presence of high unmet healthcare needs, research collaborations and increase in nanomedicine research funding in emerging economies such as China, India and other economies in the region. China is expected to surpass the United States in terms of nanotechnology funding in the near future, which indicates the growth offered by this region.
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