Nanomedicine is the application of nanotechnology for medical purposes. Nanomedicine is inclusive of nanomaterials, biological devices, nanoelectronic biosensors for medical applications, and the probable application of molecular nanotechnology for biological machines in the future. The advent of nanomedicine in the medical device and pharmaceutical sectors will open up opportunities for new technologies, improved pharmaceutical properties of drugs for better therapy, advanced products, and nanomaterial-based devices. For such reasons, the global nanomedicine market is expected to reach US$177.60 billion in 2019, increasing from US$78.54 billion in 2012 at a CAGR of 12.3% from 2013 to 2019.
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Collaboration between Organizations to Add Value to Nanomedicine Research
Technological advancements in nanomedicine are cited as the primary factor driving the global nanomedicine market. Moreover, increasing support from several governments across the world in terms of funds and increasing collaboration between organizations for R&D in nanomedicine will boost this market.On the contrary, the lack of an organized regulatory framework for the use of nanomedicines and high cost of these drugs and devices have a negative bearing on the growth of this market. The nanomedicine market is segmented on two fronts – application and geography. Based on application, the market is classified into neurology, anti-inflammatory, oncology, cardiovascular, anti-infectives, and others.
High Incidence of Cancer to Benefit Nanomedicine Market
In 2012, oncology led the application segments of the global nanomedicine market, accounting for 38.0% of the overall market. The massive use of commercialized nanomedicine products in the field of oncology has contributed significantly to the growth of the overall market.
Moreover, improved bioavailability and efficacy of tumor-specific nanomedicine is benefitting the oncology application segment of the global market. Consistent development in nanomedicine drug formulations is helping the nanomedicine sector gradually replace conventional drug formulations for cancer. Thus, the oncology application segment is expected to dominate the nanomedicine market in the coming years.
However, the cardiovascular diseases segment is expected to register the fastest growth among the application segments of the overall market. The presence of a large patient pool with cardiovascular conditions and increasing preference for nanomedicine-based drugs and devices is aiding the growth of this market.
Based on geography, the global nanomedicine market is divided into four broad regions, namely North America, Asia Pacific, Europe, and Rest of the World (RoW).
In 2012, North America held the largest share in the global nanomedicine market. This is attributed to the availability of a large number of patented nanomedicine products and regulatory framework in the region, which supports advanced medicine such as nanomedicine.
In addition, sophisticated healthcare infrastructure in the region is facilitating the development of nano probes, monoclonal-antibody-based immunoassays, nanorobots, and nanoparticle-based imaging media for early detection of diseases.
However, Asia Pacific is anticipated to register a faster growth rate owing to large unmet healthcare needs, continual government support and funding for nanomedicine research in emerging economies such as India and China, and growing number of research collaborations for high-quality research in nanomedicine. For such reasons, Asia Pacific will register an impressive 14.6% CAGR from 2013 to 2019 in the nanomedicine market.
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