| ✷ A01691 | Pages: 215 | Feb 2022 | 18264 Views | ||
| Author(s) : Sushant Terdale, Avinash Gadekar , Onkar Sumant | Tables: 140 | Charts: 65 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Nanomedicine Market
Request Now !The global nanomedicine market size was valued at $171,695.33 million in 2020, and is projected to reach $393,046.52 million by 2030, registering a CAGR of 9.2% from 2021 to 2030. Nanomedicine is the branch of medicine that applies knowledge of nanotechnology for prevention and treatment of diseases. Nanomedicine involves use of nanoscale materials, such as biocompatible nanoparticles and nanorobots for diagnosis, delivery, sensing, or actuation purposes in a living organism.
Nanomaterials possess novel physicochemical properties that are different from conventional bulk chemical equivalents, owing to their small size. These properties greatly increase a set of opportunities in drug development. Physicochemical properties of the nano formulation, which can lead to alteration of pharmacokinetics such as absorption, distribution, elimination, and metabolism, has the potential for more easily crossing biological barriers, toxic properties, and their persistence in the environment and human body. Pharmaceutical manufacturing of nanomaterials involves two different approaches that include top-down and bottom-down. The top-down process involves breakdown of a bulk material into a smaller one or smaller pieces by mechanical or chemical energy. Conversely, the bottom-down process starts with atomic or molecular species allowing precursor particles to increase in size through chemical reaction.
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Growth of the nanomedicine market is driven by emerging innovative technologies for drug delivery, advantages of nanomedicine in various healthcare applications, and growth in need for safe and cost-effective therapies.
Moreover, rise in R&D studies regarding nanorobots in this segment, and significant investments in clinical trials by the government as well as private sector also contribute toward the growth of the market. However, the long approval process and risks associated with nanomedicines (environmental impact) are expected to hinder the market growth. Conversely, increase in out-licensing of nanodrugs and growth of healthcare facilities in emerging economies are expected to offer lucrative opportunities for growth of the market.
Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. Amidst the initial outbreak of COVID-19, the outlook for the nanomedicine industry has changed significantly. The COVID-19 pandemic led to significant increase in demand for nanomedicines for treatment of various diseases. Applications of nanomedicine offered new opportunities for development of novel products for prevention, diagnosis, and treatment of COVID-19 virus and other viral infections. COVID-19 management was done with the development of nano-based materials, that included disinfectants, personal protective equipment, diagnostic systems, and nanocarrier systems for treatments and vaccine development. This impacted the market with increase in demand for nanomedicines. Overall, the impact of COVID-19 on the nanomedicine market was recorded to be fairly positive. This was attributed to increase in demand for nanomedicines in the treatment of cancer like diseases. Moreover, market players have experienced rise in investments in materials and resources, owing to increase in research and development activities in nanomedicines in all regions.
The nanomedicine market is segmented on the basis of modality, application, indication, and region. On the basis of modality, the market is segmented into diagnostics and treatment. On the basis of application, it is segmented into drug delivery, diagnostic imaging, vaccines, regenerative medicine, implants, and others. On the basis of indication, it is segmented into clinical oncology, infectious diseases, clinical cardiology, orthopedics, neurology, urology, ophthalmology, immunology and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By modality, the global nanomedicine market is classified into diagnostics and treatment. The treatment segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, owing to technological advancements in nanomedicines, increase in adoption of nanomedicines, rise in incidence rates of chronic diseases, and increase in number of advanced & effective product launches.
By application, the global nanomedicine market is classified into drug delivery, diagnostic imaging, vaccines, regenerative medicine, implants, and others. The drug delivery segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, owing to increase in prevalence of diseases such as cancer and COVID-19 virus and increase in awareness of nanomedicines applications.
By indication, the global nanomedicine market is classified into clinical oncology, infectious diseases, clinical cardiology, orthopedics, neurology, urology, ophthalmology, immunology and others. The clinical oncology segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, owing to surge in number of oncology diseases and increasing disposable income.
Region Segment Review
North America accounted for a major share of the global nanomedicine market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in number of lethal diseases, surge in demand for nanomedicines, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities along with large presence of key players, and surge in investments made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Moreover, Japan and China are expected to grow at high CAGR in Asia-Pacific nanomedicine market majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced instruments, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of nanomedicines.
Key Market Segments
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Nanomedicines is an emerging and most promising technology in the 21st century. This is attributed to the fact that it involves drug development at molecular scale, which helps in easy prevention, diagnosis, treatment, and regeneration of tissues and organs. Thus, these help to preserve and improve human health by offering impressive solutions for several life-threatening diseases such as cancer, Alzheimer’s disease, Parkinson’s disease, diabetes, orthopedic problems, diseases related to blood, neurological, lungs, and cardiovascular system.
The healthcare market has witnessed rapid development in recent years, thus emerging players have focused on expanding their presence in the nanomedicine sector. Moreover, key players have contributed significantly to the market growth by leveraging product diversification, product commercialization, and product approvals.
In the diagnosis field, nanomedicine is a cost-effective technique as it requires minimum amount of biological sample, which reduces consumption of disposables and reagents. Moreover, apart from diagnostics, nanomedicine assists in drug delivery by utilizing nanoscale particles with larger surface-to-volume ratio. These particles are allowed to enter into body cavities for diagnosis or treatment of diseases; thereby, improving efficacy of treatment and diagnosis and preventing side effects of drugs in case of targeted therapy.
A. The total market value of Nanomedicine market is $393,046.52 million in 2030.
A. Top companies such as JOHNSON & JOHNSON, General Electric Company, MERCK & CO., INC., PFIZER, INC., Abbott Laboratories, TEVA PHARMACEUTICAL INDUSTRIES LIMITED held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
A. Drug Delivery segment is the most influencing segment owing to the increasing R&D studies about nanorobots, and significant investments in clinical trials by the government as well as private sector.
A. The forcast period for Nanomedicine market is 2020 to 2030
A. The market value of Nanomedicine market in 2020 is $171,695.33 million.
A. The market value of Nanomedicine market in 2020 is $171,695.33 million.
A. The base year is 2020 in Nanomedicine market
A. The emerging innovative technologies for drug delivery, advantages of nanomedicine in various healthcare applications and growth in need for safe and cost-effective therapies, the increasing R&D studies about nanorobots, and significant investments in clinical trials by the government as well as private sector are the key trends in the Nanomedicine market report.
A. Asia-Pacific has the highest growth rate of 11.2% in the market which is growing due to presence of large patient population, strong presence of key players, ease of devices availability, well developed healthcare infrastructure, favorable reimbursement policies in healthcare system, higher number of research and development.
A. Yes, the Nanomedicine market companies are profiled in the report.
A. Yes, the Nanomedicine market report provides PORTER Analysis
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