Global nanomedicine market is anticipated to reach USD 344.0 billion by 2024, according to a new report by Grand View Research, Inc. Development of novel nanotechnology-based drugs and therapies is driven by the need to develop therapies that have fewer side effects and are more cost-effective than conventional methods, in particular for cancer treatment.
Application of nanotechnology-based contrast reagents for diagnosis and monitoring of the effects of drugs is faster than most other methods and this benefit is quite essential for the attributed growth of the market in the coming years. Additionally, demand for biodegradable implants with longer half-lives that enable tissue restoration and enhance reparative therapy, are also anticipated to influence demand.
However, in contrary to the number of potential applications of nanotechnology, the entire process of lab-to-market approval is a tedious and expensive process with stringent regulatory evaluation, as a result of which investors do still remain a bit reluctant for investments in the field.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/nanomedicine-market
Further key findings from the report suggest:
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Therapeutics accounted for the largest share of
market revenue in 2015 as a result of the presence of nanoemulsions,
nanoformulations, or nanodevices that possess the ability to cross biological
barriers. Moreover, presence of drugs such as Doxil, Abraxane, and Emend is
attributive for higher revenue generation.
·
In-vitro diagnostics is expected to
witness lucrative progress as a result of R&D carried out for introduction
of nano-enabled biomarkers, vectors and contrast agents with high-specificity
and sensitivity. Furthermore, demand for biosensor surfaces that are
nanostructured and tailored to work in-vivo environment is expected to further
support the projected growth.
·
As per the WHO factsheet, cancer is found to be
one of the major causes of morbidity and mortality worldwide, with
approximately 8.2 million cancer-related deaths and 14 million new cases in
2012. Thus, demand for nanomedicine in order to curb such high incidence rate
is expected to boost market progress during the forecast period.
·
Solutions such as nanoformulations with
triggered release for tailor-made pharmacokinetic nanoparticles for local
control of tumor in combination with radiotherapy, and functionalized nanoparticles
for targeted in-vivo activation of stem cell production are factors
anticipated to drive R&D, consequently resulting in revenue generation over
the coming years.
·
Clinical cardiology is expected to witness
fastest growth through to 2024 owing to development in nano-functionalization
and modification of surfaces for increased biocompatibility of implants in
treatment of late thrombosis.
·
North America led the industry in 2015,
accounting for over 40% of revenue generated. Due to a number of key participants
operating in this region which are involved in collaborative activities and
research for incorporation of nanotechnology in conventional therapies is
prenominal for this major share of North America in terms of revenue.
·
Moreover, an abundance of research publications
and patent filings from European region with a share of about 25% in
nanomedicine-related publications is supportive for considerable revenue
generation expected from European economies as well.
·
Asia Pacific is projected to witness rapid
growth over the foreseeable future as a number of government and regulatory
authorities in the region have implemented initiatives to encourage R&D
collaborations between regional biotech and international pharmaceutical
companies. Growing investment interest by the western large pharmaceuticals in
some of the key countries of the region coupled with ongoing government
initiatives are factors expected to drive growth of the region.
·
Some key players operating in this industry
include St. Jude Medical, Celgene Corporation, Bind Therapeutics Inc., Abraxis
Inc., Ablynx NV, Bio-Gate AG, Nanotherapeutics Inc., Nanoviricides Inc.,
Arrowhead Research Inc., Pfizer, and Merck.
·
Biopharmaceutical and medical devices companies
are engaged actively in the development of novel products as demonstrated by
the rise in the number of international partnerships between leading
enterprises and nanomedicine startups. For instance, in November 2015, Ablynx
and Novo Nordisk signed a global collaboration and licensing agreement for development
and discovery of innovative drugs with multi-specific nanobodies. This
strategic partnership is anticipated to rise the net annual sales of the
products of both entities thereby uplifting market growth in the process.
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Grand View Research has segmented nanomedicine market on the basis of product, application, and region:
Global Nanomedicine Outlook, by Product (Revenue, USD Billion, 2013 - 2024)
·
Therapeutics
·
Regenerative Medicine
·
In-vitro Diagnostics
·
In-vivo Diagnostics
·
Vaccines
Global Nanomedicine Outlook, by Application (Revenue, USD Billion,
2013 - 2024)
·
Clinical Oncology
·
Infectious Diseases
·
Clinical Cardiology
·
Orthopedics
·
Others
Global Nanomedicine Market Regional Outlook (Revenue, USD Billion,
2013 - 2024)
·
North America
·
U.S.
·
Canada
·
Europe
·
Germany
·
UK
·
Asia Pacific
·
China
·
Japan
·
Latin America
·
Brazil
·
MEA
·
South Africa
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/biotechnology
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