Nanomedicine

According to Stratistics MRC, the Global Nanomedicine Market is accounted for $235.9 million in 2023 and is expected to reach $496.0 million by 2030 growing at a CAGR of 11.2% during the forecast period. A vast array of nanoscale materials, including nanoparticles, nanocarriers, and nanotubes, that are intended for particular medicinal uses are available on the market. Numerous medical applications, such as medication delivery, imaging, diagnostics, regenerative medicine, cancer therapy, and targeted therapy, have made use of nanomedicine. Particularly nanoparticles have demonstrated promise in delivering medications to precise parts of the body, lowering side effects, and enhancing therapeutic efficiency. 

According to a research article titled “Recent Advances in Nanomaterials Development for Nanomedicine and Cancer”, published in July 2021, a wide range of engineered nanomaterials and nanoplatforms with different shapes, sizes, and compositions has been developed for various biomedical applications.  

Market Dynamics: 

Driver: 

Growing interest on targeted drug delivery

With targeted medication delivery, medicinal compounds (such chemotherapy treatments) may be precisely delivered to certain disease locations, like cancer cells. By doing this, medications become more effective in treating patients while posing less of a risk to healthy tissues. Patients frequently benefit from this in terms of better treatment results and fewer side effects. Because the medication is concentrated at the intended place, targeted drug delivery can produce the intended therapeutic effect at lower drug dosages. This minimizes the expense of therapy as well as the chance of adverse consequences. Targeted medication delivery can improve patient compliance with therapy, which improves overall patient outcomes, by reducing side effects and improving treatment effectiveness.

Restraint:

Safety concerns

Patients may get less confident in nanomedicine products due to safety concerns, which may cause them to delay utilizing these treatments. Even if using nanomedicine therapies or taking part in clinical trials may have potential advantages, patients may be reluctant to do so. Because of safety concerns, healthcare providers including doctors and hospitals may be hesitant to propose or use nanomedicine therapy. As a result, these therapies may be adopted into clinical practice more slowly thus hampering the market growth.

Opportunity:

Increasing advancements in nanotechnology

Novel nanomaterials with customized characteristics have been created as a result of on-going breakthroughs in nanotechnology. These materials are ideal for a range of medical applications because they may be engineered to have certain properties including size, shape, surface chemistry, and biocompatibility.  The creation of sophisticated medication delivery systems including liposomes, micelles, and nanoparticles has been made possible by nanotechnology. Moreover, the efficacy of therapies can be increased and adverse effects can be decreased by using these systems to encapsulate and release medications in a controlled and targeted way.

Threat:

Stringent regulatory requirements

The release of goods utilizing nanomedicines into the market might be seriously delayed by onerous regulatory restrictions and protracted approval procedures. Access for patients to potentially life-saving or life-improving medicines may be hampered by delays. It may be especially difficult for small and newly established businesses in the field of nanomedicine to fulfil the legal and financial prerequisites for entering the market. These businesses may be disproportionately burdened by regulatory obstacles, which also restrict their capacity to compete. Because regulatory approval is unclear and takes time, companies and researchers may be deterred from investing in nanomedicine research. This may inhibit industry innovation.

Covid-19 Impact

The pandemic's urgency spurred study and development in the field of nanomedicine. The development of diagnostic testing, antiviral medication delivery systems, and vaccination platforms were significantly aided by nanotechnology. This prompt action showed how nanomedicine may be used to meet new health emergencies.  COVID-19 vaccines were developed and delivered using nanomedicine technology, including lipid nanoparticles. The messenger RNA (mRNA) utilized in various COVID-19 vaccines is encapsulated in these lipid nanoparticles, which guarantees their stability and effective uptake by cells.

The nanoshells segment is expected to be the largest during the forecast period

The nanoshells segment is estimated to have a lucrative growth, as these may be engineered to scatter and absorb light at particular wavelengths by adjusting the metallic shell's size and composition. This characteristic is utilized in a method known as ""photothermal therapy."" This approach involves the selective accumulation of nanoshells within cancer cells, which heat up in response to near-infrared light and inflict localized thermal damage on the cells. This method provides a less intrusive means of eliminating cancer cells. Moreover, nanoshells have been used to medical imaging. They can be used as contrast agents in imaging modalities such as optical coherence tomography and photoacoustic imaging which boosts the market.

The diagnostic imaging segment is expected to have the highest CAGR during the forecast period

The diagnostic imaging segment is anticipated to witness the highest CAGR growth during the forecast period, as in the field of nanomedicine, diagnostic imaging is essential because it offers non-invasive, incredibly detailed visual information on the interior structures and activities of the body. Diagnostic imaging has benefited from the application of nanotechnology, which has increased sensitivity, accuracy, and the capacity to target certain disease signs.  Advances in nanotechnology have been beneficial for molecular imaging techniques like single-photon emission computed tomography (SPECT) and positron emission tomography (PET).

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing an increase in the number of deadly illnesses, a spike in the market for nanomedicines, the availability of cutting-edge medical facilities staffed by qualified medical personnel, an increase in the number of R&D projects involving prominent figures, and an increase in government spending in the healthcare sector. Additionally, the nation is conducting a number of R&D projects on medications and diagnostics based on nanotechnology, which might propel market expansion. For example, in January 2020, scientists at Stanford University created a medication coated with nanoparticles that prevents mice from developing atherosclerosis by lowering the amount of plaque that accumulates in their arteries without having any negative side effects. 

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to public's growing interest in consensus conferences related to nanoscience and nanotechnology as well as the growing awareness of nanomedicine. For example, ChinaNANO 2022, the 9th International Conference on Nanoscience and Technology, was held in Beijing, China in August 2022. The purpose of the conference is to share scientific discoveries, advances in certain industries, technological innovations, and novel opportunities and challenges. Furthermore, the development of the R&D sector, the rise in healthcare reforms, the advancement of technology in the field of nanomedicines, and improvements in healthcare infrastructure are the main reasons why China and Japan are predicted to grow at a high compound annual growth rate (CAGR) in the Asia-Pacific market.

Key players in the market

Some of the key players profiled in the Nanomedicine Market include Abbott, Sanofi SA, Pfizer Inc., GE Healthcare, CombiMatrix Corporation, Johnson & Johnson Services Inc., Luminex Corporation, Merck & Company Inc., Nanosphere Inc. , Celgene Corporation, Bristol-Myers Squibb Company, DiaSo, Invitae Corporation, Mallinckrodt plc, Leadient BioSciences Inc., Teva Pharmaceuticals Ltd., Nanospectra Biosciences, Inc., Arrowhead Pharmaceuticals, Inc., Ablynx  and CytImmune Sciences 

Key Developments:

In November 2023, Abbott has received U.S. Food and Drug Administration (FDA) approval for its molecular human papillomavirus or HPV screening solution, adding a powerful cancer screening tool for detecting high-risk HPV infections to the Alinity m family of diagnostic assays.

In October 2023, Sanofi and Teva announce exclusive collaboration to deliver inflammatory bowel disease treatment. Collaboration supports Sanofi’s immunology strategy of exploring novel mechanisms of action for chronic inflammatory diseases

In September 2023, Abbott announced it has completed the acquisition of Bigfoot Biomedical, a leader in developing smart insulin management systems for people with diabetes.

Product Types Covered:
• Nano Molecules
• Nanoshells
• Nanotubes
• Nanodevices
• Nanoparticles

Indications Covered:
• Infectious Diseases 
• Cardiovascular Diseases 
• Oncological Diseases 
• Orthopedic Diseases 
• Neurological Disorders 
• Urological Disorders 
• Ophthalmological Diseases 
• Other Indications 
Applications Covered:
• Diagnostic Imaging
• Regenerative Medicine
• Drug Delivery
• Vaccines
• Implants
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances