Transparency Market Research has announced the publication of its new report titled, “Nanomedicine Market (Neurology, Cardiovascular, Anti-inflammatory, Anti-infective, and Oncology Applications) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”. According to this report, the global nanomedicine market was valued at US$78.54 billion in 2012, and is further expected to grow considerably to reach an estimated value of US$177.60 billion by 2019. The overall market is expected to grow at a CAGR of 12.3% between 2013 and 2019.
The report throws light on the growing scope of the Nanomedicine market globally and discusses the overall potential growth areas, restraints and many other factors within the nanomedicine market over the period of forecast.
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According to the study report, the development of a new nanomedicine takes approximately more than 15 years. Development of nanomedicine incurs high monetary investment and is often based on various technologies such as virosome nanoparticles, micelles, nanoemulsions, nanopores, liposomes, quantum dots, fullerenes, nanocrystals, nanorods, dendrimers, and nanorobots. The report further talks about the nanomedicine based products used for various medical applications and details the vital role played by the increasing research activities in order to improve the drug efficacy. Also, rising geriatric population, government support, prevalence of medical needs in need of treatment, as well as growing incidence of chronic diseases worldwide are considered to be some of the key driving factors of the nanomedicine market.
Introduction of new technologies and applications, and profitable initiatives taken by privately-funded and government institutions in the nanomedicine market will propel growth to a considerable degree on a global level. Such aspects promote the commercialization of new nanomedicine products in the global market.
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Considering the nanomedicine market based on the type of applications, the global nanomedicine market is further divided into anti-infective, oncology, anti-inflammatory, neurological, cardiovascular, and other applications. Some of the other applications include ophthalmology, hematology, dental, kidney diseases, orthopedic, and other therapeutic and diagnostic applications of nanomedicines. Over the years, the market for nanomedicine has witnessed increasing research activities in the various fields of neurology, oncology, and cardiovascular applications in order to overcome the barriers within the drug delivery industry. The market has also seen an improvement in the efficacy of drug through the introduction of nanoparticle based medications. Aimed at providing higher bioavailability, these medications are now easily available across different regions in the world.
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On the basis of application and geography, the global nanomedicine market defines the market size for each of these segments and provides details in terms of USD billion for the period 2011 – 2019.
Of all the applications in the nanomedicine market, the leading application segment was that of oncology holding approximately a 38% share of the overall market in 2012. Nevertheless, cardiovascular market is the next fastest growing segment in the nanomedicine market. Growth in this segment is witnessed due to the demand for drugs and devices on nanomedicine and presence of a sizeable patient population across the globe. These factors are together anticipated to boost the growth of the cardiovascular segment within the nanomedicine market.
The global nanomedicine market is analyzed based on the geographic regions such as North America, Europe, Asia-Pacific and Rest of the World.
According to the report, North America was dominating the nanomedicine market in 2012. The region is expected to continue to hold its leading position over the forecast period until 2019. The next fastest growing nanomedicine market will be Asia-Pacific which is currently growing at a CAGR of 14.6% between 2013 and 2019. Analysis in this study report also shows that the European region is predicted to grow relatively higher than that of North America and many other regions across the globe.
Some of the key market players included in the nanomedicine market include GE Healthcare, Merck & Co Inc, Pfizer Inc., Abbott Laboratories, Nanosphere Inc., and many more.