Nanomedicine Market
Nanomedicine Market By Molecule Type (Nanoparticle, Nanoshells, Nanotubes, And Nanodevices), Applications (Drug Delivery, Implants, Diagnostic Imaging, Biomaterials, And Others), Indication (Cardiovascular, Oncology, Neurology, Orthopaedic, Infectious, And Others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing prevalence of chronic diseases and the growing adoption of nanotechnology-based methods for drug delivery across the globe.
The global Nanomedicine market is estimated to grow at a CAGR of 11.39% during the forecast period from 2024 to 2030. The demand for nanomedicine is primarily being boosted by the increasing prevalence of various chronic diseases such as cardiovascular, neurological, inflammatory, musculoskeletal, and other diseases. Further, increased government backing and funding, the surge in demand for therapies with fewer side effects, and cost-effectiveness of therapies, the surge in nano drug out-licensing, and the increasing use of nanotechnology-based contrast reagents for diagnosis and monitoring of pharmacological effects, among others are thereby contributing to the overall growth of the nanomedicine market during the forecast period from 2024-2030.
Nanomedicine Market Dynamics:
The nanomedicine market is witnessing a growth in product demand owing to various factors, one of the key factors being the rising figures of chronic diseases such as cancers, cardiovascular, neurological, and others.
For instance, according to the World Health Organization (WHO) 2022, in 2020 the incidence of breast cancer was 2.26 million cases, followed by lung cancer with 2.21 million cases, colon and rectum cancer with 1.93 million cases, prostate cancer with 1.41 million cases, skin cancer 1.20 million cases, and stomach cancer with 1.09 million cases, globally.
Also, as per the database provided by the European Commission, the incidence of cancer among women in Europe in 2020 was 1,912,080 and in males was 2,130,183.
Nanomedicine offers target therapies selectively to cancerous cells and neoplasms, from which clinicians can safely and effectively deliver chemotherapy, radiotherapy, and the next generation of immuno and gene therapies to the tumour. Nanomedicines can improve anticancer therapy by changing their pharmacology and improving the distribution within the tissue at the site of action. Thus, the increasing prevalence of cancers will increase the demand for nanomedicine used in the treatment or management of cancer, ultimately propelling the overall market of nanomedicine.
The latest study done by Alzheimer's Disease International estimated that there were over 55 million people worldwide living with dementia in 2020. This number will almost double every 20 years, reaching 78 million in 2030 and 139 million in 2050. There are over 10 million new cases of dementia each year worldwide, implying one new case every 3.2 seconds. Nanomedicine is used for the treatment of central nervous system disorders. They are fabricated with features that control the drug delivery to the brain and increase efficacy. Polymeric micelles, with their unique properties, particle size, and shell structure, work as a drug delivery vehicle to the brain. Thus, with the increasing prevalence of neurological diseases such as dementia or Alzheimer’s, the demand for nanomedicine will increase, thereby bolstering the overall market.
Additionally, market participants frequently develop new products to increase their visibility. For instance, in October 2020, Medtronic PLC unveiled their new Navigated Titanium Spinal Implant, the Adaptix Interbody System, including Titan nanoLOCK Surface Technology.
Therefore, the above-mentioned factors are contributing to the growth of the nanomedicine market during the forecast period from 2024-2030.
However, drawbacks of nanomedicine, stringent regulatory procedures, and others may restrict the nanomedicine market growth.
Nanomedicine Market Segment Analysis:
Nanomedicine Market by Molecule Type (Nanoparticle, Nanoshells, Nanotubes, and Nanodevices), Applications (Drug Delivery, Implants, Diagnostic Imaging, Biomaterials, and Others), Indication (Cardiovascular, Oncology, Neurology, Orthopaedic, Infectious, and Others), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World)
In the molecule type segment of the nanomedicine market, the nanoparticle category is expected to amass a significant revenue share in the year 2023. This was primarily owing to the benefits that various nanoparticles offer, as well as the growing usage of metal and metallic oxide particles in photodynamic therapy (PDT) for the treatment of infectious diseases and cancer.
Nanoparticles are spherical, polymeric particles composed of natural or artificial polymers. They range in size between 10 and 500 nm. As a consequence of their spherical shape and high surface area to volume ratio, these particles have a wide range of potential applications.
The nanoparticles are used in novel diagnostic instruments, imagery and methodologies, targeted medicinal products, pharmaceutical products, biomedical implants, and tissue engineering. They can be used for targeted drug delivery, hyperthermia, photoablation therapy, bioimaging, and biosensors. Nanoparticles are broadly classified into five categories, including metal, lipid, ceramic, polymeric, and semiconductor nanoparticles.
The nanoparticles used for drug delivery offer fewer side effects and reduce both dosage and dosage frequency. The nanoparticles can be used for the treatment of various diseases, such as cancer, cardiovascular, ocular, and central nervous system-related diseases.
Numerous businesses in this field are also working to create cutting-edge nanoparticle-based technology. For instance, NaNotics LLC and the Mayo Clinic began collaborating on research in January 2022 to create NaNot, a subtractive nanoparticle that selectively targets the soluble form of the immune inhibitor PD-L1, which is produced by tumours.
Thus, the above-mentioned factors are likely to propel the demand for nanoparticles, thereby contributing to the growth of the nanomedicine market during the forecast period from 2024-2030.
North America is expected to dominate the overall Nanomedicine Market:
Among all the regions, North America is estimated to account for the largest share in the Nanomedicine market in the year 2023. This domination is due to the increasing application of nanomedicine in early disease diagnosis, preventive intervention, and prophylaxis of chronic and acute disorders, the well-defined regulatory framework for the approval and commercialization of medicinal products, among others, will propel the market of nanomedicine in North America.
For instance, as per the study conducted by the Centre for Disease Control and Prevention (CDC) 2023, it was stated that in 2021, about 1 in 20 adults age 20 and older have Coronary Artery Disease (CAD). Also, every year, about 805,000 people in the United States have a heart attack. This high burden may lead to the high demand for specific therapeutic nano vectors, nanostructured stents, and implants for tissue regeneration used during the treatment or management of cardiac diseases.
A number of the nation's major market players are also creating new items and technologies to rival those already on the market, while others are purchasing and collaborating with other businesses that are hot commodities. To market and launch Nanox's cutting-edge X-ray systems in Mexico, SPI Medical and Nano-X Imaging engaged in a distribution partnership in 2020. Cathode ray tubes in conventional machines are replaced by Nanox ARC using semiconductors and nanotechnology.
Further, in August 2020, Promimic’s partner, Innovasis Inc., received the US FDA clearance to launch 3D-printed implants used in spinal fusion surgery. In addition, these implants use Promimic’s HAnano Surface Technology, a bioactive nano treatment for implant device surfaces that leads to increased molecular anchoring of medical implants.
Thus, all the above-mentioned factors will lead to an increase in the North America nanomedicine market growth during the forecasting period of 2024-2030.
Key Nanomedicine Companies In The Market:
Some of the key nanomedicine companies operating in the market include Sanofi, Pfizer Inc., Taiwan Liposome Company, Ltd., Johnson & Johnson, Bristol-Myers Squibb Company, Cytimmune Sciences, Inc., Luminex Corporation, Merck & Co., Inc., Starpharma Holdings Limited, Precision NanoSystems, Nanobiotix, Medtronic, Spago Nanomedical AB, Genetic Immunity, Nanospectra Biosciences, and others.
Recent Developmental Activities in the Nanomedicine Market:
- In March 2023, Moderna collaborated with Generation Bio to use its proprietary cell-targeted lipid nanoparticle delivery system for the development of non-viral genetic medicines to treat immune systems and liver-related disorders.
- In March 2021, a collaboration between two Barcelona institutions and the Nanomedicine Lab at the University of Manchester received EUR 12 million in funding for the advancements in the European medical nanotechnology industry.
- In October 2020, the Canadian government announced the funding of USD 18.2 million to Precision NanoSystems to develop an RNA vaccine for COVID-19. This investment will support the development of a cost-effective COVID-19 vaccine by using lipid-based drug delivery systems and nanomedicine.
Key Takeaways from the Nanomedicine Market Report Study
- Market size analysis for current nanomedicine market size (2023), and market forecast for 5 years (2024-2030)
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the global nanomedicine market.
- Various opportunities available for the other competitors in the nanomedicine market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030.
- Which are the top-performing regions and countries in the current nanomedicine market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for nanomedicine market growth in the coming future?
Target Audience who can be benefited from this Nanomedicine Market Report Study
- Nanomedicine products providers
- Research organizations and consulting companies
- Nanomedicine-related organizations, associations, forums, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders dealing in nanomedicine
- Various End-users who want to know more about the nanomedicine market and the latest technological developments in the nanomedicine market.
