The global nanomedicine market is anticipated to reach USD 350.8 billion by 2025, 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 that are more cost-effective than traditional therapies, in particular for cancer.
Application of nanotechnology-based contrast reagents for diagnosis and monitoring of the effects of drugs on an unprecedented short timescale is also attributive drive growth in the coming years. Additionally, demand for biodegradable implants with longer lifetimes that enable tissue restoration is anticipated to influence demand.
As per the WHO factsheet, cancer is found to be one of the major causes of mortality and morbidity worldwide, with approximately 14 million new cases in 2012 and 8.2 million cancer-related deaths. 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 pharmacokinetics, nanoparticles for local control of tumor in combination with radiotherapy, and functionalized nanoparticles for targeted in-vivo activation of stem cell production are anticipated to drive R&D, consequently resulting in revenue generation in the coming years.
Biopharmaceutical and medical devices companies are actively engaged in development of novel products as demonstrated by the increasingly growing partnerships between leading enterprises and nanomedicine startups. For instance, in November 2015, Ablynx and Novo Nordisk signed a global collaboration and a 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 uplifting the market growth.
However, in contrary with the applications of nanotechnology, the entire process of lab to market approval is a tedious and expensive one with stringent regulatory evaluation involved thereby leading investors to remain hesitant for investments.
Further key findings from the report suggest: Therapeutics accounted for the largest share of market revenue in 2016 owing to presence of nanoemulsions, nanoformulations, or nanodevices
These devices possess the ability to cross biological barriers. Moreover, presence of drugs such as Doxil, Abraxane, and Emend is attributive for higher revenue generation
Presence of substantial number of products manufactured through the use of microbial sources can be attributed for the largest share
In-vitro diagnostics is expected to witness lucrative progress as a result of R&D carried out in this segment
Introduction of nano-enabled biomarkers, vectors and contrast agents with high-specificity and sensitivity are attributive for projected progress
Clinical cardiology is expected to witness the fastest growth through to 2025 owing to development in nano-functionalization and modification of surfaces for increased biocompatibility of implants in treatment of late thrombosis
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 revenue generation from European economies
Asia Pacific is estimated to witness the fastest growth over the forecast period
Factors responsible include government and regulatory authorities that have implemented a framework to encourage R&D collaborations and framework extension.
Key players operating in this industry include Pfizer Inc., Ablynx NV, Nanotherapeutics Inc., Nanoviricides Inc., Abraxis Inc., Arrowhead Research Inc., Celgene Corporation, Bio-Gate AG, and Merck
Active expansion strategies are undertaken by a number of the major market entities in order to strengthen their position
North America dominated the industry in 2016, accounting for a 42% of total revenue
Presence of key participants operating in the region are involved in collaborative activities are attributive for the largest share of North America in sector revenue
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