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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Further key findings from the study suggest:
- 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 raise the net annual sales of the products of both entities thereby uplifting market growth in the process.
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