Preliminary research of Fairfield Market Research indicates a promising growth outlook for global nanomedicine market during the course of next few years.
An Ascending Number of Cancer Cases to Fuel Growth of Nanomedicine Market
Increasing perception as a promising method of treating cancer, nanomedicine has been lately experiencing high popularity. While this expanding area of medical study can be used to find more precise treatments for various illnesses, including cancer, soaring incidence of cancer worldwide is expected to drive the growth of nanomedicine market. For instance, the global burden of cancer climbed to 19.3 million cases and 10 million cancer deaths in 2020, according to GLOBOCAN 2020. The most common application of nanomedicine involves employing nanoparticles to enhance the action of drugs in treatment. Research in the field has created targeted drug delivery, new methods of diagnosis and imaging as well as the production of hybrid treatments. The benefits of nanomedicine can be divided into the advantages produced by nanotherapeutics, nanodiagnostics, and nanotheranostics. Nanotechnology has been applied to increase absorbability.
Nanomedicine is also applicable for drugs that are absorbed too quickly and removed from the body as waste before treatment can be affective. Nanomedicine can increase the time in which a drug remains active in the body. Called enhanced permeability and retention (EPR) and is an example of passive drug targeting, nanotherapeutics provides site specific drug delivery for treatment of inflammatory diseases through the same accumulation effect as found in solid tumours. Nanomedicine provides hopeful improvements over the current cancer diagnosis and treatment approaches in oncology. Cancer medicines and diagnostics based on nanotechnology have advanced significantly, and many more innovative advancements are currently in the works.
Nanomedicine Market Receives an Impetus from Newly Emerging Biomedical Applications
Various engineered nanomaterials, and nanoplatforms with different shapes, sizes, and compositions have been developed for multiple biomedical applications, according to a research article, titled "Recent Advances in Nanomaterials Development for Nanomedicine and Cancer" (July 2021). Point-of-care and susceptible cancer detection methods have also been developed using many nano-based materials and technologies. As a result, nanomedicine market is expanding due to developments in nanomedicine for cancer diagnosis. By 2020, Alzheimer's Disease International predicts that about 50 million people globally have dementia. Every 20 years, this number is expected to double, rising to 82 million in 2030 and 152 million in 2050.
Additionally, the industry is significantly driven by the regular releases of cancer medications using nanomedicine technology. Hensify (NBTXR3), an aqueous suspension of crystalline hafnium oxide (HfO2) nanoparticles intended for injection directly into the tumour before a patient's first standard radiotherapy treatment for advanced soft tissue sarcoma, received CE approval in April 2019 from Nanobiotix, a clinical-stage nanomedicine company. According to a study by Ye Zhang et al., researchers at Cornell University and Memorial Sloan Kettering Cancer Center created silica-hybrid nanoparticles (C-dots) for PET imaging patients with metastatic melanoma or malignant brain tumours published in the Journal of Hematology & Oncology Journal 2019. These nanoparticles can specifically bind to integrins and be utilized to probe tumour cells when combined with cyclo-[Arg-Gly-Asp-Tyr] (cRGDY) peptides that have been 124I-labeled.
Increase in Awareness Regarding Nanomedicine Application Elevates Prospects of Nanomedicine Market
Drug delivery is expected to be the fastest-growing segment of the Nanomedicine market over the forecast period. For the treatment of various ailments, therapeutics include medications, equipment, and drug delivery systems. Nanoparticles are a promising method for delivering medicines to the intended site of action because of the distinctive physicochemical characteristics they display. Additionally, drug administration is made possible by nanotechnology-enabled drug delivery systems, which have the distinguishing qualities of improving the cellular penetration of a given drug and reducing its toxicity. These advantages are predicted to promote nanotechnology as a new product category for drug delivery, positively affecting growth throughout the projection period. The creation of innovative delivery products using various nanoparticle types is anticipated to drive segment expansion.
Technology Developments to Underpin Nanomedicine Market Expansion in North America
North America is the largest user of Nanomedicine and is expected to grow at the fastest rate throughout the forecast period. Technology developments and pertinent applications in early illness detection, preventative intervention, and prevention of chronic and acute disorders are the main drivers of market expansion, and they are anticipated to support the growth of nanomedicine market in the United States. For instance, according to the Centers for Disease Control and Prevention, one in four fatalities in the United States will occur due to heart disease in 2021. Stroke is the second highest cause of cardiovascular disease-related mortality in the United States, accounting for 360,900 fatalities (805,000). This heavy burden may result from a strong need for particular therapeutic nano vectors, nanostructured stents, and implants for tissue regeneration; the nation is doing several R&D projects on nanotechnology-based medications and diagnostics, which could stimulate the expansion of nanomedicine market. For instance, in January 2020, scientists from Stanford University created a drug that, when administered to mice, reduces the amount of plaque that builds up in their arteries without having any adverse side effects.
A number of the nation's major market players are also creating new items and technologies to rival those already on the market, Others purchasing and collaborating with other hot commodities businesses. 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. Nanomedicine has also been proven to be crucial in the creation of vaccinations during the COVID-19 pandemic. Researchers and industry participants in the area are expanding their experimental research to identify viable and promising treatments that may successfully combat the highly contagious COVID-19 virus. The development of an RNA vaccine for COVID-19 would be funded with USD 18.2 million by the Canadian government, according to an announcement made in October 2020. Using lipid-based drug delivery technologies and nanomedicine, this funding will aid in the creation of a COVID-19 vaccination that is both affordable, and productive.
Global Nanomedicine Market: Competitive Landscape
A research partnership between NaNotics LLC and Mayo Clinic was established in January 2022 to create a NaNot that targets the soluble version of the immune inhibitor PD-L1 produced by tumours. On the other side, A partnership between two Barcelona institutions and the University of Manchester's Nanomedicine Lab secured EUR 12 million in financing for developments in the European medical nanotechnology sector in March 2021.
Some players in global nanomedicine market include Abbott Laboratories, General Electric Company, Invitae Corporation, DiaSorin S.p.A., Leadient BioSciences Inc., Pfizer Inc, Mallinckrodt plc, Johnson & Johnson, Merck & Co., Inc., and Teva Pharmaceuticals Ltd.
Global Nanomedicine Market is Segmented as Below:
Key Elements Included In The Study: Global Nanomedicine Market
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