Albany, New York, USA (PRWEB) January 15, 2014
According to a new market report published by Transparency Market Research "Nanomedicine Market (Neurology, Cardiovascular, Anti-inflammatory, Anti-infective, and Oncology Applications) - Global Industry Analysis, Size, Share,Growth, Trends and Forecast, 2013 - 2019," the market for nanomedicine was valued at USD 78.54 billion in 2012 and is expected to reach a value of USD 177.60 billion in 2019, growing at a CAGR of 12.3% from 2013 to 2019.
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The advent of new applications and technology in the field of nanomedicine will be one of the major growth factors for the global nanomedicine market. In addition, increase of funding aimed at boosting the research activities pertaining to nanomedicine by the government as well as private institutions will expedite the process of commercialization of new products and hence will drive the market. Other driving factors include rising base of geriatric population, presence of high unmet medical needs and rising worldwide incidences of chronic diseases.
The global nanomedicine market by applications was dominated by the oncology market with a market share of approximately 38.0% in 2012 on account of the presence of high number of commercialized products in this segment. Development of nanomedicine products enabling drugs crossing blood brain barrier and targeting the tumor in brain and at other sites in the body will prove to be a significant future growth driver for this market.
However, the global cardiovascular market for nanomedicine is the fastest growing application segment. Factors such as the presence of large patient prevalence coupled with rising demand for nanotechnology enabled drugs and devices catering to this segment, attribute to its high growth rate.
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North America dominated the market in 2012 and is expected to maintain its market position till 2019. However, theAsia-Pacific market is estimated to grow at a faster pace (CAGR of 14.6% from 2013 to 2019).Europe is expected to grow at a relatively higher rate compared to North America owing to constantly improving regulatory framework and the presence of an extensive product pipeline portfolio.
Some of the key players in the global nanomedicine market include GE Healthcare, Merck & Co Inc., Abbott Laboratories, Pfizer Inc., Nanosphere Inc., Mallinckrodt plc, Teva Pharmaceutical Industries Ltd., Sigma-Tau Pharmaceuticals Inc., Celgene Corporation, Novavax, Inc.; Life Technologies, MagArray, Inc., Gilead Sciences Inc. and others.
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