Global nanomedicine market is expected to reach $528 billion by 2019.
(PRWEB) September 30, 2015
Wellesley, Mass., September 30, 2015 – Increasing market penetration by existing products and the commercialization of new technologies are spurring double-digit growth in the nanomedicine market. BCC Research reveals in its new report that these trends will strengthen, leading the market to more than double in value during the forecast period.
The report defines nanomedicine as the therapeutic and diagnostic use of nanoscale or nanostructured materials, which, because of their size and/or structure, have unique biomedical effects such as the ability to cross biological barriers and the passive targeting of tissues. Nanomedicine is the abbreviation of nanotechnology-enabled medicine.
In 2014, global nanomedicine market was valued at $248.3 billion. During the forecast period (2014-2019), the market is projected to reach $528 billion by the end year, reflecting a five-year compound annual growth rate (CAGR) of 16.3%.
Nano-enabled medical products began appearing on the market over a decade ago. The main therapeutic areas they have impacted are cancer, CNS diseases, cardiovascular disease and infection control. While nano-enhanced drug delivery products are a commercial reality, more advanced nanotech-based medical devices remain in development, although some are at the clinical testing stage.
Governments and corporations are funding most of the current R&D in nanotechnology. In the nanomedicine field, pharmaceutical and specialist companies occupy the forefront of research into the medical applications of nanotechnology. Drug delivery remains a near-term opportunity for medical nanotechnology, with diagnostics as the second major opportunity in the immediate future. With the latter, biochip developments and nanobiotechnology have contributed significantly to segment growth.
Market drivers for nanomedicine product development include unmet medical needs such as direct targeting of diseased tissue, early diagnosis of cancer, transport of drugs across the blood-brain barrier and development of implant materials with longer lifespans. Nanomedicine sets out to contribute to overcoming these problems in concert with other medical technologies such as biopharmaceutical drugs, cell therapy and gene therapy. Thus nanotechnology is only one of several drivers for innovation in medicine.
“Among challenges facing the development of nanomedicine is the low degree of interest in the pharmaceutical and medical device industries,” says BCC Research analyst Paul Evers. “Startups currently pursue a wide spectrum of ideas on improving disease treatment and diagnosis based on nanotechnology, but it is difficult for them to enthuse major pharmaceutical or medical devices companies to license their technology or partner with them to bring their novel nanomedicine approaches to market.”
Nanotechnology in Medical Applications: The Global Market (HLC069C) examines technologies supporting nanomedicine, evaluates technologies in development, and analyzes the regulatory environment. The report also identifies market dynamics, growth drivers, inhibitors, opportunities, and forecasts trends and revenue through 2019.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
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