Nanomedicine Market Size Is Poised To Reach $410.15 Billion By 2030: Grand View Research Inc.

 

Nanotechnology was earlier thought of having good things in store only for the technology sector; however, it has spread its wings to work its charm in other sectors also, most notably healthcare, through introduction of nanomedicines. So, how have they exactly changed the face of this critical sector?

The global nanomedicine market size is expected to reach USD 410.15 billion by 2030, expanding at 11.57% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The advantages of nanomedicine in numerous healthcare applications, the emergence of novel drug delivery technologies, and the rise in demand for safe and affordable treatments are all contributing to the expansion of the nanomedicine industry. The adoption of nanomedicines is driven by the rise in the prevalence of chronic diseases like cancer and cardiovascular disease. Additionally, the demand for nanomedicine is expanding due to the growing elderly population, and the increase in patients with high blood pressure, obesity, and other cardiovascular diseases. For instance, as per the American Cancer Society, in 2022, an estimated 1.9 million new cancer cases and 609,360 cancer-related deaths were expected in the U.S. alone.

Furthermore, the need for nanomedicines to cure a wide range of illnesses has increased as a result of the COVID-19 pandemic. The development of new approaches for the detection, diagnosis, and cure of the COVID-19 virus as well as other viral infections was made possible by the development of nanomedicine applications. For instance, in November 2020, BioNtech and Pfizer announced the full results of the phase 3 clinical study for the COVID-19 vaccine. They rapidly manufactured vaccinations for testing and regulatory approval using a known technique for encapsulating therapeutic nucleic acid molecules in lipid nanoparticles. Additionally, due to an increase in activities for research and development for nanomedicines across all regions, fueling the market growth.

The global population has become an easy target for a number of diseases, many of them being life-threatening. Cancer has been a major cause of mortality in the past many years, with 14 million new cases being observed in 2012 and 8.2 million cancer-related deaths. This number rose steadily to 17 million new cases in 2018, with 9.6 million deaths. Not only cancer, CVD, diabetes, and Alzheimer’s and Parkinson’s diseases have become very pronounced among the general population. That is why there is a growing requirement for drastic improvements in the current levels of disease treatment, and there has been a paradigm shift in the realm of disease management towards nanotechnology-based solutions.

Nanomedicine is the application of nanotechnology in the medical field. The shift in disease management is mainly due to the versatility of products offered by this technology as they have potential applications into various aspects of disease prevention and treatment such as drug delivery systems, imaging techniques, and diagnostic tests.

Development of nano-medical devices including quantum dots, nanoparticles, nano-shells, and nanotubes are anticipated to provide the healthcare industry with a wide range of innovative solutions for targeted therapeutic delivery and diagnostic capability going down to a molecular level in real time. Nanomedicine involves the medical application of nanomaterials and biological devices, as well as those of nano-electric biosensors, along with future molecular nanotechnology applications.

Access Research Report of Nanomedicine Market @ https://www.grandviewresearch.com/industry-analysis/nanomedicine-market

Nanomedicine Market Report Highlights

• By application, the drug delivery segment accounted for the largest share of 34.09% in 2022. The need for cutting-edge treatments for neurological conditions like Parkinson's disease, brain tumors, and Alzheimer's disease is expected to spur additional market expansion for nanomedicine-based drug delivery systems
• By indication, the clinical oncology segment held the largest share of 32.44% in 2022. The growing prevalence of cancer and the advantages of nanomedicines such as high sensitivity and improved therapeutic efficacy are promoting the segment growth
• By molecule type, the nanoparticlessegment held the largest share of 76.32% in 2022. The widespread use of metal & metallic oxides and the utilization of nanoparticles in various medical settings is expected to encourage market expansion in the forecasted years
• North America held the largest share of 49.91% in 2022. This can be attributed to the presence of a significant number of key players, as well as rising healthcare spending and federal assistance in the region

Nanotechnologies: Future in healthcare

Nanomedicine has always been the apple of the eyes of the healthcare sector, with the seventh EU research program framework allotting almost €430 million in 84 such projects focusing on preclinical research, and involving around 1000 laboratories.

Nanotech-based treatments, as already mentioned, avoid side-effects that are associated with conventional medicines, and this has shown great promise in the treatment of certain types of cancer, specifically the chemotherapy phase. Another promising application area is improving the effectiveness of biologics that have poor bioavailability, such as insulin, whose efficacy and accuracy can be improved by packaging it in hollow nanoparticles.

The small size of nanoparticles has made them ideal candidates for imaging applications by acting as contrast agents. This helps in the easier identification of abnormalities such as damaged tissues or tumors. This, naturally, helps in improving the accuracy of the surgical process. Another area where nanoparticles are attracting attention is acting as a highlighter for understanding the distribution and metabolization of a drug, as nanotechnology makes use of quantum dots that act as luminescent tags.

Drug resistance in case of antibacterial treatments is another area where nanomedicines can help shine a light, such as nanozymes, which are able to mimic major antioxidant enzymes and can help in combating infectious diseases as well as degenerative ones. Besides this, nanomedicines are also being looked towards for addressing wound treatments.

List of Key Players in the Nanomedicine Market

• Abbott Laboratories
• CombiMatrix Corporation
• Celgene Corporation
• Nanospectra Biosciences, Inc.
• GE Healthcare
• Johnson & Johnson Services, Inc.
• Mallinckrodt Pharmaceuticals
• Merck & Co., Inc.
• Pfizer, Inc.
• Teva Pharmaceutical Industries Ltd.
• Arrowhead Pharmaceuticals, Inc.