The term Nanotechnology is used when the developments occur at very miniscule 0.1 to 100 nm scale.Nanomedicineis an offshoot of Nanotechnology which basically involves development of medicines at a molecular stage. The medicines ae developed for treatment of life threatening diseases such as cancer, Parkinson, Alzheimer, diabetes, etc. These also have various other applications such as diagnosis, prevention and even regeneration of tissues.
The development of a nanomedicine is a tedious process and usually takes several years. These are based on technologies such as quantum dots, nanorobots, nanorods, nanoparticles, fullerenes, liposomes and more. The diagnosis field has more precise and reliable nanotechnology methods. These require minimum biological sample which facilitates considerable reduction in consumption of reagents and disposables. This technology is also widely used in drug delivery purpose due to nanoscale particles.
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Market Dynamics
A number of factors drive the market for Nanomedicine. The improvement in regulatory framework, the technology becoming more familiar, heavy funding and a positive mindset by the governments of various countries help its cause. Apart from these, a continuous increase in the aforementioned chronic diseases has been observed. Thus, there has been a phenomenal rise in the demand of nanomedicines. With new companies stated to enter the market, the supply-demand gap of nanomedicines will be bridged to a larger extent. There are debates on the toxicity of these medicines and the high cost associated to it but currently, the benefits outweigh the riskinvolved.
Market Segmentation
The basis of segmentation of this market is applications in medicines, targeted disease and geography. The application segment includes, drug delivery, drugs, biomaterials, active implant, in-vitro diagnostic, and in-vivo imaging where drug delivery contributes higher than rest followed by in-vitro diagnostics. It is divided on the basis of diseases in the following segments: neurology, cardiovascular, oncology, anti-inflammatory, anti-infective and others. Till 2012, the market was heavily dominated by oncology segment however currently, the cardiovascular nanomedicine market is the fastest growing.
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Regional/Geographic Analysis
The market was heavily dominated by the US but there has been a rise in the Asia Pacific region and is expected to grow faster owing to a rapid increase in geriatric population and rising awareness of healthcare. Even Europe is stated to grow faster than the US due to its extensive product pipeline portfolio and improving regulatory frameworks.
Key Players
Some of the major players in the market includeGE Healthcare, Abbott Laboratories,Sigma-Tau Pharmaceuticals, Inc., Johnson & Johnson, Mallinckrodt plc, Merck & Company, Inc., Nanosphere, Inc., Pfizer, Inc., Celgene Corporation, Teva Pharmaceutical Industries Ltd.About Kenneth Research
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Healthcare Nanotechnology (Nanomedicine) Market is Anticipated to Register a Significant CAGR over a Forecast Period 2016-2022 - Germany English News
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