Nanomedicine Market Analytical Overview and Growth

Nanomedicine Market: Overview

• According to Transparency Market Research's latest report on the global nanomedicine market for the historical period 2017-2019 and forecast period from 2021 to 2028, increase in research funding, rise in government support, improved regulatory framework, technological advancements, and surge in prevalence of chronic diseases are projected to drive the global nanomedicine market during the forecast period

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Rise in Prevalence of Chronic Diseases such as Cancer and Cardiovascular Diseases: Key Driver

• Cancer is a leading cause of death across the world. According to the International Agency for Research on Cancer, the worldwide cancer burden has increased to 19.3 million cases and 10 million cancer deaths in 2020. By 2040, the number of new cancer cases per year is anticipated to reach 29.5 million, with 16.4 million cancer-related deaths.
• Diet is one of the key risk factors that leads to increase in number of patients with obesity and high blood pressure. Hence, change in dietary habits results in rise in prevalence of cardiovascular diseases. According to the Centers for Disease Control and Prevention, heart diseases account for nearly 655,000 deaths in the U.S. each year.
• Aging is consistently reported as a major risk factor for neurodegenerative diseases. Therefore, surge in geriatric population contributes to the increase in number of patients with various brain diseases. An article published in the Journal of the Alzheimer's Association indicated that the prevalence of Alzheimer's dementia increases dramatically with age; 3% of people aged 65 to 74, 17% of people aged 75 to 84, and 32% of people aged 85 or older have Alzheimer's dementia.
• Nanomedicine is widely used in the treatment of chronic diseases such as cardiovascular diseases, diabetes, cancer, dementia, and others, where it aids in the rapid metabolism of medications in the body. Hence, rise in prevalence of chronic diseases is expected to boost the growth of the global market.

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Improvement in Nanomedicine Technology Boosts Market Growth

• Nanomedicine is a niche segment, with research & development as an integral part of the market. There is a need to identify and exploit the current technologies for nanomedicine such as nanocarriers, nanoparticles, and nanosensors to their full potential. Technologies such as targeted drug delivery, nanoparticle based diagnostic agents, and conjugated drug nanoparticles have already experienced an array of applications in the medical field.
• Development of new technologies such as nanorobots, molecular nanotechnology (MNT), and nanovaccinology will open up new areas of applications and drive the nanomedicine market. The implications of lab-on-chip technology will be quite beneficial for the healthcare diagnostics market due to increased accuracy with reduced sampling size. Use of biomaterials in bone grafts and replacement therapies has improved the success rate and reduced complications in this segment. Hence, enhancement in the nanomedicine technology is expected to augment the market.

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High Cost of Nanomedicine Manufacturing R&D to Hamper Market

• The nanomedicine market is concerned about both research and manufacturing costs as well as market price for the end-user. For a developing organization, nanomedicine research & development requires a large amount of resources, which raises worries about receiving finances.
• Research activities involving new technology development require significant investment, which is expected to be received with significant profits by the innovator. Nanomedicine is a niche segment and requires high investment. This deters companies to enter the market due to uncertainty of receiving expected profit.

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Nanomedicine Market: Competition Landscape

• This report profiles major players in the global nanomedicine market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
• The global nanomedicine market is quite competitive, with the top ten players accounting for major share of the market and companies focusing on research & development to produce better pharmaceutical and vaccine products for the existing diseases
• Leading players operating in the global nanomedicine market are
o Sigma-Tau Pharmaceuticals, Inc.
o Celgene Corporation
o Mallinckrodt plc
o Teva Pharmaceutical Industries Ltd.
o Johnson & Johnson
o Merck & Co., Inc.
o Pfizer, Inc.
o GE Healthcare
o UCB SA
o Nanosphere, Inc.
o CombiMatrix Corp
o Abbott Laboratories, among others

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Nanomedicine Market: Key Developments

• Key players in the global nanomedicine market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global nanomedicine market. A few expansion strategies adopted by players operating in the global nanomedicine market are:
o In January 2022, NaNotics LLC announced a research cooperation with Mayo Clinic in order to create a NaNot that targets the soluble version of PD-L1, a tumor-generated immune inhibitor
o In August 2020, Innovasis, Inc. obtained the U.S. FDA authorization and released 3D-printed implants used in spinal fusion surgery. Moreover, Promimic's HAnano Surface Technology is used in these implants, which is a bioactive nano treatment for implant device surfaces that results in enhanced molecular anchoring of medical implants.
o In April 2019, Nanobiotix, a clinical-stage nanomedicine company, received CE approval for Hensify (NBTXR3), an aqueous suspension of crystalline hafnium oxide (HfO2) nanoparticles designed for injection directly into the tumor prior to a patient's first standard radiotherapy treatment of metastatic soft tissue sarcoma.
• The report on the global nanomedicine market discussed individual strategies, followed by company profiles of manufacturers of nanomedicine devices. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global nanomedicine market.

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