Rising Incidence of Chronic and Life-Threatening Diseases, Coupled with the need for Improving Disease Detection Propelling the Nanomaterials in Theranostics Market
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Several nanomaterials in theranostics have proven promising for the treatment of chronic and fatal diseases such as cancer, AIDS, and various types of cardiovascular diseases. Adequate surface modifications are being made in a variety of polymeric and inorganic nanoparticles to enhance their conjugation with biomolecules and their interactions with target tissues. As a result, the market is witnessing the development of various classes of nanoscale particles with reduced cytotoxicity and advanced therapeutic applications, improving the quality of life for patients.
The report offers in-depth insights into the key market dynamics, current trends, and recent technological advances in nanomaterials, emerging theranostics applications, lucrative avenues, and competitive dynamics. The research study takes a closer look at several cross-disciplinary researches in drug discovery and highlights major developments in nanomaterials by leading players for expanding theranostics applications.
The rising incidence of chronic and life-threatening diseases, coupled with the need for improving disease detection, and the demand for advanced chemotherapeutic treatments are the key factors propelling the market. The growing potential of clinically translatable nanomaterials in the areas of biological imaging and therapy is anticipated to boost the market. Continuous researches in improving the biocompatibility of a range of nanoparticles, mainly through appropriate surface modification, has fuelled the demand for nanomaterials in theranostics.
In addition, increasing applications of nanoparticles for effective target-specific drug delivery has stimulated their applications in hyperthermia-based cancer treatments, thereby bolstering the demand for nanomaterials in theranostics. Some of the most common classes of nanoparticles used in theranostic applications are gold nanoparticles, mesoporous silica nanoparticles, quantum dots, and nanocrystals. However, lack of favorable regulatory framework, stringent approval requirements, and spiraling developmental costs are some of the key factors likely to hinder the nanomaterials in theranostics market to an extent.
Nevertheless, recent partnerships and collaborations between several pharmaceutical and medical devices companies and substantial investments of biotech companies in nanoparticles are expected to unlock abundant opportunities for market players over the forecast period. Furthermore, the application of carbon-based nanoparticles for making a wide range of drug delivery systems is expected to open up lucrative avenues in the coming years.
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North America is one of the major markets for nanomaterials in theranostics. In the U.S., the theranostic witnesses wide applications in biosensing, bioimaging, and targeted drug delivery. Recent translational researches in the region have expanded the potential of theranostic nanomedicine for a variety of diseases, thereby boosting the nanomaterials in theranostics market. In addition, a robust awareness among patients and clinicians in the efficacy of nanomaterials in theranostics, and aggressive efforts by manufacturers to market their products are expected to catalyze growth. Europe is another prominent market for the demand for nanomaterials in theranostics. The substantial growth of this regional market can be attributed to growing number of product approvals and vast unmet market needs.
Asia Pacific is expected to show vast opportunities for numerous manufacturers and vendors. This is attributed to increased focus on R&D activities in nanoparticles, cheap procurement of raw materials, and a rapidly rising patient population pool.
Companies vying for a sustained share in the nanomaterials in theranostics market include Abalonyx, Nanomat, Inc. Affymetrix, Aldlab Nanotech, Berkeley Advanced Biomaterials, Inc., ACS Materials, AMAG Pharmaceuticals, Inc., Applied Graphene Materials plc, A.P. Pharma, Inc., Monogram Biosciences Inc., Nanocarrier Co. Ltd., Liquidia Technologies, Inc., and Advanced Proteome.
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