Medical application of nanotechnology is referred as nanomedicine. Potential applications include in biological devices, nanomaterials, nanoelectronic biosensors, molecular nanotechnology including biological machines. Some of the recent problems for nanomedicines include realizing the issues of toxicity and the impact on environment, of nanoscale materials (i.e., on the scale of 0.1 to 100 nm). Various functionalities can be added further to nanomaterials by amalgamating them with biological structures or molecules. Usually, the size of nanomaterials is very similar to that of the majority of biological structures and molecules; hence, nanomaterials can be functional for both in vitro and in vivo biomedical applications and research. Till now, the mixing of biology with nanomaterials has led to the progress in the fields of diagnostic devices, analytical tools, contrast agents, drug delivery vehicles, and physical therapy applications.
In diagnosis, nanotechnology based methods are usually more reliable, precise, and require least amount of sample which results into significant reduction in utilization of disposables and reagents. Aside from diagnosis, nanotechnology is widely used in drug delivery purposes owing to nanoscale particles having larger surface to volume ratio than that of micro and macro sized particles, which are responsible for superior drug loading. Nano products can enter into the body cavities for treatment or diagnosis with least amount of invasiveness and with improved bioavailability. This is likely to not only develop the efficacy of diagnosis and treatment, but also reduce side effects in the cases of targeted therapy.
The global nanomedicines market is driven by many factors such as rising technological know-how, better regulatory framework, augmented research funding, increasing government support as well as continuous increase in the occurrence of chronic diseases including diabetes, obesity, cancer, orthopedic diseases, and kidney disorder. Some of the other factors driving the market are aging population, and increasing preference for targeted nanomedicines. Nonetheless, market entry of new manufacturers is likely to bridge the supply and demand gap of nanomedicines. Presently, the aforementioned drivers balance the risk related with nanomedicines such as high cost and toxicity. Cancer is one of the key target areas for nanomedicines. Depocyt, Doxil, Oncospar, Neulasta, and Abraxane are some of the pharmaceuticals formulations that use nanotechnology. According to National Cancer Institute, around 1,685,210 new cases of cancer were diagnosed in the U.S. alone in 2016 and the number is likely to rise in the future. Since nanomedicines is considered as a major line of treatment of cancer, hence, the overall market of nanomedicines is projected to rise at a significant pace over the forecast period.
By geography, North America held the largest market share in the global nanomedicines market. However, Asia Pacific market is likely to grow at a considerable rate owing to rapid rise in geriatric population, increasing awareness about health care, and rise in disposable income in the region.
Nanomedicines Market Taxonomy
On the basis of Nanomolecule type, global market is classified into:
On the basis of application, global market is classified into:
On the basis of disease type, global market is classified into:
High costs associated with research as well as manufacturing of nanomedicines may hinder the growth of the market in the coming years. As the manufacturing cost increases, so does the cost of procurement of these drugs for the consumers, especially in the developing countries. Thus, the cost issue is expected to have a sizeable impact on the global nanomedicines market during the forecast period.
High unmet medical needs along with increasing prevalence of chronic diseases will drive growth of the global nanomedicines market
With the introduction of cutting-edge products and therapies including portable imaging devices, advanced medical sensors, and non-invasive surgical tools, there is a gap between patient demand and treatment supply. Advancements in nanomedicines are likely to fill the gap. In the coming years, the assurance of nanomedicines of carrying the drugs to the target site and in the right proportion is likely to cater to the needs of complex disease conditions, thereby meeting the unmet medical needs and hence, drive the nanomedicines market.
The nanomedicines market growth will be fueled by the significant increase in the occurrence of chronic diseases across the world. The rising pool of chronic patients as well as vast unmet medical demands is going to be responsible for a steady growth of the market during the forecast period.
Some of the key players operating in the global nanomedicines market are CombiMatrix Corporation, Abbott Laboratories, GE Healthcare, Johnson & Johnson, Sigma-Tau Pharmaceuticals, Inc., Mallinckrodt plc, Nanosphere, Inc., Merck & Company, Inc., Celgene Corporation, Pfizer, Inc., UCB (Union chimique belge) S.A, and Teva Pharmaceutical Industries Ltd.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized firstname.lastname@example.org
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.