Nanotechnology is an emerging field of science that involves atomic or molecular level manipulation of matter. A nanometer is equals to 1 billionth of a meter. Nanotechnology has various application in different fields such as chemical sensors, batteries, food, fuel cells, solar cells, fabric, fuels, electronics, space, better air quality, cleaner water, and sporting goods. One of the key application of nanotechnology is in medicine, nano-medicine ranges from the medical application such as biological device, nanomaterial, nanoelectronic biosensors, and biological machines. Nanotechnology has presented the option of drug delivery to specific target cells employing nanoparticles. Particles are engineered to attach to diseases cells, which allows of direct treatment of those cells. Drug delivery techniques are designed to reduce the side effects associated with the drugs along with decrease in its consumption and treatment costs. Nanostructured drugs have various applications such as in neurology, cardiovascular/physiology, anti-inflammatory/immunology, anti-infective, and others.
Nanostructured Drug Market Dynamics
Nanostructured drugs are gaining significant traction in research and development due to the benefits offered by them in terms of bioavailability, drug stability, shelf-life and dosage. Effective and safe drug delivery is a major challenge in biotechnology and pharmaceutical manufacturers. Novel techniques such as nanotechnology are being introduced by companies to produce innovative product, which is driving growth of the nanostructured drug market. For instance, in 2015, the Food and Drug Administration (FDA) approved Onivyde, an irinotecan liposome injection by merrimack pharmaceuticals, which is a prescription medicine used to treat pancreatic cancer. Onivyde is administered in combination with two other drugs, leucovorin and fluorouracil. Onivyde consists of a chemotherapy drug called irinotecan, which interrupts cell reproduction. Irinotecan is trapped into a nanostructure called liposome. Liposomes are programmed to release drug slowly within the interval of time.
Moreover, increased funding and revenue from nano-enabled products have propelled growth of nanostructured drug market. For instance, According to the National Science Foundation 2014 market report, the global funding for emerging nanotechnology increased by 40% to 45% for past three years. Furthermore, worldwide revenue generated by nano-enabled products have been increased from US$ 339 billion in 2010 to US$ 731 billion in 2012, and to more than US$1 trillion in 2013.
However, high cost required for the development of nanostructured drugs and safety risks associated with nanostructured drugs such as the duration of time nanoparticles remain in the body, which affects cellular and tissue functions is restraining the market growth.
Nanostructured Drug Market – Regional Insights
Based on the region, the global nanostructured drug treatment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds the dominant position in the global nanostructured drug market, owing to massive funding by the government for the nanotechnology research. For instance, According to a study led by Lux Research with funding support from U.S. national Foundation and U.S. National Nanotechnology Coordination Office in 2013, around US$ 1.9 billion was funded in 2011 and US$ 2.1 billion in 2012 for nanotechnology research and development (R&D). Moreover, increasing awareness among the population regarding various chronic diseases and well established healthcare infrastructure is expected to propel the nanostructured drug market growth over the forecast period.
Asia pacific is expected to gain significant market share in the nanostructured drug market, followed by Europe, owing to increasing number of population susceptible to various chronic diseases such cancer, HIV, and tuberculosis. For instance, according to the National Health and Family Planning Commission of the PRC report in 2015, around 533 out of 100,000 people died from chronic disease in 2012 in China, accounting for 86.6% of all deaths.
Nanostructured Drug Market – Regional Landscape
The key players operating in the global nanostructured drug market include Nanoviricides Inc., Ablynx NV, Pfizer Inc., Nanotherapeutics Inc., Arrowhead Research Inc., Abraxis Inc., Merck, Bio-Gate AG, and Celgene Corporation. Market players are focused on adopting of strategies such as increasing funding, acquisition, and collaboration to strengthen their product portfolio and to hold dominant position in the market, For instance, in 2016, Pfizer Inc. received bankruptcy-court approval to buy all asserts of Bind Therapeutics a biotechnology company developing targeted and programmable therapeutics (nanomedicine) called ACCURINS.
Nanostructured Drug Market Taxonomy
On the basis of technology, the global nanostructured drug market is segmented into:
On the basis of application, the global nanostructured drug market is segmented into:
On the basis of geography, the global nanostructured drug market is segmented into:
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