Nanomedicine can address many essential medical problems by using nanomaterials and by obtaining clarity on their interaction with biological systems. Nanomedicine products have various potential applications such as in drug delivery, in vivo imaging, in vitro diagnostics, regenerative medicine, dental, medical devices, and dermal applications.
The global nanomedicine market is estimated to account for US$ 177.1 Bn in terms of value by the end of 2027.
Global Nanomedicine Market: Drivers
Adoption of nanomedicine in R&D of drugs for Covid-19 is expected to propel growth of the global nanomedicine market over the forecast period. For instance, in May 2020, NanoViricides, Inc. announced that strong effectiveness against infection by an ACE2-utilizing coronavirus in an animal model has been observed for the drug candidates it is developing against SARS-CoV-2 to treat COVID-19 spectrum of diseases.
Global Nanomedicine Market: Opportunities
Identification of new medical applications is expected to offer lucrative growth opportunities for players in the global nanomedicine market. With consistent progress in nanomedicine, there would be new areas of application identified such as diabetes, insulin delivery, organ grafts and replacement, infectious diseases and non-invasive treatment and imaging techniques. Potential utilization of available nanoparticles and technologies will lead to introduction of novel drug formulations to satisfy the current patient needs.
Global Nanomedicine Market: Restraints
High cost of R&D and manufacturing is expected to hinder growth of the global nanomedicine market. For a developing organization, there is huge capital involved in research and development of nanomedicine, which leads to concerns regarding the receipt of funds. Research activities involving new technology development incurs huge investment which is expected to be received with huge profits by the innovator. Nanomedicine being a niche segment with high investment involved is a restraint for companies to enter this market, due to uncertainty of receiving expected profits.
The global nanomedicine market was valued at US$ 177.1 Bn in 2019 and is forecast to reach a value of US$ 454.8 Bn by 2027 at a CAGR of 12.5% between 2020 and 2027. The growth of the market is attributed to increasing prevalence of chronic diseases along with technological advancements.
Oncology segment held dominant position in the global nanomedicine market in 2019, accounting for 37.0% share in terms of value, followed by neurology respectively. The growth of the segment is attributed to increasing research and development for cancer treatment.
Major players in the global nanomedicine market are focused on adopting partnership strategies to expand their product portfolio. For instance, in June 2020, Sirnaomics Inc. partnered with Precision NanoSystems Inc. for development and manufacture of Sirnaomics polypeptide nanoparticle-based RNAi therapeutic product.
R&D in nanomedicine is expected to propel growth of the global nanomedicine market. For instance, in July 2020, researchers from the Moscow Institute of Physics and Technology, Shemyakin-Ovchinnikov Institute of Bioorganic Chemistry, and Prokhorov General Physics Institute of the Russian Academy of Sciences reported development of a breakthrough technology that prolongs blood circulation for virtually any nanomedicine, in Nature Biomedical Engineering.
Global Nanomedicine Market: Competitive Landscape
Major players operating in the global nanomedicine market include, Abbott Laboratories, CombiMatrix Corporation, Clene Nanomedicine, Inc., Cellics Therapeutics, Inc., Nanobiotix S.A, Celgene Corporation, GE Healthcare, NanoViricides, Inc., Johnson & Johnson, Mallinckrodt plc., Sirnaomics Inc., Precision NanoSystems Inc., Merck & Company Inc., Nanosphere, Inc., Pfizer Inc., and Sigma-Tau Pharmaceuticals Inc.
Global Nanomedicine Market: Key Developments
Major players in the global nanomedicine market are focused on R&D of new products to expand their product portfolio. For instance, in June 2020, Curadigm, a Nanobiotix S. A. subsidiary, announced the publication of pre-clinical in vivo results showing that its Nanoprimer can improve the efficacy of RNA-based therapeutics.
Major players in the market are also focused on adopting partnership strategies to expand their product portfolio. For instance, in May 2020, CanSino Biologics entered into a co-development agreement with Precision NanoSystems for an mRNA lipid nanoparticle vaccine against COVID-19.
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