SAN FRANCISCO, May 25, 2023 /PRNewswire/ — The global nanomedicine market size is expected to reach USD 410.15 billion by 2030, expanding at 11.57% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The advantages of nanomedicine in numerous healthcare applications, the emergence of novel drug delivery technologies, and the rise in demand for safe and affordable treatments are all contributing to the expansion of the nanomedicine industry.
Key Industry Insights & Findings from the report:
- By application, the drug delivery segment accounted for the largest share of 34.09% in 2022. The need for cutting-edge treatments for neurological conditions like Parkinson’s disease, brain tumors, and Alzheimer’s disease is expected to spur additional market expansion for nanomedicine-based drug delivery systems.
- By indication, the clinical oncology segment held the largest share of 32.44% in 2022. The growing prevalence of cancer and the advantages of nanomedicines such as high sensitivity and improved therapeutic efficacy are promoting the segment growth.
- By molecule type, the nanoparticles segment held the largest share of 76.32% in 2022. The widespread use of metal & metallic oxides and the utilization of nanoparticles in various medical settings is expected to encourage market expansion in the forecasted years.
- North America held the largest share of 49.91% in 2022. This can be attributed to the presence of a significant number of key players, as well as rising healthcare spending and federal assistance in the region.
Read 150 page full market research report, “Nanomedicine Market Size, Share & Trends Analysis Report By Application (Drug Delivery), By Indication (Clinical Oncology, Infectious Diseases), By Molecule Type, By Region, And Segment Forecasts, 2023 – 2030”, published by Grand View Research.
Nanomedicine Market Growth & Trends
The adoption of nanomedicines is driven by the rise in the prevalence of chronic diseases like cancer and cardiovascular disease. Additionally, the demand for nanomedicine is expanding due to the growing elderly population, and the increase in patients with high blood pressure, obesity, and other cardiovascular diseases. For instance, as per the American Cancer Society, in 2022, an estimated 1.9 million new cancer cases and 609,360 cancer-related deaths were expected in the U.S. alone.
Furthermore, the need for nanomedicines to cure a wide range of illnesses has increased as a result of the COVID-19 pandemic. The development of new approaches for the detection, diagnosis, and cure of the COVID-19 virus as well as other viral infections was made possible by the development of nanomedicine applications. For instance, in November 2020, BioNtech and Pfizer announced the full results of the phase 3 clinical study for the COVID-19 vaccine. They rapidly manufactured vaccinations for testing and regulatory approval using a known technique for encapsulating therapeutic nucleic acid molecules in lipid nanoparticles. Additionally, due to an increase in activities for research and development for nanomedicines across all regions, fueling the market growth.
The developing technologies for drug delivery are important elements that are expected to accelerate the growth of the global market. Also, it is anticipated that the rising popularity of nanomedicine across a variety of applications will fuel the expansion of the nanomedicine industry. Furthermore, it is predicted that the increase in government funding and support will positively affect market growth in the coming years.
New potential opportunities for the expansion of the nanomedicine industry in the upcoming years will be provided by the rise in the out-licensing of nano drugs and the expansion of healthcare facilities in developing nations. Over the past few decades, the US FDA has authorized the commercialization of about 100 nanomedicine applications and devices. As a result, growing interest in nanotechnology’s potential medical use is a notable breakthrough in the medical field and further drives market growth.
The rising investment flow in R&D is also driving the nanomedicine industry growth. For instance, in August 2022, South Korea’s Life Science Fund declared an investment of over USD 14 million (19 billion won) in Senda Biosciences Inc., a U.S.-based biotechnology firm involved in the creation of nanoparticle-based drug delivery products. Such investments indicate promising growth opportunities for the nanomedicine industry in the near future.
Nanomedicine Market Segmentation
Grand View Research has segmented the global nanomedicine market based on application, indication, molecule type, and region:
Nanomedicine Market – Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Therapeutics
- in-vitro Diagnostics
- Drug Delivery
- In-vivo Imaging
- Implants
Nanomedicine Market – Indication Outlook (Revenue, USD Billion, 2018 – 2030)
- Clinical Oncology
- Infectious Diseases
- Clinical Cardiology
- Orthopedics
- Others
Nanomedicine Market – Molecule Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Nanoparticles
- Metal & Metal Oxide Nanoparticles
- Liposomes
- Polymers & Polymer Drug Conjugates
- Hydrogel Nanoparticles
- Dendrimers
- Inorganic Nanoparticles
- Nanoshells
- Nanotubes
- Nanodevices
Nanomedicine Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Denmark
- Sweden
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Australia
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
List of Key Players in the Nanomedicine Market
- Abbott Laboratories
- CombiMatrix Corporation
- Celgene Corporation
- Nanospectra Biosciences, Inc.
- GE Healthcare
- Johnson & Johnson Services, Inc.
- Mallinckrodt Pharmaceuticals
- Merck & Co., Inc.
- Pfizer, Inc.
- Teva Pharmaceutical Industries Ltd.
- Arrowhead Pharmaceuticals, Inc.
Check out more related studies published by Grand View Research:
- Nuclear Medicine Market – The global nuclear medicine market size is expected to reach USD 22.3 billion by 2030, registering a CAGR of 11.8% over the forecast period, according to a new report by Grand View Research, Inc. The increasing prevalence of chronic diseases such as cancer & thyroid is anticipated to drive market growth. The impending approval of multiple radiopharmaceutical therapeutics during the forecast period will be a major driver for the market. For instance, in March 2022, Novartis AG received approval for Pluvicto (Lu 177) for the treatment of adult patients with prostate cancer.
- Immunotherapy Drugs Market – The global immunotherapy drugs market size is expected to reach USD 200.55 billion by 2030, according to a new report by Grand View Research Inc. The industry is expected to expand at a CAGR of 6.92% from 2022 to 2030. The key factors contributing to the lucrative growth of the industry include increased awareness about chronic diseases including cancer, autoimmune diseases, inflammatory diseases, and infectious diseases, coupled with supportive government policies for drug approval. The rising adoption of targeted therapies for chronic disease treatment is expected to increase inclination toward immunotherapy drugs, thereby driving the industry during the forecast period.
- Biomarkers Market – The global biomarkers market size is expected to reach USD 181.03 billion by 2030, registering a CAGR of 13.3% over the forecast period, according to a new report by Grand View Research, Inc. The rising R&D investments by pharmaceutical and biotechnology companies, increasing number of Contract Research Organizations(CROs), and declining cost of clinical trials in emerging economies are the major driving factors for the industry. In addition, key players leverage various strategies to increase their production capabilities and promote the outreach of their product offerings. In June 2022, Paige announced its collaboration with Janssen to evaluate the potential of an (H&E)-based, (AI)-powered biomarker test, developed by Janssen, to screen for actionable FGFR3 and FGFR2 genomic alterations in patients with bladder cancer.
Browse through Grand View Research’s Pharmaceuticals Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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