Nanomedicine Market Growth & Trends
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.
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.
Request a free sample copy or view report summary:
Nanomedicine Market Report
Nanomedicine Market Report Highlights
- 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 nanoparticlessegment 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
