Nanotechnology refers to the engineering of functional systems at the molecular scale. It includes construction of items from the bottom up, using modern techniques and tools to make complete, high-performance products. Nanomedicines refer to medications that are based on the application of nanotechnology in the medical field. They include monitoring, construction, repair, and control of human biological systems at the molecular level, using nanodevices and nanostructures. Increasing prevalence of diseases or disorders caused by damage at molecular level, is driving the market for nanomedicines.
In addition, the great presence of unmet medical needs and increase in investment in the field are driving the market for nanomedicines. Applications of nanomedicines include diagnostic imaging and identification and therapeutic delivery of medication to the exact location. Nanomedicines are generally injected, whereas they can be ingested as well. The time duration for which the drug stays in the body can be manipulated. Nanomedicines are highly effective in the killing of bacteria, viruses, and cancer cells, as well as the repair of damaged tissues. Oncology is the largest segment in the global nanomedicines market, whereas, cardiovascular market is the fastest-growing segment in the nanomedicines market.
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North America dominates the global market for nanomedicines due to its large population of senior citizens, leading to an increased demand for improved and efficient medications, and technological advancements in the region. Europe, followed by Asia, is expected to experience high growth rate in the next few years in global nanomedicines market. China and India are expected to be the fastest-growing nanomedicines markets in Asia. Some of the key drivers for the nanomedicines market in emerging countries are the large pool of patients, rising government funding, and increasing research and development in the field of medicine.
Factors such as aging populations, increasing prevalence of disorders that could be treated better with nanomedicines, and growing awareness about the availability of alternative treatment using nanomedicines are driving the global nanomedicines market. In addition, improvement in healthcare facilities and technological advancements in the field have been driving the nanomedicines market. However, factors such as side effects associated with intake of nanoparticles and lower adoption rate by patients has been restraining the global nanomedicines market. In addition, factors such as the medicines’ high cost and the lack of an organized regulatory framework are restraining the global market for nanomedicines.
Growing demographics and economies in developing countries such as India and China are expected to offer good opportunities for the global nanomedicines market. The marketing of some new products with better efficiency, such as nanorobots, is expected to offer good opportunity for the global nanomedicines market. Proposed nanorobots would be able to enter cells and correct DNA, could carry tiny cameras and be powered by electrolysis in the blood, and could break up blood clots and kidney stones. In addition, they could repair cells, tissues, and even organs.
A rising number of mergers and acquisitions, new product launches, and an increasing number of collaborations and partnerships are some of the latest trends that have been observed in global nanomedicines market. In addition, a growing number of patent expirations has been observed in the global market for nanomedicines. Side effects associated with nanomedicines are a challenge for global nanomedicines market.
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Some of the major companies dealing in global nanomedicines market include Abbott Laboratories, GE Healthcare, Johnson & Johnson, Merck & Company Inc., Pfizer Inc, and CombiMatrix Corporation. Other significant players of the market include Celgene Corporation, Mallinckrodt plc., Sigma-Tau Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd., Nanosphere Inc., and UCB SA.