Nanotechnology is one of the most promising technologies in 21st century. Nanotechnology is a term used when technological developments occur at 0.1 to 100 nm scale. Nano medicine is a branch of nanotechnology which involves medicine development at molecular scale for diagnosis, prevention, treatment of diseases and even regeneration of tissues and organs. Thus it helps to preserve and improve human health. Nanomedicine offers an impressive solution for various life threatening diseases such as cancer, Parkinson, Alzheimer, diabetes, orthopedic problems, diseases related to blood, lungs, neurological, and cardiovascular system.
Development of a new nenomedicine takes several years which are based on various technologies such as dendrimers, micelles, nanocrystals, fullerenes, virosome nanoparticles, nanopores, liposomes, nanorods, nanoemulsions, quantum dots, and nanorobots.
In the field of diagnosis, nanotechnology based methods are more precise, reliable and require minimum amount of biological sample which avoid considerable reduction in consumption of reagents and disposables. Apart from diagnosis, nanotechnology is more widely used in drug delivery purpose due to nanoscale particles with larger surface to volume ratio than micro and macro size particle responsible for higher drug loading. Nano size products allow to enter into body cavities for diagnosis or treatment with minimum invasiveness and increased bioavailability. This will not only improve the efficacy of treatment and diagnosis, but also reduces the side effects of drugs in case of targeted therapy.
Global nanomedicine market is majorly segmented on the basis of applications in medicines, targeted disease and geography. Applications segment includes drug delivery (carrier), drugs, biomaterials, active implant, in-vitro diagnostic, and in-vivo imaging. Global nanomedicine divided on the basis of targeted diseases or disorders in following segment: neurology, cardiovascular, oncology, anti-inflammatory, anti-infective and others.
Geographically, nanomedicine market is classified into North America, Europe, Asia Pacific, Latin America, and MEA. Considering nanomedicine market by application, drug delivery contribute higher followed by in-vitro diagnostics. Global nanomedicine market was dominated by oncology segment in 2012 due to ability of nanomedicine to cross body barriers and targeted to tumors specifically however cardiovascular nanomedicine market is fastest growing segment.
Geographically, North America dominated the market in 2013 and is expected to maintain its position in the near future. Asia Pacific market is anticipated to grow at faster rate due to rapid increase in geriatric population and rising awareness regarding health care. Europe is expected to grow at faster rate than North America due to extensive product pipeline portfolio and constantly improving regulatory framework.
Major drivers for nanomedicine market include improved regulatory framework, increasing technological know-how and research funding, rising government support and continuous increase in the prevalence of chronic diseases such as obesity, diabetes, cancer, kidney disorder, and orthopedic diseases. Some other driving factors include rising number of geriatric population, awareness of nanomedicine application and presence of high unmet medical needs.
Growing demand of nanomedicines from the end users is expected to drive the market in the forecast period. However, market entry of new companies is expected to bridge the gap between supply and demand of nanomedicines. Above mentioned drivers currently outweigh the risk associated with nanomedicines such as toxicity and high cost. At present, cancer is one of the major targeted areas in which nanomedicines have made contribution. Doxil, Depocyt, Abraxane, Oncospar, and Neulasta are some of the examples of pharmaceuticals formulated using nanotechnology.
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Key players in the global nanomedicine market include: Abbott Laboratories, CombiMatrix Corporation, GE Healthcare, Sigma-Tau Pharmaceuticals, Inc., Johnson & Johnson, Mallinckrodt plc, Merck & Company, Inc., Nanosphere, Inc., Pfizer, Inc., Celgene Corporation, Teva Pharmaceutical Industries Ltd., and UCB (Union chimique belge) S.A.