Nanomedicine Market Expected to Reach $393.04 Billion by 2030 | CAGR of 9.2%

According to a new report published by Allied Market Research, titled, “Nanomedicine Market by Modality, Application, and Indication: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global nanomedicine market size was valued at $171,695.33 million in 2020, and is projected to reach $393,046.52 million by 2030, registering a CAGR of 9.2% from 2021 to 2030.

Nanomedicine is an application of nanotechnology that deals in prevention & treatment of diseases in humans. This technology uses sub micrometer-sized particles for diagnosis, treatment, and prevention of diseases. Nanomedicines are advantageous over generic drugs in several aspects such as they help to reduce renal excretion, improve ability of drugs to accumulate at pathological sites, and enhance therapeutic index of drugs. Thus, nanomedicine is used in a wide range of applications that include aerospace materials, cosmetics, and medicine.

The major factors that drive growth of the nanomedicine market are increase in development of nanotechnology-based drugs, advantages of nanomedicine in various healthcare applications, and growth in need for therapies with fewer side effects. However, long approval process and risks associated with nanomedicine (environmental impacts) are expected to hinder the market growth. Conversely, growth of healthcare facilities in emerging economies are expected to offer lucrative opportunities for growth of the market.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. Amidst the initial outbreak of COVID-19, the outlook for the nanomedicine industry has changed significantly. The COVID-19 pandemic led to significant increase in demand for nanomedicines for treatment of various diseases. The application of nanomedicine offered new opportunities for development of novel products for prevention, diagnosis, and treatment of COVID-19 virus and other viral infections. COVID-19 management was done with development of nano-based materials, which included disinfectants, personal protective equipment, diagnostic systems, and nanocarrier systems for treatment and vaccine development. This impacted the market with increase in demand for nanomedicines. Overall, the impact of COVID-19 on the nanomedicine market was recorded to be fairly positive. This was attributed to increase in demand for nanomedicines in the treatment of cancer like diseases. Moreover, market players have experienced the rise in investment in materials and resources, owing to increase in research and development activities of nanomedicines in all regions.

The nanomedicine market is segmented on the basis of modality, application, indication, and region. On the basis of modality, the market is segmented into diagnostics and treatment. On the basis of application, it is segmented into drug delivery, diagnostic imaging, vaccines, regenerative medicine, implants, and others. On the basis of indication, it is segmented into clinical oncology, infectious diseases, clinical cardiology, orthopedics, neurology, urology, ophthalmology, immunology and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By modality, the treatment segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, owing to technological advancements in the nanomedicines, increase in adoption of nanomedicines, rise in incidence rate of chronic diseases, and increase in number of advanced & effective product launches.

By application, the global nanomedicine market is classified into drug delivery, diagnostic imaging, vaccines, regenerative medicine, implants, and others. The drug delivery segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, owing to increase in prevalence of diseases such as cancer and COVID-19 virus and increase in awareness regarding applications  of nanomedicines.

On the basis of indication, the global nanomedicine market is classified into clinical oncology, infectious diseases, clinical cardiology, orthopedics, neurology, urology, ophthalmology, immunology and others. The clinical oncology segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, owing to surge in number of oncology diseases and increase disposable income.

North America accounted for major share of the global nanomedicine market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in number of lethal diseases, surge in demand for nanomedicines, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities along with large presence of key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Moreover, Japan and China are expected to grow at high CAGR in Asia-Pacific nanomedicine market majorly owing to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced instruments, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of nanomedicines.

Key Findings Of Study

• On the basis of modality, the treatment segment held majority share in the global market in 2020.
• On the basis of application, the drug delivery segment held majority share in the global nanomedicine market in 2020.
• On the basis of indication, the clinical oncology segment held majority share in the global market in 2020.
• Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 11.2% during the forecast period.