Global Nanomedicine Market - 2022-2029:
Market Overview
Nanomedicine Market was valued at US$ 182,092.31 million in 2021 and is estimated to reach US$ 375,626.54 million by 2029, growing at a CAGR of 8.74% during the forecast period (2022-2029).
Nanomedicine uses nanotechnology to diagnose, treat, and prevent disease and to gain an increased understanding of the complex underlying pathophysiology of the disease. Due to their minute size, nanomedicines can reach targets that are difficult to achieve through conventional methods with improved solubility and bioavailability and reduced adverse effects.
Market Dynamics
The global nanomedicine market growth is driven by the rapid surge in nanomedicine applications, broad acceptance of these products in treatments and an increase in the prevalence of cancer patients across the globe.
The increasing prevalence of the chronic disease across the globe and regulatory approvals are driving market growth.
The market is driven by the rising prevalence of chronic ailments like cancer, tumor, heart disease, and coronary artery disease due to unhealthy lifestyles and changing environments worldwide. According to the World Health Organization, in 2020, Cancer was the leading cause of death, accounting for 9.6 million people who die worldwide, and more than 300000 patients are being diagnosed each year.
Nanomedicine plays a vital role in enhancing human health by reducing side effects. Nanotechnology-based drug delivery nanoparticles, nano antibiotics, and other agents can be utilized as valid treatments for preventing certain diseases like cancer, coronary artery disease, and many others. Nano-antibiotics will utilize this effect to enhance infection treatment by applying nanoparticles with antimicrobial therapies and nanosized biological molecules for improved antibiotic drug delivery.
There is a rise in FDA approvals. A surge in innovative drugs through extensive research and developments in various diseases has created ample opportunity for this market. For instance, on 17th June 2020, Nanobiotix Company received feedback on developing effectively designed platinum-based chemotherapy from the US FDA. The Company had started to advance Phase III clinical trials to treat neck and head cancer based on chemistry, manufacturing, and controls (CMC) development through necessary study design to support the future new drug application.
The high cost of nanomedicines will hamper the growth of the market.
However, in price-sensitive regions such as Asia, the high cost of nanomedicine products may impact the market. In these areas, patients and doctors prefer less expensive nanomedicines. Nanomedicine products are expensive and need more research and development than traditional treatments such as chemotherapy. This is one of the major global challenges to the advanced Nanomedicine market's growth.
COVID-19 Impact Analysis
The pandemic has caused supply chain disruptions, impacting the world market for medical products. The pandemic has negatively impacted global financial expectations, supply chains, operations, and crisis response strategies. Due to lockdowns and travel restrictions brought on by the spread of COVID-19, makers of innovative nanomedicines experienced problems. Because the spread of COVID-19 infections badly impacted major economies, nanomedicines' production was greatly impacted.
Market participants are changing their long-term and short-term growth strategies by utilizing the research market and creating cutting-edge items to combat the pandemic. Even though COVID-19 harms the nanomedicine industry, preparing and implementing backup plans as soon as possible for business operations is crucial.
Segment Analysis
The nanoparticles segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The nanoparticles segment has the highest market share due to the increasing launching of advanced technology-based nanoparticles for effective treatment and avoiding the side effects of harmful drugs. The nanoparticle is considered one of the most potential options due to its ability to enhance the drug’s bioavailability. They also act as delivery agents by carrying chemotherapeutics and imaging systems to the target site. Hence, nanomedicine can attain the same therapeutic effect at smaller doses than its conventional counterparts and offer impressive outputs for life-threatening diseases. For instance, in November 2019, MIT engineers developed nanoparticles coated with “right-handed” molecules to enhance drug delivery. Moreover, for the projection period, new product launches and advancements in dressings will support segment expansion.
Geographical Analysis
The North American region holds the largest market share of the global nanomedicine market.
North America dominates the nanomedicine market and is expected to show a similar trend over the forecast period. The North American nanomedicine market's growth can be attributed to the increase in the adoption of nanomedicine for treatment and the surge in the geriatric population. Strong healthcare infrastructure and an increase in research and development expenditure are to blame for this supremacy. Furthermore, the rising prevalence of chronic diseases like cancer, cardiovascular, Parkinson’s, etc., in this region due to unhealthy lifestyles and diets has propelled nanomedicine demand in the market. According to a recent study by American Cancer Society researchers, in the United, 750000 cases were diagnosed, at least 42% of cancer cases in 2020. Therefore, the variables above are projected to fuel market expansion during the anticipated period.
Competitive Landscape
The nanomedicine market is a moderately competitive presence of local and global companies. Some key players contributing to the market’s growth are Pfizer Inc., CytImmune Sciences, Ablynx (Sanofi S.A.), Genentech Inc., Mallinckrodt, Moderna Inc., Janssen Pharmaceutical, Amgen Inc., Merck and Teva Pharmaceuticals among others. The major players are adopting several growth strategies, such as product launches, acquisitions, and collaborations, contributing to the growth of the nanomedicine market globally. For instance, in May 2021, Nanobiotix and Lianbio announced their partnership to develop first-in-class radio-enhancer NBTXR3 (hafnium oxide nanoparticle) over therapeutic combination in Asian markets.
Pfizer Inc.
Overview:
Pfizer Inc. is a multinational pharmaceutical company that also works in the biotechnology domain. It was founded in 1849 and headquartered in Manhattan, New York City. It manufactures various vaccines and medicines for various divisions, such as cardiology, oncology, neurology, and immunology.
Product Portfolio:
BNT162b2 m-RNA vaccine: BNT162b2 vaccine is being used against covid-19. It is a lipid nanoparticle, modified RNA encoding perfusion stabilized SARS CoV spike (full-length). 2 mutations modify it in proline and lock in perfusion conformation.
Key Developments:
In Jan 2022, Pfizer and Acuitas Therapeutics announced their agreement for a lipid nanoparticle delivery system that will be used in mRNA therapeutics and vaccines.
The global nanomedicine market report would provide access to approximately 40+ market data tables, 45+ figures, and 200 (approximate) pages.
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