Nanomedicines Market Global Outlook, Research, Trends And Forecast To 2027

 

Nanomedicines Market

Nanotechnology is a broad term for nanoscale science, engineering, and technology that has enormous economic and technological implications. One of the most prominent areas of nanotechnology research is healthcare. Nanomedicine is defined as the use of molecular tools and knowledge of the human body to diagnose, treat, and prevent disease.

The high prevalence of chronic diseases is expected to drive growth in the global nanomedicine market over the forecast period. According to the American Cancer Society, there will be an estimated 1,762,450 new cancer cases diagnosed in 2019 and 606,880 cancer deaths in the United States. Furthermore, the establishment of NanoTherm treatment centres is expected to aid in market growth. For example, in March 2020, MagForce AG and the Hufeland Klinikum GmbH announced the signing of a joint cooperation agreement and the planned opening of a NanoTherm treatment centre for brain tumours at the Mühlhausen site in Thuringia, Germany.

The lack of a well-organized regulatory framework is expected to stymie the growth of the global nanomedicine market. There are currently no specific testing requirements for nanomedicine. However, the FDA, CDER, and other regulatory authorities around the world have very strict safety testing requirements for any medical product. Nanomedicine products are associated with environmental and toxicological issues, making it mandatory for manufacturers to conduct toxicological studies and follow environmental regulations while manufacturing. Toxicology, pharmacology, ADME, carcinogenicity, immunotoxicity, and genotoxicity are examples of current preclinical safety tests. Furthermore, low adoption of nanomedicine in emerging economies is expected to limit market growth.

The Global Nanomedicine Market Was Valued At US$ 177.1 Bn In 2019 And Is Forecast To Reach A Value Of US$ 454.8 Bn By 2027 At A CAGR Of 12.5% Between 2020 And 2027.

The presence of unmet medical needs in emerging economies is expected to provide lucrative growth opportunities for players in the global nanomedicine market. Emerging and high-growth markets such as China, Brazil, India, Eastern Europe, the Middle East, and Latin America are expected to provide a plethora of opportunities for the nanomedicine market in the future. This is because economic development in these economies has provided patients with purchasing power induced by rising disposable incomes. Improvements to healthcare infrastructure will enable the use of sophisticated technologies while also meeting the population's high unmet medical needs.

Furthermore, R&D in nanomedicine is expected to contribute to market growth. For example, in August 2020, researchers at the Else Kröner-Fresenius-Stiftung Professorship, Universitätsklinikum Erlangen, Germany, reported that superparamagnetic iron oxide nanoparticles can function as an effective delivery platform to increase local drug concentrations, potentially overcoming cell chemotherapy resistance.

For Press Release of Nanomedicines Market, visit- https://www.coherentmarketinsights.com/press-release/nanomedicines-market-3342

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