Nanomedicine is
essentially based on the medical application of nanotechnology in diagnosing,
treating and/or prevention of diseases and infections. Nanotechnology-based
drugs and treatments are applied for treating cardiovascular, neurological, and
oncology diseases.
Nanomedicine is based
on the utilization of knowledge pertaining to various nanoparticles, their
medical usages, and their actions within the human body.
There still exists
considerable scope for research in this domain, and scientists are currently
engaged in further studying the treatment-worthiness of a number of
nanoparticles such as fullerenes, dendrimers, drug conjugates, and nano
crystals.
It is important to note
that this area of medicine is still in its nascent stage mainly because it is a
niche research area and it receives comparatively less research funding.
Future
prospects of the nanomedicine market
A research report by
Transparency Market Research, a U.S.-based market research company, projects
that the nanomedicine market will be largely driven by partnerships between
global research firms and leading industry institutes. These collaborations
will play a crucial part in attracting more investments. The report states that
the global market for nanomedicine is projected to witness a compounded annual
growth rate (CAGR) of 12.3% between 2013 and 2019.
Oncology
– a significant segment within the nanomedicine
market
According to the market
research report by Transparency Market Research, oncology was the largest
application segment within the nanomedicine market with a total share of 38%.
This is attributed to the large scale focus on developing drugs and treatments
for cancer, and the fact that approved nanomedicine drugs also exist in the
market.
However, cardiovascular
applications of nanomedicine are regarded as being the fastest-growing segment
within the nanomedicine market. A large number of people being affected by
cardiovascular problems worldwide, and the availability of various devices
catering to the needs of this patient segment are growth influencers in this
market.
In addition, there has
been a perceptible increase in support from various governments in bolstering
research as well as product approvals within the nanomedicine segment; with
this support likely to continue, the market for nanomedicine will continue to
grow.
The
need for research, investment and collaboration in the nanomedicine market
In the coming years, it
is expected that further collaborations between academic institutes as well as
research firms will provided a much-needed boost to the role of nanomedicine in
chronic disease treatment.
Research and
breakthroughs could lead to the emergence of new treatments and technologies,
with more bioavailability.
Other factors such as a
growing demand and acceptance of targeted drug delivery (especially where
neurological disorders are concerned) has created a larger market for
nanomedicine.
On the other hand, the
prevalence of cardiovascular diseases is on the rise, and this trend asks for
the introduction of drugs that possess higher efficiency and better therapeutic
properties. This is yet another need that will propel demand for nanomedicine
products.
Nanomedicine has
already met with some success in oncology, and researchers and market players
alike are buoyed by this success. Having realized the efficacy of nanomedicine
in oncology, it is likely that the interest shown by market players to
commercialize products in this segment will only rise.
It is projected that
cardiovascular treatments are likely to emerge as the fastest growing market
within the nanomedicine market between 2013 and 2019.
Increased collaboration
between academic and research institutes will prove favorable for the
nanomedicine market. A noteworthy example of this would be the collaboration
between Elan Corporation Plc and Abbott Laboratories for the development of the
Tricor drug. This collaboration was key to helping both players lower cost
associated with research and development.
Looking forward, market
analysts expect that breakthroughs in nanomedicine will be crucial to the
development of treatments and products for diseases such as diabetes, cancer,
neurological disorders, and cardiovascular diseases.