The global nanomedicine market size was USD 119.25 Billion in 2021 and register a revenue CAGR of 10.4% during the forecast period. Rising prevalence of cancer, genetic, and cardiovascular diseases, increasing advancements in nanoscale technologies for diagnostic and treatment procedures, and growing preference for personalized medicine are driving the nanomedicine market revenue growth. Nanomedicines are made up of Active Pharmaceutical Ingredients (APIs), such as small molecules or biologics packaged into nano-sized carriers made of excipients such as lipids and polymers. It is used for biomedical purposes, such as diagnosis and drug discovery and controlled delivery, and is used on patients suffering from disorders such as kidney disease, fungal infections, high cholesterol, multiple sclerosis, chronic pain, asthma, and others.
Increasing adoption of nanotechnologies for the development and manufacture of the COVID-19 vaccine is driving revenue growth of the market. The COVID-19 pandemic has infected millions of people across the globe, and nanotechnology has the potential to develop COVID-19 vaccines with the help of nanoparticles. The development of new and innovative vaccines is important to mitigate new viral strains prevailing across the globe, and nanotechnology can benefit modern vaccine designs and generate new methods of treatment. In fact, the first vaccine candidate for COVID-19 to go into a clinical trial is an mRNA vaccine, which is delivered via lipid nanomaterials. Lipid nanoparticles are used in both Pfizer-BioNTech and Moderna corona vaccines to carry messenger RNA. These vaccines have been given in the past year in doses totaling 500 million alone in the U.S., and many more globally.
Moreover, governments of various countries are investing in Research and Development (R&D) activities associated with drug discovery and diagnostics based on nanotechnology, which is driving revenue growth of the market. For instance, in January 2020, researchers from the Stanford University developed drug-coated nanoparticles that restrict the development of atherosclerosis in mice by reducing plaque buildup in their arteries without causing harmful side effects. For example, China has created a large number of nanotech research facilities across the country. Leading universities that house cutting-edge nanotech research labs to promote the study and research of nanoscience and nanotechnology include Peking University, City University of Hong Kong, Nanjing University, Hong Kong University of Science and Technology, Soochow University, and University of Science and Technology of China. Chinese Academy of Science (CAS), National Center for Nanoscience and Technology (NCNST), and Suzhou Institute of Nano-Tech and Nano-Bionics (SINANO) are among the top state-sponsored institutions for conducting cutting-edge research in the field of nanoscience and nanomedicine. These institutions have a large number of labs and eminent researchers. Researchers from the Institute of Chemistry of the Chinese Academy of Sciences (CAS) have developed a new nanomaterial that has the potential to effectively eliminate millions of metric tonnes of liquid pollution as well as emissions emitted from industries that are dangerous to human health. Researchers from CAS have been working with more than 70 domestic and international businesses since 2013 to investigate lithium batteries, nano printing, nanocatalysts, healthcare, and drinking water treatment. The project has thus received a USD 780 million investment so far.
Prevalence of various harmful diseases and increasing consumer health awareness in various countries are creating challenges for modern medicine. Nanomedicine has been introduced to overcome these challenges faced by the healthcare sector, as it is expected that nanomedicine will lead to the development of better drugs and medical devices. It also offers different ways to improve medical diagnosis and treatment and helps in tissue engineering and organ regeneration. Its applications include early diagnosis of a wide range of diseases with high efficacy and personalization, which helps to enhance the treatment process.
A multifaceted issue, misdiagnosis kills between 40,000 and 80,000 individuals annually and hinders the healing of millions of others. The problem is that every particular symptom could indicate the existence of dozens, if not hundreds, of different diseases. Even when patients have access to diagnostic tests, many choose not to use them because they are costly, cumbersome, and prone to error. Diabetes affects over 450 million people across the globe. Patients must frequently use a syringe glucose monitor, which is painful, uncomfortable, and can spread infections, as this is the main way of managing diabetes. Medical diagnostics can be considerably enhanced by nanotechnologies by making them more affordable and practical. Smart tablets, which allow patients and medical professionals to keep track of an incredible variety of ailments, are a fantastic illustration of this. The ailment it is intended to treat or diagnose will determine how a smart pill functions. Smart tablets typically employ nanoscale sensors that are intended to identify the presence of disease long before the patient may notice any symptoms. The management of disorders that necessitate rigorous adherence to a specified treatment regimen is another area in which nanotechnologies are proven to be particularly beneficial. According to research, up to 50% of people with chronic conditions do not take their medication as directed. However, this issue can be solved by deploying nanotechnologies that are designed to release medications automatically.
One of the most widespread illnesses across the globe, waterborne diseases is rampant in underdeveloped countries without access to clean water. A powerful method for lowering disease and death in these areas is the capacity to quickly and cheaply test water for the presence of microbiological pollutants. A recent method that makes use of a paper chip covered in nanoparticles of a luminous polymer related to styrofoam was created by a group of researchers at the University of Arizona. The surface of each particle was coated with antibodies against norovirus, a common viral disease. When norovirus-infected water is dropped on the microchip, the viruses adhere to the particles and start to illuminate in a manner that can be seen under a standard microscope.
Inflammatory Bowel Disease (IBD), which is the collective term for Crohn's disease and ulcerative colitis, affects over 3 million people in the U.S. annually. IBD is a persistent, inflammatory condition that affects the digestive system. Since there is no recognized etiology of IBD, developing adequate diagnoses and treatments is challenging. The increasing prevalence of genetic and infectious diseases is one of the major driving forces for the growth of the market. Nanomedicine is an emerging area that uses nanoparticles for drug delivery, diagnosis, and in vivo imaging. It helps to improve various issues related to human health. It offers solutions for various harmful diseases such as Alzheimer’s, diabetes, IBD, and others.
Various complex Central Nervous System (CNS) disorders are creating demand for gold, lipid, or biodegradable nanomaterials, which is expected to drive revenue growth of the market over the forecast period. Nanotechnologies can be used to improve individualized therapeutic treatments. For example, newly developed nanomedicines such as multi-component systems called theranostics can incorporate both therapeutic and diagnostic molecules. However, strict regulatory guidelines, long approval process, and high investments required for the development of nanomedicine are some challenges faced by the nanomedicine industry, which are expected to limit revenue growth of the market to some extent.
Driver: Increased adoption of nanotechnology and nanomedicine in the healthcare sector and by pharmaceuticals companies for the development of various medicines
Rising prevalence of harmful diseases and increasing adoption of nanomedicine at the initial stage of diagnosis are some key factors driving revenue growth of the market. Nanomedicine can detect life-threatening diseases in their early stages and collect real-time information from patients, which can help provide life-saving medical treatment at the earliest. Nanomedicine can facilitate the identification of high-risk patients and can recommend relevant medicine, perform diagnosis, and predict readmissions, based on the available datasets of patient records as well as the symptoms exhibited by patients. Near accurate diagnosis and more beneficial medicine recommendations can facilitate faster patient recovery without the need for extraneous medications. Thus, nanomedicine can make it possible to improve patient health at minimal costs.
Nanoscience is effective in tissue regeneration for recreating nanoscale features of tissues that can direct cellular adhesion, migration, and differentiation. In addition, nanomedicine can treat bone, muscle, cardiovascular, and neural tissue diseases. The most common application of nanomedicine in the field of cancer is to increase the delivery precision of chemotherapy, potentially lowering the incidence of off-target side events. Researchers are also working to increase the effectiveness and safety of immunotherapy by using nanotechnology.
Restraint: Lack of compatibility, potential risks, and stringent regulatory policies
Potential risks posed by nanomaterials have already been addressed by regulatory bodies such as the Environmental Protection Agency (EPA) and the U.S. Food and Drug Administration (FDA), and the European Commission's Directorate for Health and Consumer Protection. No particular production, handling, or labeling guidelines are currently in place for artificial nanoparticles or the products and materials that contain them. FDA will also control nanotechnology products according to the specific legal standards applicable to each category of the product under its purview.
In addition, clinical trial risk communication, risk management, and assessment are the most important ethical concerns in nanomedicine. Because of this, issues with pharmaceutical research and production affect not only nanomedicines but also the end goods that are produced as a result of them. Their greater understanding has led regulatory bodies to reevaluate their present restrictions. Follow-on products may be accepted by the European Medicines Agency (EMA) as a streamlined application in the EU's generic or hybrid category. Moreover, understanding and awareness of disease processes are necessary for the development of new medications. These can involve several studies on molecules to see if they have a curative effect on illnesses, modifications to current therapies that have negative side effects, in addition to new technology that might offer creative and original ways to target particular body regions of concern.
The high expense of developing a "new molecular entity," such as a tiny molecule, or a "new biological entity," which refers to biological treatments such as antigens or gene therapies, is another obstacle in this field. The estimated cost of developing these kinds of medications is USD 2.6 billion, which is another factor restraining revenue growth of the market.
Based on type, the global nanomedicine market is segmented into nanoparticles, nanoshells, nanotubes, nanodevices, and others. The nanotubes segment revenue is expected to grow at a rapid rate during the forecast period. Carbon Nanotubes (CNTs) have wide applications in the medical sector, especially for efficient biosensing and drug delivery methods, which are crucial for health monitoring and treatment of various diseases. Carbon nanotubes also find application in chemotherapy, which is usually used before or after surgery during cancer cell treatment.
Based on modality, the global nanomedicine market is segmented into diagnostic and treatment. The treatment segment accounted for largest revenue share in 2020. Nanomedicine uses nanoparticles, which help to improve the treatment process by enhancing the action of drugs. Nanomedicine is being used in the treatment of various life-threatening diseases, such as cancer, diabetes, cardiovascular diseases, and others, which is expected to drive revenue growth of the treatment segment during the forecast period.
Based on indication, the global nanomedicine market is segmented into drug delivery, diagnostic imaging, tissue regeneration, biomaterials, oncology, and others. The oncology segment accounted for largest revenue share in 2021 and is expected to register fastest revenue growth rate during the forecast period, owing to increasing use of nanomedicine in the treatment of cancer cells. Nanomedicine helps in creating highly efficient medicines for various life-threatening diseases, with fewer side effects associated with therapies such as chemotherapy. Nanomedicines can effectively drive immune response against tumors by serving as an adjuvant for vaccine therapy or as drug carriers, which can help to target tumors more effectively with anti-cancer agents while leaving normal tissues untouched. The most common application of nanomedicine in cancer is for the targeted delivery of chemotherapy drugs. Nano-formulated chemotherapies, such as protein- or lipid-based nanoparticles, that deliver chemotherapeutic drugs to tumors with enhanced pharmacologic profiles and lower toxicities are the most popular oncology nanomedicine approved by FDA and is currently utilized in the clinic.
Based on regional analysis, the market in North America accounted for largest revenue share in 2021, which can be attributed to heavy investment in newer technologies, such as artificial intelligence, biotechnology, and others, for the advancement of the healthcare and pharmaceutical sector. Moreover, there is growing adoption of nanomedicine for treating cancer and various infectious diseases, which is also contributing to revenue growth of the market in North America. Rising R&D activities for the development of new diagnostics and treatment methods are also creating opportunities for the market to grow. For example, wearables smart dressings that contain nanoparticles of blood-clotting agents, growth hormones, or sensors that can detect infection and release antibiotics are using nanotechnology to help avoid infectious wounds. These bandages are frequently made of biocompatible substances that enable them to be left on the wound until they disintegrate.
The market in Asia Pacific is expected to register rapid revenue CAGR owing to rapid application of nanotechnology and rising investment from governments of various countries in the region is investing to improve healthcare infrastructure. Most companies in the region depend on nanotechnology to develop various nanomedicines, including COVID-19 vaccines, which can save numerous lives. Nanomedicine facilitates easy identification of high-risk patients, along with recommending relevant medicine, performing diagnoses, and predicting readmissions. Significant amounts of funding and strong international partnerships are helping the nanotechnology sector to expand at a greater pace. China has a significant competitive advantage across the globe powers such as the U.S., the European Union (EU), Japan, and Russia due to its strong government commitment to supporting areas of science and technology. By designating nanotechnology as a strategic industry in China's 13th Five-Year Plan and reaffirming state financing, legislative, and regulatory support, the Chinese government aims to drive competitiveness of the sector. The ambitious "Made in China 2025" plan, which seeks to transform China into a high-tech manufacturing powerhouse, heavily relies on R&D in nanoscience and nanotechnology.
The market in Europe accounted for second largest revenue share in 2021 owing to infrastructural developments and presence of the latest solution providers. Rising prevalence of harmful diseases and increasing adoption of nanomedicine at the initial stage of diagnosis are expected to drive revenue growth of the nanomedicine market in Europe.
The competitive landscape of the global nanomedicine market is consolidated with a few key companies operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Major companies in the market include Abbott Laboratories, General Electric (GE), Johnson & Johnson Services, Inc., Arrowhead Pharmaceuticals, Brigham and Women's Hospital, Nanospectra Biosciences, AMAG Pharmaceuticals, Invitae Corporation, Celgene Corporation, Leadiant Biosciences, Inc., Pfizer Inc., Sanofi, and Taiwan Liposome Company, Ltd.
Initiatives taken by market companies are driving revenue growth of the market, for instance:
Segments Covered in the Report
This report offers historical data and forecasts revenue growth at a global, regional, and country level and provides analysis of the market trends in each of the sub-segments from 2022 to 2030. For this study, Reports and Data has segmented the nanomedicine market based on type, product, modality, indication, and region:
Nanomedicine Market Report Scope
Segments covered By Type Outlook, Product Outlook, Modality Outlook, Indication Outlook, Regional Outlook
By Type Outlook
Iron Oxide Nanoparticles
By Product Outlook
By Modality Outlook
By Indication Outlook
Middle East & Africa