The global nanomedicine market was estimated at USD 178.29 billion in 2022 and it is expected to surpass around USD 541.99 billion by 2032, poised to grow at a CAGR of 11.76% from 2023 to 2032.
Report Scope of the Nanomedicine Market
|Market Size in 2022||USD 178.29 billion|
|Revenue Forecast by 2032||USD 541.99 billion|
|Growth rate from 2023 to 2032||CAGR of 11.76%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||Abbott Laboratories; Combi Matrix Corporation; Celgene Corporation; Nano spectra Biosciences, Inc.;General Electric; Johnson & Johnson Services; Inc.; Mallinckrodt Pharmaceuticals;Merck & Co., Inc.;Pfizer, Inc.; Teva Pharmaceutical Industries Ltd.; Arrowhead Pharmaceuticals, Inc.|
Development and commercialization of the techniques that holds potential to significantly improve the administration of drugs and disease management is expected to drive the adoption of nanomedicines in this market. Furthermore, growing adoption of nanotechnology-based drug delivery methods coupled with inefficiency of conventional therapeutics in disease treatment has driven the nanomedicine market growth.
According to the reports, COVID-19 has a positive effect on the market for nanomedicine. This resulted from an increase in the need for nanomedicines used for the treatment of medical conditions that resemble cancer. Additionally, applications of nanomedicine opened up new possibilities for the introduction of innovative solutions designed for the prevention, detection, and treatment of viral diseases such as the COVID-19 virus thereby boosting the nanomedicine industry growth.
Furthermore, the active participation of well-established pharmaceutical companies in the development of novel Nano science-based therapeutics is anticipated to influence the growth of this market. Moreover, advancements in nanotechnology and its expanding applications in preventive interventions, early disease diagnosis, prevention of chronic as well as acute disorders, and prophylaxis of acute as well as chronic disorders are the factors expected to spur the nanomedicine industry growth.
Manufacturers are benefiting from significant growth prospects in the global market as a result of the growing demand for nanomedicines. The field of nanomedicine is growing in the healthcare sector and is being more widely used in medical and healthcare settings. Furthermore, it is projected that the active involvement of prominent pharmaceutical companies in the production of cutting-edge nanoscience-based medicines will have an impact on the development of this industry.
Government organizations are likely to increase their R&D funding, opening up attractive opportunities for the nanomedicine market expansion. Governmental funding aids in accelerating massive capital-intensive projects. For instance, the National Science Foundation stated in August 2020 that it will invest a total of $84 million during five years in re-establishing the National Nanotechnology Coordinated Infrastructure in order to advance Nano scale engineering, science, and technology.
Moreover, The Canadian Institutes of Health Research (CIHR) and the Canadian Space Agency (CSA) are funded by the Canadian government for research in the field of nanomedicine and regenerative medicine. Therefore, it will drive the nanomedicine market growth in the coming years.
North America dominated the regional market with a share of 47.58% in 2021. During the course of the forecast period, the region is expected to retain its leadership. This expansion can be ascribed to the existence of expanding alliances between businesses working in this area and nanomedicine start-up companies. Furthermore, the region's significant participation in the industrial sector is due to the support from governmental bodies combined with increased R&D expenditures.
The expansion of the market is driven by an increase in research funding and a rise in demand for life-threatening illness prophylaxis in the United States. The nation also boasts a sizable number of manufacturing firms with active strategic ventures in nanomedicine.
Nanomedicine Market Segmentations:
By Molecule Type