Annual 8.5% Growth expected for Global Nanobiotechnology Market by 2021
Deerfield Beach, FL -- (SBWIRE) -- 12/04/2017 -- According to the report, the global nanobiotechnology market is expected to reach approximately USD 42 billion by 2021, growing at a CAGR of around 8.5% till 2021.
Nanobiotechnology is an integration of physical sciences, molecular engineering, and biology that plays a vital role in pharmaceuticals and healthcare. It provides a new class of multifunctional systems and devices for biological analysis with better sensitivity and specificity. Key techniques in nanobiotechnology include 3D imaging in live cells, real-time imaging, and single molecule imaging bioanalytical microarrays and microfluidic devices and biosensors. Nanobiotechnology is used in nanomolecular diagnostics and it extends the limits of molecular diagnostics to the nanoscale.
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The global nanobiotechnology market is expected to witness significant growth over the forecast period. The global nanobiotechnology market is mainly driven by increasing health awareness among the people and advancement in technology. Government support has provided a strong boost to nanobiotechnology market in North America and Asia Pacific in the past few years. The concept of advancement in technology to provide better health services expected to fuel the nanobiotechnology market over the forecast period. However, environmental regulation regarding disposable waste expected to hamper the growth of nanobiotechnology market. Lack of resources and high technological cost may pose a challenge for nanobiotechnology market during the forecast period. Furthermore, increasing demand from medical and pharmaceutical industry is expected to open up new growth avenues in the years to come.
The nanobiotechnology market is segmented on the basis of different application such as drug discovery, drug delivery, diagnostics and others. The diagnostics segment dominated the market with the largest share of the total market in 2015.
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This growth can be attributed to technological advancement in medical sector to provide better health services. Drug delivery also accounted for significant share and expected to witness strong growth in the years to come. Drug discovery and other application segment are expected to exhibit significant growth during the forecast period.
North America dominated the nanobiotechnology market and accounted for the significant share of the global market in 2015. In terms of revenue, North America was followed by Asia Pacific region. In terms of revenue, Asia Pacific was the second largest market for nanobiotechnology. The telemedicine market in Asia Pacific region is expected to exhibit strong growth owing to rising government support and rapid growth in population. Europe, Latin America, and Middle East & Africa are also expected to experience significant growth of nanobiotechnology market in the years to come.
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Some of the leading players includes in nanobiotechnology market such as Calando Pharmaceuticals Inc., Advanced Sensor Technologies, Affymetrix, Gilead Sciences, Applied Nanotech, Advectus Life Sciences, and Elan Pharmaceuticals and others.