Albany, NY -- (SBWIRE) -- 05/22/2014 -- Global Nanomedicine Market Research - The emergence of nanomedicine and the application of nanomaterials in the healthcare industry will bring about groundbreaking improvements to the current therapeutic and diagnostic scenario.Some of thedrivers of this market include increasing research funding, rising government support, improved regulatory framework, technological know-how and rising prevalence of chronic diseases such as diabetes, cancers, obesity, kidney disorders, orthopedic diseases and others.
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The global nanomedicine market is categorized into six segments on the basis of application, namely neurology, cardiovascular, anti-inflammatory, anti-infective, oncology and others.
Oncology held majority of the market share in 2012 on account of following factors:
- Presence of high number of commercialized nanomedicine products in the market
- Improved bioavailability and efficacy of the tumor specific nanomedicine enabling targeted drug delivery
- Rise in nanomedicine drug formulations replacing conventional drug formulations in cancer treatment
However, the global market for cardiovascular segment is expected to grow at the fastest pace owing to increasing prevalence of cardiovascular diseases demanding drugs with improved efficacy and therapeutic properties. Furthermore, realizing the importance and benefits of nanomedicine, researchers and manufacturers are striving to develop products with improved therapeutic properties in the cardiovascular segment.
The North American nanomedicine market held the majority of global market share in 2012 because of the rapidly growing nanomedicine market in the Asia–Pacific, Latin American and African region, presence of large number of patented nanomedicine products and favorable regulatory framework in the region.In addition, the presence of sophisticated healthcare infrastructure supports development of advanced products such as nano probes, nanorobots, monoclonal antibody based immunoassays and nanoparticle based imaging agents for early detection of diseases.
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However, the Asia-Pacific region is expected to grow at a faster CAGR owing to presence of high unmet healthcare needs, research collaborations and increase in nanomedicine research funding in emerging economies such as China, India and other economies in the region.China is expected to surpass the United States in terms of nanotechnology funding in the near future, which indicates the growth offered by this region.
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