Albany, NY -- (SBWIRE) -- 11/24/2017 -- According to a recent market research report released by Transparency Market Research, the global nanomedicine market is estimated to expand at a CAGR of 12.3% during the period between 2013 and 2019. The report, titled "Nanomedicine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", projects the global nanomedicine market to be worth US$177.60 bn by 2019. The overall market was valued at US$78.54 bn in 2012.
The report points out that improvement in technology for nanomedicine has propelled the global nanomedicine market. Rising government support for research and development of nanomedicine, coupled with an increase in investment and healthcare collaborations, is expected to augment the growth of the market during the forecast horizon. High prevalence of chronic diseases and presence of high unmet medical needs will also push the market growth. However, the report notes that the lack of organized regulatory framework and high costs involved in the development of nanomedicine will hinder the growth of the global nanomedicine market during the forecast period. The market has a huge opportunity to grow in the emerging economies along with the identification of new medical applications.
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On the basis of application, the report segments the global nanomedicine market into oncology, anti-inflammatory, neurology, cardiovascular, anti-infectives, and other applications. In 2012, the overall market was dominated by the oncology segment, which accounted for around 38.0% of the market. This can be attributed to the extensive usage of commercialized nanomedicine products in the field of oncology. However, during the next couple of years, the cardiovascular segment is expected to display the fastest growth owing to the growing geriatric population and increasing demand for nanomedicine-based devices and drugs for the treatment of cardiovascular diseases.
The report studies the global nanomedicine market according to its performance in four key regional segments: Asia Pacific, North America, Europe, and Rest of the World. In 2012, North America dominated the overall market and is expected to continue its dominance during the forecast horizon. Advanced healthcare infrastructure has attributed to the growth of the market in this region. However, during the period between 2013 and 2019, Asia Pacific is forecast to expand at a 14.6% CAGR and emerge as the fastest growing region in the market. Rising awareness about healthcare, coupled with growing prevalence of chronic diseases, has fuelled the nanomedicine market in the region. In countries such as India and China, increased research funding and numerous research collaborations in the field of nanomedicine will further push the market.
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The report profiles some of the key players in the global nanomedicine market, such as CombiMatrix Corp, Abbott Laboratories, Celgene Corporation, Mallinckrodt plc, Johnson & Johnson, Merck & Co. Inc., GE Healthcare, Pfizer Inc., Nanosphere Inc., UCB SA, Sigma-Tau Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd. The report provides insightful information about the key players, including their financial overview, business strategy, product portfolio, and recent developments.
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