Nanomedicine Market Expected to Reach $261,063 Million by 2023

Portland, OR -- (SBWire) -- 02/21/2018 --Nanomedicine Market by Modality, Application, and Indication: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global nanomedicine market was valued at $111,912 million in 2016, and is projected to reach $261,063 million by 2023, growing at a CAGR of 12.6% from 2017 to 2023. The drug delivery segment accounted for nearly two-fifths share of the global market in 2016.

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Nanomedicine is an application of nanotechnology that deals in the prevention & treatment of diseases in humans. This technology uses submicrometer-sized particles for diagnosis, treatment, and prevention of diseases. Nanomedicines are advantageous over generic drugs in several aspects such as, to reduce renal excretion, improve the ability of drugs to accumulate at pathological sites, and enhance the therapeutic index of drugs. Thus, nanomedicine is used in a wide range of applications that include aerospace materials, cosmetics, and medicine.

The global nanomedicine market is segmented based on modality, application, indication, and region. Based on application, it is classified into drug delivery, diagnostic imaging, vaccines, regenerative medicine, implants, and others. On the basis of indication, it is categorized into oncological diseases, neurological diseases, urological diseases, infectious diseases, ophthalmological diseases, orthopedic disorders, immunological diseases, cardiovascular diseases, and others. Based on modality, it is bifurcated into treatments and diagnostics. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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The global market is driven by increase in the development of nanotechnology-based drugs, advantages of nanomedicine in various healthcare applications, and growth in need of therapies with fewer side effects. However, long approval process and risks associated with nanomedicine (environmental impacts) restrain the market growth. In addition, growth of healthcare facilities in emerging economies is anticipated to provide numerous opportunities for the market growth.

The vaccines segment is expected to register a significant CAGR of 13.2% throughout the forecast period. The treatment segment accounted for about fourth-sevenths share in the global market in 2016, accounting for the highest share during the forecast period. This is due to the high demand for therapeutics among patient and rise in the incidence of chronic diseases.

The global nanomedicine market is driven by emerging technologies for drug delivery, increase in adoption of nanomedicine across varied applications, rise in government support & funding, growth in need for therapies with fewer side effects, and cost-effectiveness of therapies. However, long approval process and risks associated with nanomedicine (environmental impacts) restrain the market growth. In addition, increase in out-licensing of nanodrugs and growth of healthcare facilities in emerging economies are anticipated to provide numerous opportunities for the growth of nanomedicine market.

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