Increasing Application Segments are Helping to Push Growth of Global Nanomedicine Market

Among the several driving factors for the development of the global nanomedicine market, a primary factor can be considered to be the rising applications of nanomedicine. The growth of the market is also benefiting from the constant developments in the field of nanotechnology. There has been several notable developments, rise in the number of research activities funded by both private as well as government institutes. This too has been quite helpful for the development of the global nanomedicine market. In recent years, use of nanotechnology and nanomedicine has grown tremendously for treating chronic diseases. This has created a great awareness among end-users about the benefits of using nanomedicine. Naturally, this too has helped in the overall development of the global nanomedicine market.

Oncology and Neurology Segments Gaining Maximum Traction

The application segments of nanomedicine include oncology, anti-inflammatory therapeutics, anti-infective therapeutics, neurology, and cardiovascular therapeutics. Of these mentioned application segment, the oncology segment is the biggest one and is the largest contributor for the development of the global nanomedicine market. The oncology application segment is expected to continue its dominance over the given period of forecast. In comparison with the traditional drug therapies, nanomedicine has been able to prove itself as innovative and more effective. There have been multiple cases where nanomedicine has been effective in treating cancer tumors better than the conventional cancer drug therapies. It has enabled the process of targeted drug delivery through improved retention and permeation. This has given the treatment a considerable benefit of specificity as compared to the traditional non-targeted therapeutics. Naturally, there has been a growing focus on studies of using nanomedicine for treating cancer.

However, in recent years, the nanomedicine market has been shifting its focus towards cardiovascular and neurology therapeutics. This shift can be attributed to the fact to the growing availability of high-tech healthcare infrastructure and detailed patient information. The cardiovascular segment of the global nanomedicine market is expected to witness a solid growth in the coming years of the forecast period.

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North America to Continue to Dominate in Coming Years

In terms of regional segmentation, the global nanomedicine market is divided into five important regions. These are Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Among these, the regional market of North America is the most dominant one. It is projected that this market will continue to act as the leading contributor for the overall growth of the global market. One of the most important driving factors for market growth in North America is the growing presence of nanomedical devices and products across the region. Moreover, existence of highly advanced and developed healthcare infrastructure has also helped in the development of nanomedicine market in North America. In addition to this, availability of advanced products such as DNA probes, nanoparticle-based imaging agents, nanosensors, nanorobots, and monoclonal antibody-based immunoassays are also helping the development of the regional market.

The North America region has a highly favorable regulatory environment for the development of the nanomedicine market. Conducive regulatory and legal environment is helping to push the growth of the market to newer heights. Furthermore, increasing acceptance and awareness about the use of nanotechnology healthcare and medical products. Also, the growing incidences of neurological and cardiovascular diseases coupled with kidney, cancer, and other chronic diseases in the region are also helping the growth of the nanomedicine market in North America.

The vendor landscape of the global nanomedicine market is a consolidated one. There are only a handful of players that are involved in the complete manufacturing to marketing processes. However, with the increasing applications and popularity of nanomedicine, it is expected that there will be entry of new market players. Some of the leading companies in the global nanomedicine market include names such as Abbott Laboratories, CombiMatrix Corp, Nanosphere Inc., UCB SA, GE Healthcare, and Pfizer Inc. among others.