Market Size of Healthcare Nanotechnology (Nanomedicine) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 11.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Healthcare Nanotechnology (Nanomedicine) Market Analysis
The healthcare nanotechnology (nanomedicine) market is expected to register a CAGR of nearly 11.9% during the forecast period.
The use of nanotechnology offers new opportunities for the development of novel strategies in terms of prevention, diagnosis, and treatment of COVID-19 and other viral infections. COVID-19 management was done with the development of nano-based materials, such as disinfectants, personal protective equipment, diagnostic systems, and nanocarrier systems, for treatments and vaccine development. According to a research article by Estefania V. R. Campos et al., published in the Journal of Nanobiotechnology in 2020, gold nanoparticles were functionalized with probes modified with thiol on the surface, which hybridize with the target and prevent the aggregation of the nanoparticles by salts and, consequently, the color change. This solution can be easily adapted for the diagnosis of COVID-19.
The healthcare nanotechnology (nanomedicine) market is being driven by various factors, such as the growing prevalence of cancer and genetic and cardiovascular diseases, increasing advancements in nanoscale technologies for diagnostic procedures, and growing preference for personalized medicines.
Nanomedicine helps improve human health and offers solutions for various life-threatening diseases, such as cancer, Parkinson's disease, Alzheimer's disease, diabetes, orthopedic diseases, and diseases related to blood, lungs, and the cardiovascular system. According to Alzheimer's Disease International, globally, there were around 50 million people with dementia in 2020. This number is expected to double every 20 years, reaching 82 million in 2030 and 152 million in 2050. Therefore, the high burden of dementia is expected to increase the demand for effective therapeutics based on nanomedicine in the management of the disease, which is expected to drive market growth.
Moreover, the market players are involved in frequent product launches to enhance their presence. For instance, in October 2020, Medtronic PLC launched its new Adaptix Interbody System, a navigated titanium spinal implant with the Titan nanoLOCK Surface Technology.
However, stringent regulatory issues and the high cost of nanoparticle-assisted medicine relative to its traditional counterparts are hindering the market's growth.
