NANOMEDICINES MARKET ANALYSIS

Market Challenges And Opportunities

Global Nanomedicine Market: Drivers

High prevalence of chronic diseases is expected to propel growth of the global nanomedicine market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Moreover, opening of a NanoTherm treatment centers is also expected to aid in growth of the market. For instance, in March 2020, MagForce AG and the Hufeland Klinikum GmbH announced the conclusion of a joint cooperation agreement and the planned opening of a NanoTherm treatment center for brain tumors at the Mühlhausen site in Thuringia, Germany.

Global Nanomedicine Market: Restraints

Lack of organized regulatory framework is expected to hinder growth of the global nanomedicine market. There are presently no specific testing requirements for nanomedicine. However, the safety testing requirements of the FDA, CDER and other regulatory authorities worldwide for any medical products is very stringent. Nanomedicine products are associated with environmental and toxicological issues, which make it mandatory for manufacturers to perform toxic studies and abide with environmental regulations while manufacturing. Current preclinical tests for safety evaluation include tests such as toxicology, pharmacology, ADME, carcinogenicity, immunotoxicity and genotoxicity.

Moreover, low adoption of nanomedicine in emerging economies is also expected to limit the market growth. 

Global Nanomedicine Market: Opportunities  

Presence of unmet medical needs in emerging economies is expected to offer lucrative growth opportunities for players in the global nanomedicine market. Emerging and high growth markets such as China, Brazil, India, Eastern Europe, Middle East, and Latin America are expected to offer a vast arena of opportunities for the nanomedicine market in future. This is due to the fact that economic development in these economies has equipped patients with purchasing power induced by rising disposable incomes. Improvement of healthcare infrastructure will enable use of sophisticated technologies and cater to the high unmet medical needs of the population.

Moreover, R&D in nanomedicine is also expected to aid in growth of the market. For instance, in August 2020, researchers at the Else Kröner-Fresenius-Stiftung Professorship, Universitätsklinikum Erlangen, Germany, reported that superparamagnetic iron oxide nanoparticles can function as an effective delivery platform to increase local drug concentrations, thereby potentially overcoming chemotherapy resistance of cells.