Partnerships will drive growth in nanomedicine market, forecasts report
Cardiovascular applications are the fastest-growing segment within the sector
The nanomedicine market is estimated to grow at a compound annual growth rate (CAGR) of 12.3% to US$177.6bn during the period from 2013 to 2019, according to a report by US market research firm Transparency Market Research.
The report, Nanomedicine Market (Neurology, Cardiovascular, Anti-inflammatory, Anti-infective, and Oncology Applications) - Global Industry Analysis, Size, Share,Growth, Trends and Forecast, 2013–2019, projects that the nanomedicine market will be largely driven by partnerships between global research firms and leading industry institutes and these collaborations will play a crucial part in attracting more investments.
According to the report, oncology is the largest application segment within the nanomedicine market with a total share of 38%. This is attributed to the large-scale focus on developing drugs and treatments for cancer, and the fact that approved nanomedicine drugs also exist in the market.
But cardiovascular applications of nanomedicine are regarded as being the fastest-growing segment within the market, influenced by a rising number of people being affected by cardiovascular problems worldwide, and the availability of various devices catering to the needs of this segment.
In addition, there has been an increase in support from various governments in boosting research as well as product approvals within the nanomedicine segment; which is likely to continue and help the market for nanomedicine to grow.
In the coming years, it is expected that further collaborations between academic institutes as well as research firms will provided a boost to the role of nanomedicine in the treatment of chronic diseases. A noteworthy example of this would be the collaboration between Elan and Abbott Laboratories for the development of cholesterol treatment Tricor, which was key to helping both players lower Research and development costs.
Other factors such as a growing demand and acceptance of targeted drug delivery (especially where neurological disorders are concerned) has created a larger market for nanomedicine, while the rise in the prevalence of cardiovascular diseases is asking for the introduction of drugs that possess higher efficiency and better therapeutic properties.