Global Nanotechnology in Medical Applications Market: Overview
In the 20th century, developments in the field of nanotechnology and the applications of the technology in pharmaceuticals and medicines have increased significantly. Nanotechnology uses individual molecules, compounds, or atoms in various structures to produce devices and materials with unique characteristics. It works on matter with dimensions that could range from 1 nanometer to 100 nanometer. Nanotechnology has applications in the formation of various types of nano devices and nano materials. Nanomedicine is a signficant application of nanotechnology. Nanotechnology drugs are used in the field of medicine and health. Nanomedicine makes use of nano electronic biosensors and nano materials. It enables improved diagnosis, early detection and prevention, and proper treatment and examination of diseases. Nanomedicine involves interactions between nano devices and bio molecules in extracellular medium as well as inside human cells. Performance and functioning of drugs at a nano scale is varied from the one seen in a micro scale. The use of nanotechnology can improve the detection of the root cause of diseases and treat the damage that has occurred in the human body. The effect of nanomedicine drugs is faster than that of traditional drugs. Nanomedicine drugs can be used to target specific diseases.
The invention of nanotechnology has benefitted human health to a large extent. Advancements in nanotechnology can help repair and reproduce damaged tissue of the body. Nanotechnology enables the production of artificially stimulated cells that are used in tissue engineering. This helps in the development of artificial implants or transplantation of organs. Nanorobots can be modified to repair particular diseased cells. They function in the same way as antibodies that aid in the natural healing processes within the body. Nanotechnology has signficant contributions in the field of stem cell research. Gold nanoparticles are used in the detection of targeted nucleic acids, with their sequence to recognize the treatment. Gold nanoparticles are being tested for use in the treatment of cancer and other serious harmful diseases. Nanotechnology is being used for developing instruments that purity the human blood. Magnetic microparticles aid in the separation of proteins and cells from complex media, thus helps in the examination of infections in diseases such as sepsis.
Global Nanotechnology in Medical Applications Market: Key Trends
The global nanotechnology in medical applications market is expected to expand at a rapid pace in the coming years. Research and development in nanomedicine is expected to drive the market. Moreover, government funding programs specifically for nanotechnology in key regions are expected to augment the market. However, long drawn out product approval processes and high costs of nanotechnology-based medical devices and products are expected to inhibit the growth of the nanotechnology in medical application market from 2018 to 2026.
Global Nanotechnology in Medical Applications Market: Segmentation
The global nanotechnology in medical applications market can be segmented based on product, application, and region. Based on product, the global nanotechnology in medical applications market can be classified into nanoparticles, biochips, medical textiles, implantable materials, active implantable devices, wound dressings, and others. The implantable materials segment can be further divided into dental filling materials and bone restorative materials. The active implantable devices segment can be further divided into cardiac rhythm management devices, hearing aid devices, and retinal implants. The active implantable devices segment is expected to constitute a prominent share of the global nanotechnology in medicine application market. In terms of application, the market can be categorized into drug delivery & therapeutics, diagnostics techniques, and others.
Global Nanotechnology in Medical Applications Market: Regional Analysis
Based on region, the global nanotechnology in medical applications market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to expand at a robust pace, due to an increase in research efforts, rise in geriatric population, and increase in R&D expenditure on nanotechnology in the region.
Global Nanotechnology in Medical Applications Market: Competitive Landscape
Prominent players operating in the global nanotechnology in medical applications market are AstraZeneca, Ablynx, Abraxis BioScience Inc (Celgene Corporation), BioForce Nanosciences, Calando Pharmaceuticals, Inc., Elan (Alkermes), Kereos, Inc, Kleindiek Nanotechnik GmbH, MagForce AG, BlueWillow Biologics, Nanobiotix, Nanocopoeia, LLC., and Transgenex Nanobiotech, Inc.. among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.