The global nanomedicine market features a low concentration of technology and nanomaterial suppliers. To lessen the brunt of the inevitable demand-supply gap resulting owing to the low number of suppliers, manufacturers in the market mostly depend on long term contracts with pre-negotiated terms and conditions for uninterrupted supply of raw materials in domestic markets.
The vast funds required to excel in the technology- and research-driven field of nanomedicine have kept new players at a bay. The market is dominated by companies backed by vast revenues and human resources such as GE Healthcare, Mallinckrodt plc, Celgene Corporation, Nanosphere Inc., Abbott Laboratories, Johnson & Johnson, and CombiMatrix Corp.
Transparency Market Research states that the global nanomedicine market will exhibit a double-digit CAGR over the period between 2016 and 2024 and rise from US$111.10 bn in 2015 to US$177.60 bn by 2019.
Rising Prevalence of Cancer to Make Oncology a Lucrative Application Sector for Market
The market presently earns a significant share in its revenues owing to sales in the oncology segment. The segment’s revenue contribution to the global nanomedicine market stood at US$42.34 bn in 2015. The vast rise in the number of cancer cases across the globe will continue to keep oncology one of the most lucrative application segments for nanomedicine over the forecast period as well. Geographically, North America presently holds the most significant share in the global nanomedicine market but is expected to lose prominence to regions such as Asia-Pacific, Latin America, and Africa owing to the rapidly expanding scope of nanomedicines in these regions.
High Unmet Medical Demands Clubbed with Rising Prevalence of Chronic Diseases to Boost Demand
Although the fields of medicine and healthcare have undergone incredible developments in the past few decades, with the introduction of breakthrough products and therapies such as portable imaging devices, non-invasive surgical tools, and advanced medical sensors, there still remains a wide gap between patient needs and available treatments. Advances in nanomedicine attempt at filling this gap. In the next few years, the promise of nanomedicines of delivering drugs at the target site in the right proportion and at the necessary rate of delivery will cater well to the needs of complicated disease conditions, significantly driving the global nanomedicines market.
The market will also be significantly driven by the significant rise in the prevalence of chronic diseases across the globe. The constantly rising pool of patients and the vast unmet medical needs, especially of the population across developing economies, present a huge potential for the field of nanomedicine to gain significant traction in the next few years on a global front.
High Cost of Research and Manufacturing Nanomedicine to Restrain Market Growth
The high costs involved in the research and manufacturing of nanomedicines as well as the high cost of these drugs for consumers are both concerns for the global nanomedicine market. The cost factor is a key decisive factor for developing organizations to consider investing in a novel treatment methodology. The high cost of deliverables, levied to recover the investment costs with sufficient profits, on the other hand, is a key factor impacting purchasing decisions of patients residing in under-developed or developing economies owing to low disposable incomes. Thus, the cost factor is expected to have a sizeable negative impact on the overall development of the global nanomedicine market in the next few years.
The information provided in this write-up is based on a market research report by Transparency Market Research, titled “Nanomedicine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019.”
For the study, the global nanomedicine market is segmented as follows:
Global Nanomedicine Market, by Application
Global Nanomedicine Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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