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Nanopharmaceuticals has proven to be boon to the pharmaceutical R&D and in the treatment of complex disorders. Nanotechnology can be strategically implemented in the drug delivery systems that can drastically expand the drug market in the coming years. Nanopharmaceuticals helps in the easy detection of the disease in the early stage and thus help in the early treatment of the diseases. Nanopharmaceuticals have tremendous potential in attributing the failure of traditional therapeutics. Pharmaceutical industries are facing enormous problems in delivering effective treatment for complex diseases and are striving hard to apply nanotechnology for drug delivery and drug discovery. This huge market potential of nanotechnology in combination with drugs for the pharmaceutical companies is anticipated to propel the nanopharmaceuticals market growth during the forecast period.
Various advantages of nanotechnology in drug delivery over other therapeutics such as faster delivery, early detection, and higher efficiency are responsible to drive the nanopharmaceuticals market during the forecast period. Additionally, increasing R & D by pharmaceutical and biotechnology companies in discovering novel drugs, growing investments in nanopharmaceuticals, and prevalence of neurological disorders & cancer is expected to drive the market growth.
Key Market Driver -
Huge market potential for pharmaceutical companies in nanotechnology for development of effective therapeutics
Key Market Restraint -
High R & D expenditure for drug discovery
However, the high investments associated with drug development in nanopharmaceuticals are likely to hinder the market growth during the forecast period. Also, the lack of regulatory guidelines and toxicity issues associated with nanotechnology are anticipated to affect the global nanopharmaceuticals market growth.
The major companies covered in the nanopharmaceuticals market report include Eli Lilly and Company, Merck & Co., Inc., Pfizer Inc, Abbott, AstraZeneca, Johnson & Johnson Services, Inc. F. Hoffmann-La Roche Ltd, Novartis AG, GlaxoSmithKline plc, and others.
As per the current global nanopharmaceuticals market trend, cancer in the application segment accounts for the highest share in terms of revenue owing to the demand for early detection and effective treatment for cancer and tumor disorders.
Geographically, the global nanopharmaceuticals market is segmented in North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is the leading region in terms of revenue owing to rapid R & D by the pharmaceuticals in the development of novel drugs, the presence of major players, and higher prevalence of cancer in the region. Europe accounts for the second position in the global market owing to advancements in the healthcare industry and focuses on the development of novel drugs using nanotechnology.
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The market in Asia Pacific is also expected to grow at a significant CAGR during the forecast period due to the growing prevalence of cancer and demand for effective treatment, rapid technological advancements, etc. Latin America is expected to account for a comparatively smaller share owing to growing awareness pf nanopharmaceuticals and the need for the development of novel drugs in the treatment of cancer and other complex disorders. Middle East & Africa is expected to witness a restricted growth due to lack of awareness and lesser technological advancements in the region.
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