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Nanotechnology has been the subject of extensive studies in the application of various drug delivery systems for various routes of administration. Nanomedicine combines nanotchnology with pharmaceutical and biomedical science to develop drugs with several advantages like targeted drug delivery, reduced toxicity, long circulation, and enhanced half-life.
Rising incidence of chronic diseases like cancer, cardiovascular diseases, etc, coupled with the growing demand for injectabel nanomedicine, and increasing government as well as private funding for the development of nanomedicine are some of the factors that is anticpated to drive the injectable nanomedicines market during the forecast period. According to American Health Association, it is expected that about 60% i.e. 170 million Americans will be suffering from some form of chronic disesases by 2030.
The injectable nanomedicine market is expected to register a significant growth during the forecast period due to factors such as rising number of cases of chronic disorders, rising research and development activities for the launch of injectable nanomedicine, and increasing number of collaboration between academic and pharmaceutical industries for the new product introductions. However, low approval rate for clinical use due to disadvantages such as drug deposition and thereby organ or site toxicity is the major factor anticipated to restrict the growth of injectable nanomedicine market.
Key Market Driver -
Rising incidence of Chronic Diseases, Increasing government and private funding for development of nanomedicines.
Key Market Restraint -
Stringent regulatory framework, difficulty in nanoscale manufacturing
Globally, the injectable nanomedicine market can be segmented on the basis of the drug delivery type, application, end user and region. Based on the type of drug delivery, the market can be segmented into liposomes, nanocrystals, micelles, polymeric nanoparticles, mesoporous silica nanoparticles, metallic nanoparticles, and others. Based on applications, the market can be further segmented into cancer, cardiovascular diseases, central nervous system diseases, infection control, inflammatory diseases, and others. Based on end user, the market can be segmented into hospitals, ambulatory surgical centres, clinics, R&D institutes, managed care organization, and others. Geographically, the injectable nanomedicine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Some of the major companies that are present in the injectable nanomedicine market are Lupin, , Pacira BioSciences, Inc., BioDelivery Sciences International, Inc., Amgen Inc., CELGENE CORPORATION, Teva Pharmaceutical Industries Ltd, Pfizer Inc, Hoffmann-La Roche Ltd, and other prominent players.
Geographically, the injectable nanomedicine market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to account for maximum share of the injectable nanomedicine market. The dominance is attributable to the increasing research collaborations between pharmaceutical and academia, and growing prevalence pf chronic diseases, and availability of progressive healthcare facilities. For instance, in February 2021, an interdisciplinary research team at Northern Arizona University is working with partners throughout the U.S. on nanotechnology to streamline vaccine delivery.
Europe is anticipated to hold second largest market share in global market. Availability of sterile GMP approved sites for the development and manufacturing of nanomedicine is projected to fuel the market growth in this region. Moreover, the improved healthcare infrastructure coupled with the higher penetration of the key player in the region is anticipated to augment the market growth during the forecast period. On the other hand, Asia Pacific is expected to register the highest CAGR. Increasing healthcare investment in the developing countries of the region and rising aging population coupled with the growing prevalence of various infectious and chronic diseases propel the market growth of this region. For instance, about 75 million people in India above 60 years of age suffer from some chronic disease.
Latin America and Middle East Africa are anticipated to witness a moderate growth during the forecast period due to less awareness among the population regarding the advanced healthcare technologies and developing healthcare infrastructure in these regions.
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