It is a well established fact that the future of healthcare lies in the field of nanotechnology. The technology is set to change healthcare forever. Nanomedicine and healthcare market is expected to grow at a compound annual growth rate (CAGR) of 9.50%, rising from US$89.783 billion in 2018 to US$154.809 billion in 2024. Nanotechnology offers an opportunity to work at the same scale of several biological processes, organic molecules, and cellular mechanisms, hence providing a huge impetus for innovation in healthcare and medicine, with a plethora of advances such as drug delivery systems, implantable devices, biosensors, nanoscale therapeutics, and imaging technologies. Among these, drug delivery systems constitute a huge market-share with anticancer treatment being the major contributor.
Looking at the potential applications of nanotechnology to the healthcare sector, biopharmaceutical and medical devices companies are increasingly partnering with nanomedicine and nano healthcare start-ups. These partnerships will trigger rapid investment in R&D which, in turn, will drive the demand for nanotechnology solutions in the healthcare market. Moreover, rapid development in minimally and non-invasive surgical technologies are expected to boost this market in the upcoming years. However, lack of funding from traditional sources of finance because of asymmetric information as well as a high-risk/high-return scenario in the short-run is a major restraint in the healthcare nanotechnology market. Apart from this, dealing with strict government regulations relating to this market is another factor restraining the growth of the nanotechnology in the global healthcare market. A rapidly increasing percentage of aging population and growing cases of chronic diseases among the global population is likely to provide ample opportunities for more innovative solutions in healthcare in which nanotechnology is a sure leader.
Geographically, significant growth has been observed in US markets and is expected to be one of the market leaders as far as the growth in nanomedicine is concerned. The top emerging markets will be in the Asia-Pacific region while Africa and Middle-East will see some growth in the upcoming years. The booming medical tourism industry in India is projected to bolster the demand for nanotechnology in the healthcare market.
Higher investment in R&D in nanomedicine and devices with major pharmaceutical companies tying up with nanotech start-ups.
Rapid and pervasive development in minimally and non-invasive surgical technologies.
Asymmetric information and high risk / high-return scenario in the short run leads to less financing from traditional sources of funding.
Stricter regulations by government bodies like FDA due to safety risks posed by this technology lead to higher costs to introduce nanomedicine products in the market.
In the University of Michigan, engineers are developing ways to use nanotechnology in non-invasive surgery
A Northwestern University team has developed a method of optimizing spherical nucleic acids, which could revolutionize nanomedicine for cancer immunotherapy in the future.
Lauren Sciences LLC wins AU$1 million grant award from FightMND to develop a transformative nanomedicine for brain diseases.
The nanotechnology in healthcare market has been analyzed through the following segments:
Middle East and Africa