The global nanomedicine market has been forecast to increase at a compound annual growth rate (CAGR) of 12.57% through to 2016, driven by the emergence of nanorobotics, and the increasing use of novel nanomaterials.
Nanomedicine is already an established market. Unlike some other potential applications of nanotechnology, which are still largely experimental, nanomedicine has already produced a number of significant products in which the nano dimension has made a significant contribution to product effectiveness.
Nanomedicine is a large industry, with nanomedicine sales reaching $72.8 billion in 2011, and with over 200 companies and 38 products worldwide, a minimum of $3.8 billion in nanotechnology R&D is being invested every year. As the nanomedicine industry continues to grow, it is expected to have a significant impact on the economy.
Nanomedicine is the medical application of nanotechnology. Nanomedicine ranges from the medical applications of nanomaterials, to nanoelectronic biosensors, and even possible future applications of molecular nanotechnology.
Current problems for nanomedicine involve understanding the issues related to toxicity and environmental impact of nanoscale materials. One nanometer is one-millionth of a millimetre.
Over the years, research activities in the healthcare industry have changed significantly. There has been a paradigm shift from blockbuster drugs to a more personalised medicine approach.
More emphasis is being laid on formulating drugs on the basis of an individual's unique genome and immune response. The nanomedicine market is witnessing a significant demand for personalised medicines because of their ability to provide customised treatments to patients.
One of the main challenges currently facing the market is the long approval process and stringent regulations. The long approval procedures of FDA and other regulatory organisations differentiate nanomedicine products from the nanotechnology products used in other industries. Hence, the expenditure to establish any nanomedicine product in the consumer market is enormous.
Looking ahead, research and development in the nanomedicine market is expected to offer several novel products that can effectively improve the health of patients suffering from health disorders and illnesses.
Key players currently dominating the nanomedicine market include Abbott Laboratories, AstraZeneca plc, Bristol-Myers Squibb Co., Celgene Corp., GlaxoSmithKline plc, and Pfizer Inc.
Continued here:
Nanomedicine market to increase at a CAGR of 12.6%