Number of pages: 100 | Report Format: PDF | Published date: March 14, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global oncologic nanomedicine is projected to register a revenue CAGR of 11.8% during the forecast period 2023 to 2031.
Oncologic Nanomedicine Market Fundamentals
Nanomedicines are used as anticancer therapeutic options. Due to their small nanometers (nm) size, nanomedicines can target specific sites in cancer treatment, enhancing bioavailability and reducing hazardous side effects. Also, using small doses of medications can result in cost savings. Furthermore, nanotechnology is efficiently used in manufacturing such pharmaceuticals since they are in nm sizes, considered one of the earliest cutoff values for the production of nanotechnology products. The increased interest in using nanotechnology to treat cancer is largely due to its unique advantages for drug delivery, detection and imaging, synthetic vaccine generation, and small medical devices, as well as the therapeutic properties of particular nanomaterials. Some of these advantages, such as better circulation and lower toxicity, are currently in use, and others show tremendous promise in clinical testing, with definitive results expected in the near future.
Nanotechnology aids in efficiently delivering anticancer drugs to afflicted tissues by increasing efficacy and decreasing negative effects. Nanomedicine involves the development of miniature-sized goods with desirable features, such as lowered degradation time and toxicity. Many products that manufacture or use nanoparticles are now in development, with the greater cost playing a significant role. Yet, nanomedicine is becoming an appealing subject for cancer research and the pharmaceutical industry due to its higher efficacy and need for small quantities with improved utility for rare or expensive medications.
Gold nanoshells are among the most effective treatments for cancer and related disorders. Due to the increased surface area provided by nanoparticles, nanotechnology improves medication bioavailability. Furthermore, considering nanomedicine’s function at the cellular level, the uptake and processing of nanomedicine rely on various factors, the most important of which is physiological. Nanomedicines can improve anticancer therapy by altering their pharmacology and enhancing tissue dispersion at the point of action. Liposomal doxorubicin, the first FDA-licensed anticancer nanomedicine with increased permeability and retention (EPR), was approved in 1995. Many doxorubicin derivatives are distributed against free drugs and are approved for usage against regular therapy. Nanotechnology can also combat multidrug-resistant cancer.
Nanotechnologies dramatically reduce mortality, notably in cancer aggregation, and they can be regulated efficiently using specific diagnostic instruments, specialist drugs, and therapeutic procedures. Continuing cancer management techniques include surgery, radiation, and chemotherapy. The usage of nanoparticles as a delivery mechanism for anticancer drugs is one of the challenges, as these microsized particles are conjugated with distinct ligands, as advised by the National Institute of Health, for treating numerous diseases such as malignancies and cardiovascular disorders.
Oncologic Nanomedicine Market Dynamics
The adoption of cancer nanomedicines is projected to be driven by the development and commercialization of procedures that can considerably improve drug administration and disease management. Furthermore, the expanding usage of nanotechnology-based drug delivery systems, combined with the inefficiency of conventional treatments in disease treatment, has fueled the expansion of the oncologic nanomedicine market.
Manufacturers are profiting from strong global market revenue growth potential due to rising demand for oncologic nanomedicines. The field of nanomedicine is expanding and becoming increasingly commonly used in medical and healthcare settings. Furthermore, prominent pharmaceutical corporations’ active involvement in creating cutting-edge nanoscience-based medications is expected to impact the development of this industry.
Government organizations are projected to boost their R&D funding, providing attractive opportunities to expand the oncologic nanomedicine market. Government funding assists in the acceleration of large capital-intensive projects. For instance, the National Science Foundation in August 2020 invested $84 million over five years in re-establishing the National Nanotechnology Incorporated Infrastructure to improve Nanoscale engineering, research, and technology. Moreover, the Canadian Government sponsors the Canadian Institutes of Health Research and the Canadian Space Agency for nanomedicine and regenerative medicine research. These factors are expected to fuel the expansion of the oncologic nanomedicine market in the coming years.
However, the low adoption rate, the increase in cases of side effects associated with nanoparticle consumption, and the stringent regulatory framework for medication approvals are all restraining market revenue growth in the oncologic nanomedicine market during the projection period.
Oncologic Nanomedicine Market Ecosystem
The global oncologic nanomedicine market has been analyzed from four perspectives: type, constituents, application, and region.
Oncologic Nanomedicine Market by Type
Based on type, the global oncologic nanomedicine market has been segmented into nanoshells, nanotubes, nanoparticles, and nanodevices.
The nanoparticles segment is likely to dominate the market during the forecast period. The product demand is increasing due to the benefits that various nanoparticles provide and the increasing usage of metal and metal oxide particles in photodynamic therapy to treat infectious diseases and cancer, resulting in considerable market revenue growth. The usage of nanoparticles in various healthcare settings is expected to grow in the coming years. Due to their ability to bind to chemical moieties in scaffolds, these molecules can perform several jobs. Using nanoparticles for selective binding by connecting them to ligands of cell receptors is an important approach in nanotechnology, boosting revenue growth in the segment.
Oncologic Nanomedicine Market by Constituents
Based on constituents, the global oncologic nanomedicine market has been segmented into inorganic nanoparticles and organic nanoparticles. The organic nanoparticles segment is further sub-segmented into polymeric nanoparticles and lipid organic nanoparticles.
The organic nanoparticles segment is expected to dominate the market during the forecast period. Organic nanoparticles are tiny particles consisting of polymers or aggregated molecules. These materials are of widespread interest due to their simplicity of production and the large range of aggregated forms that can be created. In annealed thin films, the shape of the aggregated molecules/polymers is not easily accessible, giving a valuable platform for fundamental photophysical cancer research. Organic nanoparticles are highly suited for cancer diagnostics and therapy, distinguishing them from nucleic acid therapies and their molecular conjugates. For successful photosensitizers, these unique qualities include compact size, duration of impact, payload density, and surface-allowed functionalization properties.
Oncologic Nanomedicine Market by Application
Based on application, the global oncologic nanomedicine market has been segmented into diagnostics agents, therapeutic agents, and drug delivery agents.
The therapeutic agents segment is likely to dominate the market during the forecast period due to different products belonging to this category for treating various disorders. Medication, equipment, and drug delivery systems are examples of these. Furthermore, technological improvements that enable the production of nanotherapeutics that can penetrate biological barriers are expected to drive the oncologic nanomedicine market during the forecast period.
The drug delivery market contributed considerably to the entire market in 2022 due to the rising prevalence of diseases such as cancer and the COVID-19 virus, as well as expanding public awareness of the potential uses for nanomedicines. Furthermore, the efficacy of nanotechnology in drug delivery will be ascribed to improvements in reticule-endothelial system evasion, in vivo dispersion, and favorable pharmacokinetics, fueling the oncologic nanomedicine market expansion.
Oncologic Nanomedicine Market by Region
Based on region, the global oncologic nanomedicine market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is expected to dominate the market during the forecast period. The region is predicted to maintain its leadership due to developing relationships between enterprises in this field and nanomedicine start-ups. Furthermore, the region’s strong engagement in the industrial sector is due to government backing and increased R&D spending. The market is expanding due to increased research funding and increased demand for life-threatening illness prophylaxis in the United States. The country also has many manufacturing companies with active strategic endeavors in nanomedicine. Advanced NanoTherapies, for instance, raised $5.3 million in Seed-Round Funding in October 2020 to accelerate the expansion of its drug delivery development platform focusing on nanoparticles to treat peripheral artery disease and other varied uses.
The rising public participation in consensus conferences related to nanoscience and nanotechnology is expected to significantly impact the future expansion of the Asia Pacific nanomedicine market. For instance, the 9th International Conference on Nanoscience and Technology was expected to be held in Beijing, China, in August 2022. (China NANO 2022). The conference aimed to share scientific breakthroughs, developments in specific industry areas, technological advances, new possibilities, and issues.
Oncologic Nanomedicine Market Competitive Landscape
To increase their market revenue share, key players in this market are using various strategies such as alliances through mergers and acquisitions, regional expansions, and strategic collaborations.
The prominent players in the global oncologic nanomedicine market are:
Oncologic Nanomedicine Market Strategic Developments
Nanotechnologies used as anticancer therapeutic options are cancer/oncologic nanomedicine. Due to their small nanometers (nm) size, nanomedicines can target specific sites in cancer treatment, enhancing bioavailability and reducing hazardous side effects.
Asia Pacific the key growth region in the global oncologic nanomedicine market.
The increase in the need for nanomedicines to treat cancer is the prime driving market revenue growth.
Some of the prominent players in the global oncologic nanomedicine market are Alnylam Pharmaceuticals, Inc., Amgen, Inc., and Arrowhead Pharmaceuticals, Inc.
The therapeutic agents application segment leads the global oncologic nanomedicine market.
*Insights on financial performance are subject to the availability of information in the public domain