Oncologic Nanomedicine Market
Number of pages: 100 | Report Format: PDF | Published date: March 14, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Growth Rate |
CAGR of 11.8% from 2023 to 2031 |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Constituents, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global oncologic nanomedicine is likely to register revenue CAGR of 11.8% during the forecast period.
Market Fundamentals
Nanomedicines are used as anticancer therapeutic options. Due to their small size in nanometers (nm), nanomedicines can be used to target specific sites in the treatment of cancer, enhancing bioavailability and giving less hazardous side effects. Also, using little doses of medications can result in cost savings. Furthermore, nanotechnology is efficiently used in the manufacturing of such pharmaceuticals since they are in nm sizes, which are 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 the efficient delivery of 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 involving the manufacture or use of 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.
Similarly, gold nano shells are one of 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 are reliant on various factors, the most important of which is physiological factor. 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.
The employment of nanotechnologies dramatically reduces mortality, notably in cancer aggregation, and it can be regulated efficiently using specific diagnostic instruments, specialist drugs, and therapeutic procedures. Continuing cancer management techniques include surgery, radiation, and chemotherapy. The use 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.
Market Dynamics
The adoption of cancer nanomedicines in the market is projected to be driven by the development and commercialization of procedures that have the potential to considerably improve drug administration and disease management. Furthermore, the expanding use 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 growth potential as a result of rising demand for oncologic nanomedicines. The field of nanomedicine is expanding and becoming increasingly commonly employed in medical and healthcare settings. Furthermore, notable pharmaceutical corporations' active involvement in the creation of cutting-edge nanoscience-based medications is expected to have an impact on the development of this industry. Furthermore, government organizations are projected to boost their R&D funding, providing appealing chances for the expansion of 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 Institutes of Health Research (CIHR) and the Canadian Space Agency (CSA) are sponsored by the Canadian government for nanomedicine and regenerative medicine research. As a result, it will fuel the expansion of the oncologic nanomedicine market in the coming years. However, The low rate of adoption, growing side effects associated with nanoparticle consumption, and the strict regulatory framework for medication approvals are all restraining market growth in the oncologic nanomedicine market during the projection period.
Market Ecosystem
The global oncologic nanomedicine market has been analyzed from four perspectives by type, constituents, application, and region.
Oncologic Nanomedicine Market by Type
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Based on type, the global oncologic nanomedicine market has been segmented into nano shells, nano tubes, nano particles and nano devices.
The nano particles segment is likely to dominate the market during forecast periods. The product demand is increasing due to the benefits that various nanoparticles provide, as well as the increasing use of metal and metal oxide particles in photodynamic therapy (PDT) for the treatment of infectious diseases and cancer, resulting in considerable market growth.
The usage of nanoparticles in various healthcare settings is expected to grow in the coming years. Because of their ability to bind to chemical moieties in the form of scaffolds, these molecules can perform a number of jobs. The utilization of nanoparticles for selective binding by connecting them to ligands of cell receptors is an important approach in nanotechnology. As a result, it will propel market expansion.
Oncologic Nanomedicine Market by Constituents
Based on constituents, the global oncologic nanomedicine market has been segmented into inorganic nanoparticles, organic nanoparticles. The organic nanoparticles are further sub segmented into polymeric nanoparticle, and lipid organic nanoparticles.
The organic nanoparticles are expected to dominate the market during forecast period. Organic nanoparticles are tiny particles consisting of polymers or aggregated molecules. Because of their simplicity of production and the large range of aggregated forms that can be created, these materials are of widespread interest. 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 NPs 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 segments is likely to dominate the market during the forecast period due to the existence of different products that belong into this category for the treatment of 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.
As a result of rising disease rates such as cancer and the COVID-19 virus, as well as expanding public awareness of the potential uses for nanomedicines, the drug delivery market contributed considerably to the entire market in 2022. 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.
The North America is expected to dominate the market during forecast period. The region is predicted to maintain its leadership during the forecast period. Its growth can be attributed to the existence of developing relationships between enterprises involved in this field and nanomedicine start-ups. Furthermore, the region's strong engagement in the industrial sector is owing to government backing, as well as 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 a significant number of 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 have a significant impact on the expansion of the Asia Pacific nanomedicine market in the future years. For example, the 9th International Conference on Nanoscience and Technology will be held in Beijing, China in August 2022. (China NANO 2022). The purpose of the conference is to share scientific breakthroughs, developments in specific industry areas, technological advances, new possibilities, and issues.
Competitive Landscape
To increase their market position, key players in this market are using various strategies such as alliances through mergers and acquisitions, regional expansion, and strategic collaborations. In January 2022, for instance, NaNotics LLC announced a research collaboration with Mayo Clinic to create a NaNot that selectively targets the soluble form of the immune inhibitor PD-L1, which is produced by tumors. Some of the prominent market players in the global oncologic nanomedicine market
Strategic Development
Nanotechnologies used as anticancer therapeutic options are cancer/oncologic nanomedicine. Due to their small size in nanometers (nm), nanomedicines can be used to target specific sites in the treatment of cancer, enhancing bioavailability and giving less hazardous side effects.
The Asia Pacific the key growth region in the global oncologic nanomedicine market
The increase in the need for nanomedicines used for the treatment of cancer is the prime driving factor.
Some of the prominent market players in the global oncologic nanomedicine market, Alnylam Pharmaceuticals, Inc., Amgen Inc., Arrowhead Pharmaceuticals, Inc., and others
The therapeutic agents application led the global oncologic nanomedicine market.
*Insights on financial performance are subject to the availability of information in the public domain