The application of nanotechnology into healthcare sector is referred as nanotechnology healthcare. Continuous innovation in nanotechnology for improvement of nanomedicines is the main driver for nanotechnology market over the forecast period. Nanotechnology helps to cure biological system of sub-microscopic and molecular parts by repairing, constructing, monitoring and controlling them. Increasing demand of nanotechnology owing to the development programs funded by both government and private sectors organization for cardiovascular and neurology based diseases is also expected to drive the market for healthcare nanotechnology. Increasing drug efficiency coupled with huge monetary investment are anticipated for the further growth of this market. Increasing application of nanotechnology for the purpose of disease diagnosis, prevention and therapy is also expected to further fuel the growth rate of this market.
Increasing prevalence of chronic diseases such as cancer, musculoskeletal, diabetes cardiovascular, neurodegenerative and infectious diseases are anticipated to drive the market over the forecast period. Increasing investment by government in healthcare, huge investment in R&D activities and growth in geriatric population base are the triggering factors for significant growth of healthcare nanotechnology by 2024. According to a study, development of new medicine takes almost 25-27 years which are based on technologies such as nanopores, nanocrystals, nanorods, dendrimers, quantum dots, micelles,virosome nanoparticles, nanoemulsions, liposomes, fullerenes and nanorobots which is very complex process. Developing economies like India, China, Brazil and Russia are likely to show significant growth over the forecast period owing to the increasing geriatric population base, rising awareness about preventive measures of diseases and growing disposable income.
On the basis of application, the global healthcare nanotechnology market is divided into neurology, oncology, cardiovascular, anti-infective, anti-inflammatory and other applications of nanomedicines. Other application is further divided into dental, orthopedic, hematology, kidney andophthalmology. In 2013, the global nanotechnology for oncology dominated the entire market for healthcare nanotechnology owing to increasing efficiency of its nano-particles to fight against tumor and cancers causing tissues. Apart from oncology, cardiovascular segment is expected to witness highest growth rate in next six years owing to increasing incidences of cardiovascular diseases all over the world and huge potential market in developing economies. Increasing prevalence of swine flu, bird flu and other air-bone diseases is also like to trigger the growth of anti-infective market in nanotechnology.
End Use Insights
On the basis of end use, market is segmented into hospitals, clinics and ambulatories. Hospital is anticipated to show the highest growth rate over next decade owing to increasing number of chronic diseases and increasing awareness about prevention these diseases. Large to medium hospitals has adopted nanotechnology more than small hospitals due to large hospitals have high budget comparison with small ones.
Geographically, the global healthcare nanotechnology market is divided into North America, Europe, Asia Pacific and Row. In the year 2015, North America consists the largest share in this market. Presence of sophisticated technology and huge investment in becoming technologically competitive are anticipated reasons for its further lead in the next six years. Asia Pacific region is expected to witness highest growth rate over the forecast period owing to increasing population base, increasing personal disposable income and growth in outsourcing & offshoring of medical sectors. The emerging countries possess huge market potential market due to high demand for latest technology and large idle market.
Some of the key players of the global healthcare nanotechnology market are Abbott Laboratories, UCB S.A., Sigma-Tau Pharmaceuticals, Teva Pharmaceuticals Industries Ltd., Johnson & Johnson, Pfizer Inc., Merck & Company Inc., NanosphereInc., GE Healthcare, Celgene Corporation, Mallinckrodt plc., and CombiMatrix Corporation. Since the market is very competitive, firms are going through many mergers, acquisitions, geographical expansion and NPD for retaining their present customers.
Research Support Specialist, USA