Increase in adoption of novel nanomedicines products drives the market growth in India. Moreover, increase in the number of players and high adoption of innovative technologies further fuel the market growth. In addition, robust government initiative toward improvement of healthcare facilities through insurance schemes is anticipated to provide lucrative growth opportunities in the country. The nanomedicines market in India is expected to grow at the highest CAGR of 13.4% from 2016 to 2023.
Geographically, the market for nanomedicine is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Currently, North America accounts for the largest market share. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period of 2018-2023, owing to the improving research infrastructure in the region, improved purchasing power of patients, the rapid increase in geriatric population, and rising awareness regarding healthcare. China and India are to be foreseen as the growing nanomedicine markets in Asia.
The global nanomedicine market accounted for $111.9 billion in 2016, and is anticipated to reach $261.1 billion by 2023, registering a CAGR of 12.6 per cent from 2017 to 2023, according to a new report published by Allied Market Research.
A new report by Grand View Research, Inc. observed that the global nanomedicine market is anticipated to reach $ 350.8 billion by 2025. Development of novel nanotechnology-based drugs and therapies is driven by the need to develop therapies that have fewer side effects and that are more cost-effective than traditional therapies, in particular for cancer.
Application of nanotechnology-based contrast reagents for diagnosis and monitoring of the effects of drugs on an unprecedented short timescale is also attributive drive growth in the coming years. Additionally, demand for biodegradable implants with longer lifetimes that enable tissue restoration is anticipated to influence demand.
As per the World Health Organisation (WHO) factsheet, cancer is found to be one of the major causes of mortality and morbidity worldwide, with approximately 14 million new cases in 2012 and 8.2 million cancer-related deaths. Thus, demand for nanomedicine in order to curb such high incidence rate is expected to boost market progress during the forecast period.
This story is from the February 2018 ,Vol 16 Issue 05 edition of Bio Spectrum.
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This story is from the February 2018 ,Vol 16 Issue 05 edition of Bio Spectrum.
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