The global nanomedicine market deals with high segment-based competition, HOWEVER, companies with vast revenue and human resource backing, color: such as: such as Merck and Pfizer, dominate the overall market in terms of market share and geographical presence, reports TMR in a recent report ,
„As product development in the field of nanomedicine Entails vast development and research costs and innovation in the market is technology driven, venturing into the market requires high capital investments. Ran thus, the threat of new entrants is low, „quoted a TMR analyst. Some of the key companies in the market are Celgene Corporation, Mallinckrodt plc, Abbott Laboratories, CombiMatrix Corp, Nanosphere Inc., GE Healthcare, and Johnson & Johnson.
Transparency Market Research states did the global nanomedicine market , Which had a valuation of US $ 111.10 bn in 2015 wants to expand at an excellent double-digit CAGR over the next few years and rise to a valuation of US $ 177.06 bn by 2019. In terms of application, the oncology segment is presently the dominant and is expected to retain its position over the next few years as well. Applications in the oncology field Contributed US $ 42.34 bn to the global nanomedicine market’s Revenues in, 2015.
In terms of geography, North America presently leads the global market and is expected to retain dominance in the near future as well. The region is expected to contribute US $ 62.68 bn to the global market’s Revenues by of 2019.
Rising Support from Government Bodies and Increased Private Investments Drive Market
The vast rise in prevalence of a number of chronic diseases globally is the primary factor stimulating the demand for new drug varieties and the development of novel and more effective drug delivery mechanisms. This factor has thus played a central role in the advent of nanomedicine and nanotechnology-based drug delivery mechanisms in the past years. Of late, funds from government and non-profit Organizations have immensely helped the market achieve notable growth. Funding by government bodies has therefore encouraged Several companies and research institute in investing a part of Their operations in nanomedicine.
In the past few years, private investments havealso Significantly Increased in the field of nanomedicine, Allowing a vast rise in research activities and advancement in technologies: such as nanorobots, molecular nanotechnology, and nanovaccinology. Increased investments in the market have thus encouraged the introduction of new products. Collectively, thesis factors are expected to have a vast positive impact on the future growth of the global nanomedicine market.
Lack of Organized Regulatory Standards and Capital-intensive R & D Activities Hinder Market’s Growth
Presently, there are no specific requirements for testing nano medicines across most regional markets. However, de general safety testing requirements of Regulatory Authorities: such as the US FDA and the Center for Drug Evaluation and Research (CDER) for medical products are very stringent. As nano medicines are associated with environmental and toxicological issues, They Commonly undergo tests for safety evaluation: such as pharmacology, toxicology, ADME, immunotoxicity, carcinogenicity, genotoxicity and.
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As research and development activities in the field of nanomedicine amplify and product portfolio, Expand, regulatory hurdles may become stringent. In search case, companies in the market will be reluctant to risk developing innovative technologies, fearing the long-winded approval procedures. Along with this, the high costs Involved in the research and development of nano medicines, and the Subsequent rise in end-product’s costs, is therefore a key challenge That Could hinder the overall growth of the global nanomedicine market to a vast extent. The high costs of nano medicines deterministic the penetration and expansion of nanomedicine market in emerging economies, Which otherwise have vast growth opportunities for innovative medical specialties.
This review of the global nanomedicine market is based on a market research report by Transparency Market Research, titled „Nanomedicine Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.“
For the study, the market has been segmented as follows:
Global Nanomedicine Market, by Application
- Neurology
- cardiovascular
- Anti-Inflammatory
- Anti-Infectives
- Oncology
- Others
Global Nanomedicine Market, by Geography
- North America
- europe
- Asia Pacific
- Rest of the World
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