The global nanomedicine market is expected to reach USD 435.08 billion by 2028, according to a new report by Reports and Data. Increased global incidence of cancer coupled with growing prevalence of cardiovascular diseases is likely to be the key factors governing market growth. Based on the WHO statistics, in 2018 around 18.07million new cases were registered for cancer in 2018. Additionally, cancer accounted for around 9.5 million deaths in 2018. The incidence of cancer was significantly high and lied around 48.4 percent in Asia Pacific.
Nanomedicine is being increasingly adopted for the treatment of various diseases including cancer and cardiovascular disease. Apart from improved efficacy and safety, factors such as bio-availability and ability to deliver diagnostic and therapeutic agents to targeted sites are expected to stimulate market growth.
Asia Pacific is expected to be a key revenue generating region in the forecast period. The market is projected to grow at a CAGR of 13.8% in the forecast period. This can be mainly associated with increasing incidence of cancer in the region. Based on estimates, along with high incidence of cancer as compared to other regions, the mortality rate of cancer in Asia is also significantly high. In 2018, the mortality rate was around 57.3 percent for Asia Pacific while it was around 20.3 percent for Europe. Increasing number of deaths of cancer patients is likely to lead to a rise in the adoption of nanomedicine in the region. Moreover, success of nanomedicines in the treatment of heart diseases is also expected to be a major factor affecting demand in the region.
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Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented global Nanomedicine Market on the basis of products, drug delivery system, application and region:
Product Outlook (Revenue, USD Billion, 2018-2028)
Drug Delivery System Outlook (Revenue, USD Billion, 2018-2028)
Application Outlook (Revenue, USD Million, 2018-2028)
Regional Outlook (Revenue, USD Billion, 2018-2028)
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Major Highlights of the Nanomedicine Market Report:
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