The global nanomedical devices and therapeutic market is expected to witness significant growth over the forecast period. Increasing prevalence of chronic diseases, growing R&D activities, rising awareness pertaining to minimally invasive surgical procedures, and the development of technologically advanced medical devices, which are compact, precise, and efficient are amongst key factors for the growth of nanomedical devices market over the forecast period. Furthermore, rising incidences of cardiovascular diseases in the aging population coupled with the increasing prevalence of ear, bone, and eye diseases are further expected to boost nanomedical devices and therapeutic market over the forecast period. Favorable government funding initiatives are expected to boost R&D activities pertaining to the development of novel nanomedical devices over the estimated period of seven years.
Nanomedicine finds its applications in areas such as drugs and therapies, drug deliveries, in vitro diagnostics, and in vivo imaging and active implants. The application market is segmented into inflammatory diseases, cardiovascular diseases, central nervous disorders, infectious diseases, and oncology. Oncology and central nervous system disorders is expected to exhibit lucrative growth over the forecast period owing to the increasing prevalence of cancer and other nervous disorders and the development of novel therapeutics exhibiting rapid and effective results. Some nanomedicine products available in the market are Ambisome, Abelcet for Fungal infections, Depocyt for cancer, Tricor, Triglide for lipid regulation, and others. The main aim of Nanomedicine may be broadly defined as repairing and improvement of all human biological systems and comprehensive monitoring.
On the basis of geography, the market is segmented in North America, Europe, Asia Pacific, MEA and Latin America. In 2014, North America emerged as one of the most revenue-generating regional markets accounting for the majority of the share. Key factors attributing for its large include the presence of technologically advanced healthcare infrastructure, rising patient and healthcare practitioners awareness levels pertaining to the advantages of nanomedical devices and therapeutics, and the presence of numerous nano-technology based manufacturing companies and government-organized programs supporting these developments. Asia Pacific emerged as one of the fastest-growing regional market owing to favorable government policies, rapid economic development, and increasing geriatric population. Furthermore, the rapidly growing healthcare industry, rising global collaborations, rise in healthcare expenditure and technological advancements are factors charging the growth of the market in these regions.
Some of the key players in nanomedical devices and therapeutic market are Arrowhead Research Corp., Abraxis BioScience Inc., Starpharma Holdings limited, Flamel Technologies S.A., Par Pharmaceutical Companies Inc., Nektar Therapeutics, and Crucell N.V., St. Jude Medical, Smith & Nephew, PerkinElmer. Some companies are focusing on cancer for research and development and companies with clinical developments in these fields include Access, Cytimmune, Celgene, Camurus. MagForce AG, one of the leading medical device companies in the field of Nanomedicine focused on oncology has initiated NanoTherm therapy for the treatment of brain tumors. NanoThrem, NanoActivator, and NanoPlan are components of the therapy and are EU approved as medical devices for the treatment of brain tumor.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.