- Healthcare nanotechnology helps diagnose diseases at molecular levels. Nanotechnology uses modern technologies like nanopores, nanorods, nanoemulsions, nanocrystals, and nanorobots. These technologies prevent and treat life-threatening diseases. They require least amount of biological samples for diagnosing diseases.
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The healthcare nanotechnology market is projected to attain USD 196 billion by 2020. It will exhibit an estimated growth rate of 12.1% from 2014 to 2020 (forecast phase). The market was worth USD 96 billion in 2012. Susceptibility of patients to cardiovascular, oncology, respiratory, and neurological diseases is the key market driver.
Other drivers of the market are governmental & private funding for research and new players. Hazards regarding materials for manufacturing nanoparticles are a market challenge. The worldwide market is split into applications and regions.
Applications of the healthcare nanotechnology market consist of drug delivery systems, clinical oncology, clinical cardiology, clinical neurology, molecular diagnostics, and anti-inflammatory & anti-infective. Clinical oncology dominated the market in 2013, with around 35% share. Clinical cardiology is likely to be the fastest growing application over the next six years.
Cardiovascular diseases due to stressful and unhealthy lifestyles will boost this segment. Nanoparticles are used for drug delivery on account of their minute size, allowing body penetration with minimum invasiveness. This can reduce the side-effects of drugs in case of directly targeting tumors.
North America led the healthcare nanotechnology market in 2013, accounting for 38% of the global revenues. This could be attributed to investments in the research & development of cancer. Use of innovative products like nanoparticle imaging reagents and immunoassays on monoclonal antibodies has resulted from these research and developments.
Fiscal subsidy provisions and high-tech medical infrastructure in the region also drive North America. Asia Pacific is anticipated to expand at the greatest CAGR (over 14%) till 2020. Improved medical infrastructure and R&D initiatives would fuel the regional demand. China and India, in particular, hold great potential and are deemed lucrative markets.
Prominent players in the global healthcare nanotechnology market comprise Nanosphere Inc., Abbott Laboratories, GE Healthcare, Johnson & Johnson, and Pfizer Inc. The market is also witnessing nanotechnology breakthroughs, efficient nanoparticles breaking blood-brain barriers, and some other new trends.
Information Source: Grand View Research
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