The nanomedicine market size is estimated to be USD 161,287.1 million in 2022 and is expected to witness a CAGR of 11.97% during the forecast period 2023-2033. Expanding use of drug delivery techniques based on nanotechnology and the ineffectiveness of conventional treatments are some of the factors contributing to the market growth. Furthermore, increasing R&D expenditure and rising involvement of key market players are other factors supporting the market growth. However, lengthy approval process and risk related to nanomedicines is expected to hinder the growth.

Increasing R&D expenditure is expected to propel the market growth during the projected period. Government entities are expected to increase their R&D expenditure, creating enticing prospects for the growth of the nanomedicine market. Huge capital-intensive projects can be accelerated with the help of government funding. For instance, in order to enhance nanoscale engineering, science, and technology, the National Science Foundation announced in August 2020 that it will invest a total of $84 million over the course of five years in re-establishing the National Nanotechnology Coordinated Infrastructure.

Rising involvement of key market players is predicted to fuel the market growth during the forecast period. Manufacturers are profiting from enormous opportunities for expansion in the global market due to due to the rising demand for nanomedicines. Nanomedicine is expanding in the healthcare industry and is being used more frequently in clinical and healthcare settings. The development of this industry is also anticipated to be impacted by the renowned pharmaceutical companies’ active participation in the creation of cutting-edge medications based on nanoscience.

Segmentation

By Molecule Type

The market is categorized into nano shells, nanoparticles, nano devices, and nano tubes. In 2022, the nanoparticles segment accounted for the highest revenue share due to expanding use of metal and metal oxide particles in photodynamic therapy (PDT) for the treatment of cancer and infectious diseases and advantages of various nanoparticles. In the coming years, it is projected that the usage of nanoparticles in different health settings will encourage growth. These molecules’ ability to bind to chemical groups in the form of scaffolds allows them to perform a variety of functions. The use of nanoparticles for selective binding by adding them to ligands of cell receptors is one of the main methods used in nanotechnology. It will therefore spur market expansion.

By Application

The market is categorized into active implants, therapeutics, drug delivery, in-vitro diagnostics, in-vivo imaging, implants. In the global market, the therapeutics segment accounted for the largest revenue share in 2022 owing to wide range of products that belongs to this category for the treatment of different diseases. Drug delivery systems, equipment, and pharmaceuticals all are included in this category. The development of Nanotherapeutics that can penetrate biological barriers made possible by technological improvements is another factor that is projected to propel the nanomedicine market during the forecast period. The drug delivery market made a substantial contribution to the entire market in 2022 as increasing rates of diseases such as cancer and expanding public knowledge of the potential applications for nanomedicines.

By Indication

The market is segmented into infectious diseases, clinical oncology, orthopedics, clinical cardiology, others. In 2022, the clinical oncology segment accounted for the largest revenue share owing to rising prevalence of cancer diseases. The wide variety of cancer therapy products currently in the clinical phases of development and advancements in the introduction of theranostic particles and devices are related to the rising prevalence of cancer diseases. The technique can be applied as a tool for both active and passive cancer targeting, which will spur market expansion. Nanomedicine is a therapy method that is rapidly evolving due to its effectiveness in targeting and less side effects while treating cancer. The primary preclinical and clinical use of nanomedicine is to target a wide range of diseases and tumors.

Regional Markets

In 2022, North America region accounted for the highest revenue in the nanomedicine market and is expected to maintain its dominance during the forecast period. This is attributed to the increasing collaborations between established companies in this field and emerging nanomedicine start-ups. Additionally, the region’s substantial involvement in the industrial sector is attributable to rising R&D spending together with governmental support.  Surge in funding for research and increasing demand for life-threatening illness prophylaxis in the United States are factors fueling the market’s expansion. The country also has a substantial number of manufacturing companies engaged in strategic nanomedicine ventures. For instance, Advanced Nano Therapies raised $5.3 Million in Seed-Round Financing in October 2020 to accelerate the expansion of their drug delivery development platform that is centred on nanoparticles to treat peripheral artery disease and other various uses. The Asia Pacific area is anticipated to have the fastest CAGR over the forecast period due to rising public participation in consensus conferences related to nanoscience and nanotechnology. For instance, Beijing, China hosted the 9th International Conference on Nanoscience and Technology, China, in August 2022. (China NANO 2022).

Competitor Insights

Some of the key players operating in the nanomedicine market are Combi Matrix Corporation, Teva Pharmaceutical Industries Ltd., General Electric, Mallinckrodt Pharmaceuticals, Abbott Laboratories, Nano spectra Biosciences, Inc., Celgene Corporation, Johnson & Johnson Services, Inc., Pfizer, Inc., Merck & Co., Inc., and Arrowhead Pharmaceuticals, Inc.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• For instance, NaNotics LLC and Mayo Clinic announced their research partnership in January 2022 with the goal of developing a NaNot that selectively targets the soluble form of the immune inhibitor PD-L1, which is produced by tumors.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including molecule type, application, and indication from 2023 to 2033.

Report Scope:

Segmentation: Nanomedicine Market Report 2022 – 2033

Molecule Type (Revenue, USD Million), 2022 – 2033

• Nano Shells
• Nanoparticles
  • Inorganic Nanoparticles
  • Liposomes
  • Metal & Metal Oxide Nanoparticles
  • Hydrogel Nanoparticles
  • Polymers & Polymer Drug Conjugates
  • Dendrimers
• Nano Devices
• Nano Tubes

Application (Revenue, USD Million), 2022 – 2033

• Active Implants
• Therapeutics
• Drug Delivery
• In-vitro Diagnostics
• In-vivo Imaging
• Implants

Indication (Revenue, USD Million), 2022 – 2033

• Infectious diseases
• Clinical Oncology
• Orthopedics
• Clinical Cardiology
• Others

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA