Medical application of nanotechnology is referred as nanomedicine. Potential applications include in biological devices, nanomaterials, nanoelectronic biosensors, molecular nanotechnology including biological machines. Some of the recent problems for nanomedicines include realizing the issues of toxicity and the impact on environment, of nanoscale materials (i.e., on the scale of 0.1 to 100 nm). Various functionalities can be added further to nanomaterials by amalgamating them with biological structures or molecules. Usually, the size of nanomaterials is very similar to that of the majority of biological structures and molecules; hence, nanomaterials can be functional for both in vitro and in vivo biomedical applications and research. Till now, the mixing of biology with nanomaterials has led to the progress in the fields of diagnostic devices, analytical tools, contrast agents, drug delivery vehicles, and physical therapy applications.
The global nanomedicines market is driven by many factors such as rising technological know-how, better regulatory framework, augmented research funding, increasing government support as well as continuous increase in the occurrence of chronic diseases including diabetes, obesity, cancer, orthopedic diseases, and kidney disorder. Some of the other factors driving the market are aging population, and increasing preference for targeted nanomedicines. Nonetheless, market entry of new manufacturers is likely to bridge the supply and demand gap of nanomedicines. Presently, the aforementioned drivers balance the risk related with nanomedicines such as high cost and toxicity. Cancer is one of the key target areas for nanomedicines. Depocyt, Doxil, Oncospar, Neulasta, and Abraxane are some of the pharmaceuticals formulations that use nanotechnology. According to National Cancer Institute, around 1,685,210 new cases of cancer were diagnosed in the U.S. alone in 2016 and the number is likely to rise in the future. Since nanomedicines is considered as a major line of treatment of cancer, hence, the overall market of nanomedicines is projected to rise at a significant pace over the forecast period.
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In diagnosis, nanotechnology based methods are usually more reliable, precise, and require least amount of sample which results into significant reduction in utilization of disposables and reagents. Aside from diagnosis, nanotechnology is widely used in drug delivery purposes owing to nanoscale particles having larger surface to volume ratio than that of micro and macro sized particles, which are responsible for superior drug loading. Nano products can enter into the body cavities for treatment or diagnosis with least amount of invasiveness and with improved bioavailability. This is likely to not only develop the efficacy of diagnosis and treatment, but also reduce side effects in the cases of targeted therapy.
With the introduction of cutting-edge products and therapies including portable imaging devices, advanced medical sensors, and non-invasive surgical tools, there is a gap between patient demand and treatment supply. Advancements in nanomedicines are likely to fill the gap. In the coming years, the assurance of nanomedicines of carrying the drugs to the target site and in the right proportion is likely to cater to the needs of complex disease conditions, thereby meeting the unmet medical needs and hence, drive the nanomedicines market.
The nanomedicines market growth will be fueled by the significant increase in the occurrence of chronic diseases across the world. The rising pool of chronic patients as well as vast unmet medical demands is going to be responsible for a steady growth of the market during the forecast period.
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