Rising Prevalence of Chronic Diseases to Boost Nanomedicine Market
Nanomedicine is widely used in the treatment of chronic diseases such as cardiovascular diseases, diabetes, cancer, dementia, and others, where it aids in the rapid metabolism of medications in the body. Hence, rise in prevalence of chronic diseases is expected to boost the growth of the global market. Although the fields of medicine and healthcare have undergone incredible developments in the past few decades, with the introduction of breakthrough products and therapies such as portable imaging devices, non-invasive surgical tools, and advanced medical sensors, there still remains a wide gap between patient needs and available treatments.
Advances in nanomedicine attempt at filling this gap. The promise of nanomedicines of delivering drugs at the target site in the right proportion and at the necessary rate of delivery will cater well to the needs of complicated disease conditions, significantly driving the global nanomedicines market. The market will also be significantly driven by the significant rise in the prevalence of chronic diseases across the globe.
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Oncology a Lucrative Application Segment for Nanomedicine Market
The global naomedicine market is expected to witness tremendous growth opportunities due to rising incidences of oncology and chronic disorders across the globe. Due to rise in prevalence of cancer across the globe, nanomedicines plays an important role in the oncology segment. The vast rise in the number of cancer cases across the globe will continue to keep oncology one of the most lucrative application segments for nanomedicine over the forecast period as well. The nanomedicine market is significantly driven by factors such as increasing awareness among people about nanotechnology, rapidly increasing incidences of chronic illnesses, cancers, technological advancement, and rising investment in nanotechnology by government in several developing countries.
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Rise in Awareness of Benefits of Nanomedicines Drives Global Market
Due to rising demand for nanomedicines, manufacturers are gaining lucrative growth opportunities in the global market. Nanomedicine is an expanding area of the healthcare industry, and is witnessing increasing acceptance in medical and healthcare applications. The global nanomedicine market features a low concentration of technology and nanomaterial suppliers. To lessen the brunt of the inevitable demand-supply gap resulting, owing to the low number of suppliers, manufacturers in the market mostly depend on long-term contracts with pre-negotiated terms and conditions for uninterrupted supply of raw materials in domestic markets. The vast funds required to excel in the technology- and research-driven field of nanomedicine have kept new players at a bay. The nanomedicine market is witnessing rapid growth due to increase in research and development activities across the globe.
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Booming North America Nanomedicine Market
North America is expected to account for a major market share in the global nanomedicine market. Some of the major factors responsible for the market growth are well-established healthcare infrastructure and increasing number of biopharmaceutical companies in the region. The increasing prevalence chronic diseases all over the world demand for technologically advanced nanomedicines. The availability and adoption of nanomedical products such as nanorobots, DNA probes, monoclonal antibody-based immunoassays, nanosensors, and nanoparticle-based imaging agents are driving the market growth in nanomedicines. In addition, favorable regulatory environment is a key factor propelling the nanomedicine market in North America. Asia Pacific and Latin America are other attractive markets, which are poised to rise due to the increasing healthcare spending and improving healthcare facilities. This is due to economic growth, rise in spending capacity, surge in prevalence of cancers, and improvements in healthcare infrastructure.
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