Factors such as rising prevalence of chronic medical conditions in the fields of neurosciences and cardiology, increasing research and development initiatives in the healthcare sector, and technological advancements in the field of medical sciences are responsible for the growth of this market. Increasing demand for personalized medical care and economic development in Asia-Pacific and Latin American countries will fuel the growth of the market in the future. The utilization of the concepts of nanotechnology in the field of medical science, with diagnostic and therapeutic applications is referred to as “nanomedicines”. Nanomedicines are an emerging field with revolutionary future applications in the treatment and diagnosis of chronic diseases.
The nanomedical devices and therapeutics market is segmented into two major categories on the basis of applications and geography. The applications market is segmented into six sub-segments namely cardiovascular disorders, central nervous system (CNS) disorders, oncology, infectious diseases, and inflammatory diseases. Nanomedical devices and therapeutics market by geography is segmented into four sub segments – North America, Asia-Pacific, Europe, and the rest of the world.
The North American region held the majority of the market share in 2011, followed by the European region. Furthermore, the Asia-Pacific region is expected to exhibit the fastest growth rate owing to the fast growing economies of nations such as India and China. In the nanomedical devices and therapeutics application market, CNS disorders and oncology markets are the two most rapidly growing segments.
Some of the market players in this industry are Starpharma Holdings Limited, Abraxis BioScience Inc., Nektar Therapeutics, Flamel Technologies S.A., Arrowhead Research Corp., Par Pharmaceutical Companies Inc., and Crucell N.V.
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