Healthcare Nanotechnology Market to Grow at a CAGR of 12% till 2024 | Hexa Research

Continuous innovation in nanotechnology for improvement of nanomedicines is the main driver for Healthcare Nanotechnology Market over the forecast period.

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The global Healthcare Nanotechnology Market is anticipated to grow at a CAGR surpassing 12% from 2016 to 2024 (forecast period). This market is primarily driven by technological advancements & innovations in nanotechnology. Nanotechnology in healthcare aims at curing molecular & submicroscopic parts by monitoring & repairing, and by reconstructing them. This industry is propelled by development initiatives that are funded by government & private organizations that focus on neurological & cardiovascular ailments. Focus on enhancing drug efficiency also has a favorable impact on market demand. Nanotechnology is expected to gain importance in the areas of disease prevention, diagnosis, and therapy.

The global healthcare nanotechnology market is segmented on the basis of applications, end users, and regions. On the basis of applications, the industry is categorized into clinical cardiology, drug delivery systems, clinical neurology, molecular diagnostics, clinical oncology, and anti-inflammatory & anti-infective applications. The other applications are kidney andophthalmology, dental, hematology, and orthopedic. Clinical oncology is a rapidly growing segment due to the efficacy of nano particles to fight against cancerous tissues & tumors.

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High incidence of cardiovascular anomalies can augment the cardiovascular segment over the forecast period. The market for nanotechnology applications in cardiology holds high growth potential in most developing & underdeveloped economies. The anti-infective segment is projected to expand considerably because of rising prevalence of air-borne diseases, bird flu, and swine flu. Based on end users, the market is trifurcated into ambulatories, clinics, and hospitals.

The hospitals segment may expand substantially owing to rising cases of chronic ailments and high awareness about disease prevention. A number of large and medium sized hospitals have begun adopting nanotechnology. Unlike small hospitals that have limited resources, the large ones can adopt newer technologies because of favorable budgetary conditions.

Geographically, the global industry is divided into Asia Pacific, North America, Europe, and Rest of the World. North America held the highest share in terms of revenue in 2014. Factors, such as high investments and sophisticated technologies can fuel this region in the forthcoming years. Ongoing industry trends suggest that Asia Pacific may register a high rate of growth at the same time. Key regional drivers are surging disposable incomes, outsourcing of healthcare services, and growing population.

Prominent companies operating in the worldwide healthcare nanotechnology market are Celgene Corporation, CombiMatrix Corporation, Johnson & Johnson, Abbott Laboratories, and Teva Pharmaceuticals Industries Ltd. Characterized by stiff competition, the industry witnesses frequent business ventures and regional expansion initiatives.

Researchers & scientists are trying to develop nanosensors that can detect the occurrence of heart attacks (myocardial infarction). This could not only save lives but also money. Such a technology uses miniature blood stream nanosensors chips that can sense the onset of a heart attack. An individual with the help of this tiny chip can receive a warning on some wireless device or smartphone to immediately seek medical help. The updated version of this chip measures only ninety microns (a size way lesser than a sand grain). This combination of a smartphone and a nanosensor may even help detect certain types of cancers and autoimmune diseases. These sensors are mostly used in animals for glucose detection.

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