Number of pages: 100 | Report Format: PDF | Published date: June 16, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 6.50 billion |
Revenue Forecast in 2031 |
US$ 17.73 billion |
CAGR |
11.8% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Application, Disease, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global healthcare nanotechnology market was valued at US$ 6.50 billion in 2022 and is expected to register a revenue CAGR of 11.8% to reach US$ 17.73 billion by 2031.
Healthcare Nanotechnology Market Fundamentals
Healthcare nanotechnology refers to the application of nanotechnology principles and techniques in the field of healthcare and medicine. Nanotechnology involves working with materials and structures at the nanoscale level, on the order of billionths of a meter. By manipulating and controlling matter at such small scales, scientists and engineers can develop innovative solutions to diagnose, treat, and prevent diseases. In healthcare, nanotechnology offers promising advancements due to materials' unique properties and behaviors at the nanoscale. It allows for precise control over the properties of substances, such as their size, shape, surface area, and reactivity. These characteristics can be utilized to create new tools, devices, and systems with enhanced capabilities and improved performance in various healthcare applications.
Healthcare Nanotechnology Market Dynamics
The increasing burden of chronic diseases, such as cancer, cardiovascular diseases, and diabetes, drives the demand for advanced treatment options. Nanotechnology-based therapies offer new approaches to combat these diseases by improving drug delivery, enhancing diagnostics, and enabling targeted therapies. The potential to address unmet medical needs propels the healthcare nanotechnology market demand. According to the WHO, there are approximately 422 million diabetics worldwide, with the majority residing in low- and middle-income countries, and diabetes is directly responsible for 1.5 million deaths per year. Nanotechnology offers precise targeting and delivery of drugs, enabling personalized medicine approaches. This technology allows for developing nanoparticles that can deliver drugs directly to specific cells or tissues, increasing efficacy and minimizing side effects. The continuous advancements in nanomaterials, such as nanoparticles, nanocomposites, and nanofibers, have expanded the possibilities in healthcare applications. These materials possess unique properties, such as high surface area, biocompatibility, and targeted functionality, making them ideal for various healthcare applications.
Governments, academic institutions, and private companies increasingly invest in nanotechnology research and development in the healthcare sector. This investment fuels the development of new nanotechnology-based products and technologies, driving healthcare nanotechnology market growth. Nanotechnology has revolutionized medical imaging by enabling the development of highly sensitive and targeted contrast agents. Nanoparticles can be engineered to selectively bind to specific cells or molecules, allowing for enhanced detection and imaging of diseases such as cancer. Nanotechnology-based diagnostic platforms also enable rapid and accurate detection of biomarkers, facilitating early disease diagnosis. The healthcare nanotechnology market outlook is positive as nano sensors are integrated into wearable devices and implantable sensors for remote patient monitoring. These sensors can detect and transmit vital signs, biomarkers, and other health-related data to healthcare professionals, enabling continuous monitoring and timely intervention, also boosting the healthcare nanotechnology market growth.
However, The research, development, and commercialization of nanotechnology-based healthcare products can be costly. The need for specialized equipment, skilled personnel, and extensive testing adds to the overall expenses. These high development costs are restricting the healthcare nanotechnology market growth. Although nanotechnology offers immense potential, concerns about the safety of nanomaterials and their potential effects on human health and the environment persist. The long-term effects of exposure to nanomaterials need to be thoroughly studied and understood, thus hindering the healthcare nanotechnology market growth.
Healthcare Nanotechnology Market Ecosystem
The global healthcare nanotechnology market is analyzed from three perspectives: application, disease, and region.
Healthcare Nanotechnology Market by Application
Based on the applications, the global healthcare nanotechnology market is segmented into biomaterials, active implants, diagnostic imaging, drug delivery, and tissue regeneration.
The active implants segment will have the largest healthcare nanotechnology market share in 2022. Active implants, such as nanoscale drug-eluting stents or implants coated with nanomaterials, provide targeted delivery and controlled release of therapeutic agents. Nanotechnology allows for the precise placement of drugs or growth factors at the implant site, ensuring optimal therapeutic efficacy. This targeted delivery mechanism enhances treatment outcomes, reduces side effects, and improves patient compliance. Nanotechnology enables the modification of implant surfaces at the nanoscale to enhance biocompatibility. Nanoscale surface coatings or modifications can reduce inflammation, prevent bacterial adhesion, and promote cell adhesion and tissue integration. Nanomaterials possess unique mechanical and structural properties that can enhance the performance and durability of implants. Nanotechnology allows for precise control over the composition and structure of implants, resulting in superior mechanical properties and a longer lifespan. Nanosensors integrated into active implants enable real-time sensing and monitoring of physiological parameters. These sensors can detect changes in pH, temperature, pressure, or biochemical markers, providing valuable information about the implant's performance or the patient's health status. Active implants are crucial in treating chronic diseases such as cardiovascular disorders, neurological conditions, and diabetes. According to the study published by Frontiers, Neurological conditions caused almost 10 million deaths and 349 million DALYs worldwide in 2019. Nanotechnology allows developing implantable devices that continuously deliver therapeutic agents or electrically stimulate targeted tissues. These implants provide long-term solutions for managing chronic conditions and improving patient quality of life.
Healthcare Nanotechnology Market by Disease
Based on the diseases, the global healthcare nanotechnology market is segmented into cardiovascular diseases, oncological diseases, neurological diseases, orthopedic diseases, infectious diseases, and others.
The oncological diseases segment accounted for the largest healthcare nanotechnology market share in 2022. The aging population and lifestyle factors such as sedentary lifestyles and unhealthy diets contribute to the increasing prevalence of cardiovascular diseases. There is a growing need for innovative and effective interventions for managing cardiovascular conditions. According to the WHO, cardiovascular diseases are the main cause of mortality worldwide, accounting for an estimated 17.9 million lives per year, or 32% of all fatalities worldwide. More than 75% of deaths occur in low and middle-income nations. Nanotechnology enables the targeted delivery of drugs to specific sites within the cardiovascular system. Nanoparticles can be designed to carry therapeutic agents such as anticoagulants, anti-inflammatory drugs, or growth factors and deliver them to diseased blood vessels or heart tissues. Nanotechnology-based contrast agents and imaging techniques offer improved visualization and characterization of cardiovascular structures and abnormalities. Nanoparticles can enhance the contrast in imaging modalities such as MRI, CT, or ultrasound, allowing for better detection and assessment of cardiovascular diseases. Nanotechnology-enabled diagnostic tools also provide greater sensitivity and specificity in detecting cardiovascular biomarkers, facilitating early diagnosis and personalized treatment decisions. Nanotechnology has enabled the development of advanced biomaterials with unique properties for cardiovascular implants and devices. Nanocomposites and nanocoatings can improve the biocompatibility, mechanical strength, and durability of cardiovascular implants such as stents, pacemakers, and artificial heart valves.
The oncological diseases segment is expected to register a lucrative growth rate during the forecast period from 2023 to 2031. The global incidence of cancer is rising, with a significant burden on healthcare systems worldwide. The growing prevalence of various types of cancer necessitates the development of innovative and effective treatment approaches. Nanotechnology offers unique solutions for targeted drug delivery, imaging, and diagnostics in cancer, making it a rapidly expanding field within oncology. According to GLOBOCAN 2020 report, approximately 10 million deaths were cases by cancer in 2020. Nanotechnology has revolutionized the field of oncology by providing novel tools and techniques for cancer diagnosis and treatment. Nanoparticles can be designed to carry chemotherapy drugs, immunotherapeutic agents, or gene therapies directly to tumor cells, improving treatment efficacy while minimizing systemic toxicity. There is significant collaboration between academic institutions, research organizations, and pharmaceutical companies in the field of nanotechnology and oncology. This collaboration has accelerated the development and translation of nanotechnology-based cancer treatments from bench to bedside. Numerous clinical trials are being conducted to evaluate the safety and efficacy of nanotechnology-based therapies, driving the growth of the healthcare nanotechnology market in oncology.
Healthcare Nanotechnology Market by Region
Geographically, the global healthcare nanotechnology market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region has the largest healthcare nanotechnology market size in revenue generation, accounting for around 36.5% market share. North America has a robust research and development infrastructure, including renowned universities, research institutions, and medical centers. These institutions drive innovation in nanotechnology and foster collaborations between academia and industry. Chronic diseases, such as cancer, cardiovascular disorders, and neurological conditions, are rising in North America. Nanotechnology offers potential solutions for targeted drug delivery, early diagnosis, and personalized treatments for these conditions. The need for innovative and effective interventions drives the demand for healthcare nanotechnology products in the region. According to the American Cancer Society in the U.S., an estimated 1.9 million new cancer cases were diagnosed in 2022. North America is at the forefront of technological advancements and innovation in healthcare. The region has witnessed significant progress in nanomaterial synthesis, fabrication techniques, and characterization methods. North America boasts a robust healthcare infrastructure and a high demand for advanced therapies and treatments. The region has a large patient population, including a significant proportion of individuals with chronic diseases such as cancer and cardiovascular conditions.
Healthcare Nanotechnology Market Competitive Landscape
The prominent players operating in the global healthcare nanotechnology market are:
Healthcare Nanotechnology Market Strategic Developments
Healthcare nanotechnology refers to the application of nanotechnology principles and techniques in the field of healthcare and medicine. Nanotechnology involves working with materials and structures at the nanoscale level, which is on the order of billionths of a meter.
Asia Pacific can be considered the key growth region in the global healthcare nanotechnology market during the forecast period from 2023 to 2031.
The prominent players operating in the global healthcare nanotechnology market are Stryker Corporation, Sanofi S.A., Johnson & Johnson, Bristol-Myers Squibb Company, and Smith & Nephew Plc.
The global healthcare nanotechnology market growth is estimated to grow at a revenue CAGR of 11.8% during the forecast period from 2023 to 2031.
The estimated size of the global healthcare nanotechnology market in 2031 is US$ 17.73 billion.
*Insights on financial performance are subject to the availability of information in the public domain