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Demand for nanotechnology medical products, including nanomedicines, nanodiagnostics, and nanotech-based medical supplies and devices, will increase over 17 percent per year to $75.1 billion in 2014.
The greatest near-term impact of nanotechnology in health care will involve therapies and diagnostics for cancer and central nervous system disorders. Gradually, many other major diseases, as well as injuries, will be treated and detected routinely by products based on nanosized ingredients or components. Advances in nanotechnology will also expand capabilities in the areas of drug discovery, surgery and general medical research.
These and other trends are presented in Nanotechnology in Health Care, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
The total market for nanomedicines will command strong growth of 18 percent annually over the long term, rising to $59 billion in 2014 due to the critical need for new or improved therapies for many medical conditions. Therapies for advanced cancers, autoimmune diseases, neurological disorders and viral infections will lead new product introductions and command the greatest growth opportunities.
Demand for nanodiagnostics is projected to increase 6.8 percent per year to $11.3 billion in 2014 based on an expanding range of new commercial offerings. Immunoassays based on monoclonal antibodies and DNA probes are improving in vitro diagnostic testing, drug discovery and medical research procedures. Nanoparticle formulations will broaden in vivo imaging capabilities by enabling the detection of tumors, plaque, genetic defects and other disease states at much earlier stages. Nanomaterials are already realizing significant demand as active ingredients of burn and wound dressings, bone substitutes, and dental repair and restoration products. Demand for medical supplies and devices based at least partially on nanomaterials is projected to reach $5.1 billion in 2014, up from $530 million in 2009.
Nanotechnology in Health Care (published 06/2010, 351 pages) is available for $4,800 from The Freedonia Group, Inc., 767 Beta Drive, Cleveland, OH 44143-2326. For further details, please contact Corinne Gangloff by phone 440.684.9600, fax 440.646.0484 or e-mail Information may also be obtained through www.freedoniagroup.com
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