U.S. demand for nanotechnology medical products to approach $53 billion in 2011
Demand for nanotechnology medical products will increase over 17 percent per year to $53 billion in 2011. Afterwards, the increasing flow of new nanomedicines, nanodiagnostics, and nanotech-based medical supplies and devices into the U.S. marketplace will boost demand to more than $110 billion in 2016. These and other trends are presented in "Nanotechnology in Healthcare," a new study from The Freedonia Group, Inc., a Cleveland-based industry research firm.
The critical need for new or improved therapies for many medical conditions will promote the adaptation of nanotechnology to an expanding number of pharmaceuticals. The total market for nanomedicines will command strong growth over the long term. Treatments based on humanized monoclonal antibodies, nanopolymers and nanoproteins will drive gains, with compounds for cancer, heart diseases, neurological disorders and viral infections leading new product introductions and growth opportunities.
Advances in nanotechnology will also contribute significant improvements to the quality and performance of medical diagnostic products. Nanosized monoclonal antibody labels and DNA probes will greatly enhance the speed, accuracy, capabilities and cost-effectiveness of in vitro diagnostic testing, drug discovery and medical research procedures. Nanoparticle formulations of superparamagnetic iron oxide, gadolinium, perfluorocarbon and specialty polymers will broaden in vivo imaging capabilities. Several medical supplies and devices will emerge as key applications for nanotechnology. Nanomaterials are already gaining significant demand as active ingredients of burn dressings, bone cement, bone substitutes, and dental repair and restoration products.
The greatest short-term impact of nanotechnology in health care will be in 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 nanotechnology products. By 2016, nanoimplants will be widely employed in orthopedic procedures and begin to gain experimental uses in tissue and neuron regeneration. By 2021, nanotechnology will serve applications that extend into most areas of critical and chronic care. Additionally, the development of monoclonal antibody and nanomaterial vaccines and, to a lesser extent, controlled-release nutritional preparations will create a large preventive medicine market.
Source: Marketwire
