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The nanomedicine market: small particles; tremendous potential
Nanoparticles have already demonstrated their clinical potential, showing their ability to change the course of diagnostics and therapy (1 ,2). The number of products with enhanced therapeutic efficacy due to their nanoscale dimensions is skyrocketing. The availability of nano-based therapeutics on the rapidly emerging nanomedicine market is growing, while an even greater number of nanodrugs are undergoing clinical investigation (3-5).
The big business of nanomedicines had an estimated value of US$53 billion in 2009 (6). The industry is projected to reach a total market value of approximately US$334 billion by 2025 (7 ,8). Soon, the first-generation nanodrugs will start going off-patent, while an increasing number of new generation nanotherapeutics (around 40% of nanodrugs are currently in Phase II clinical trials) will enter the market, creating more market value (7 ,9). According to the Grand View Research Report, the USA remains the leader in the nanomedicine industry, owning 46% of the total international nanomedicine revenue in 2016 (9), followed by Europe (10). Japan is considered an emerging but attractive nanomedicine player (10). Major industry players in the market include Pfizer Inc. (NY, USA), Ablynx NV. (Ghent, Belgium), Nanotherapeutics Inc. (FL, USA), Nanoviricides Inc. (CT, USA), Abraxis Inc. (USA), Arrowhead Research Inc. (CA, USA), Celgene Corporation (NJ, USA), Bio-Gate AG (Nürnberg, Germany)and Merck (NJ, USA)(9).
The major portion of nanomedicine market revenue is for therapeutics, consisting of drugs, devices and drug delivery systems. The anticancer agents segment is still the most advanced and largest niche of the nanomedicine market, accounting for almost 50% of revenue, and this niche is expected to continue fueling the nanomedicine market in the future (10). However, an increasing number of nanotherapeutics have been investigated for their potential use as targeted drug delivery agents across a wide variety of diseases. Emerging segments for nanodrugs include chronic respiratory diseases, anti-inflammatory delivery, cardiology and vascular diseases, neurology, anti-infectives, diabetes and regenerative medicine.
Economic challenges of the nanomedicine market
Although the nanomedical market has enormous potential and attracted interest from the scientific community around the world, successful translation of nanodrugs from bench to bedside remains challenging. Commercialization continues to be driven mainly by small and medium-sized enterprises (SMEs), addressing the extremely lengthy and costly validation of the concept as...