The use of nanotechnology offers new opportunities for the development of novel strategies, in terms of prevention, diagnosis, and treatment of COVID-19 and other viral infections. COVID-19 management was done with the development of nano-based materials, such as disinfectants, personal protective equipment, diagnostic systems, and nanocarrier systems, for treatments and vaccine development. According to a research article by Estefania V. R. Campos, et al., published in the Journal of Nanobiotechnology in 2020, gold nanoparticles were functionalized with probes modified with thiol on the surface, which hybridize with the target and prevent the aggregation of the nanoparticles by salts and, consequently, the color change. This solution can be easily adapted for the diagnosis of COVID-19.

The growth of the global healthcare nanotechnology (nanomedicine) market is currently being driven by various factors, such as the growing prevalence of cancer and genetic and cardiovascular diseases, increasing advancements in nanoscale technologies for diagnostic procedures, and growing preference for personalized medicines.

Nanomedicine helps improve human health and offers solutions for various life-threatening diseases, such as cancer, Parkinson’s disease, Alzheimer’s disease, diabetes, orthopedic diseases, and diseases related to blood, lungs, and cardiovascular system.According to the Alzheimer's Disease International, globally, there were around 50 million people with dementia in 2020. This number is expected to double every 20 years, reaching 82 million in 2030 and 152 million in 2050. Therefore, high burden of dementia is expected to increase the demand for effective therapeutics based on nanomedicine in the management of the disease, which is expected to drive the market growth.

Moreover, the market players are involved in frequent product launches, in order to enhance the market presence. For instance, in addition,in October 2020, Medtronic PLC launched its new Adaptix Interbody System, a navigated titanium spinal implant with the Titan nanoLOCK Surface Technology.

However, stringent regulatory issues and high cost of nanoparticle-assisted medicine, relative to its traditional counterparts, is hindering the growth of the market Healthcare Nanotechnology (Nanomedicine) market.

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Key Market Trends

Neurological Diseases is Expected to Show Better Growth in the Forecast Period

Nanomedicine is a promising mode of cancer treatment. This growing field of medical research can be used to discover the better-personalized treatment for a wide range of diseases, including cancer. Globally, the prevalence of cancer is increasing. For instance, according to the Globocan 2020, the global cancer burden increased to 19.3 million cases and 10 million cancer deaths in 2020.​

In the field of oncology, nanomedicine offers promising transformations from the existing methods of treatments and diagnosis of cancer. The adoption of nano-based cancer therapies and diagnostics has witnessed noteworthy progress and numerous new developments are currently in the pipeline.

As per the research article published in the American Chemical Society, a total of 75 cancer nanomedicines were under clinical investigation, as of 2019. Among the ongoing and completed clinical trials, 91 (48 completed) are Phase 1, 78 (59 completed) are Phase 2, and 21 (11 completed) are Phase 3. The success rate of Phase 1 trials has been high (approximately 94%).

Moroever, the frequent launches of cancer medicines pertaining to nanomedicine technology is also driving the market significantly. In April 2019, Nanobiotix, a clinical stage nanomedicine company, obtained the CE approval for its Hensify (NBTXR3), an aqueous suspension of crystalline hafnium oxide (HfO2) nanoparticles designed for injection directly into a tumor prior to a patient’s first standard radiotherapy treatment of advanced soft tissue sarcoma.

According to a research article by Ye Zhang et al., published in Journal of Hematology & Oncology Journal 2019, researchers at Memorial Sloan Kettering Cancer Center and Cornell University developed silica-hybrid nanoparticles (C-dots) for PET imaging of patients with metastatic melanoma or malignant brain tumors. These nanoparticles coupled with 124I-labeled cyclo-[Arg-Gly-Asp-Tyr] (cRGDY) peptides that are able toselectively bind to integrins can be used to probe tumor cells.

North America is Expected to Hold the Largest Share of the Market

The major factors attributing to the growth are technological advancements, coupled with relevant applications in early disease diagnosis, preventive intervention, and prophylaxis of chronic as well as acute disorders, which are expected to bolster growth in the market in the United States.

According to the American Heart Association Research Report 2018, 1 in 7 deaths in the United States are due to cardiovascular diseases(CVD). In 2018, coronary heart disease was the leading cause of deaths attributable to cardiovascular disease in the United States with 43.8% of total CVD deaths, followed by stroke (16.8%), heart failure (9.0%), high blood pressure (9.4%), diseases of the arteries (3.1%), and other cardiovascular diseases (17.9%). This will lead to the high demand for specific therapeutic nanovectors, nanostructured stents, and implants for tissue regeneration.

Moreover, several R&D activities are also currently undergoing in the country on drugs and diagnostics based on nanotechnology, which may drive the market growth. For instance, in January 2020, researchers from Stanford University developed a drug coated with nanoparticles that limit the development of atherosclerosis in mice, by reducing plaque buildup in their arteries, without causing harmful side effects.

Additionally, few of the key market players in the country are developing the novel product and technologies to compete with the existing products, while others are acquiring and partnering with the other companies trending in the market. In 2020, Nano-X Imaging and SPI Medical entered into an agreement for the distribution and introduction of Nanox's novel x-ray systems in Mexico. Nanox ARC uses nanotechnology and semiconductors to replace the cathode ray tubes in traditional machines.

Additionally, during the current pandemic of COVID-19, nanomedicine is found to play a key role in the development of vaccines.Scientists and market players in the region are increasing experimental studies to find suitable and promising therapeutics that may be effective in tackling the highly contagious COVID-19. In October 2020, the Canadian government announced the funding of USD 18.2 million to Precision NanoSystems to develop an RNA vaccine for COVID-19. This investment will support the development of a cost-effective COVID-19 vaccine by using a lipid-based drug delivery systems and nanomedicine.

Competitive Landscape

The major market players are focusing on technological advancements and improvements in drug bioavailability and drug administration. Lucrative growth opportunities due to the COVID-19 pandemic are expected to drive the entry of new players in the market. Some of the major players in the market are Sanofi SA, Pfizer Inc., Celgene Corporation, Luminex Corporation, and Taiwan Liposome Company Ltd.Moreover, several companies are working on launching nanotechnology-based medicines, diagnostic tools and others. For instance, In August 2020, Promimic’s partner, Innovasis Inc., received the US FDA clearance and launched 3D printed implants used in spinal fusion surgery. In addition, these implants use Promimic’s HAnano Surface Technology, a bioactive nano treatment for implant device surfaces that leads to increased molecular anchoring of medical implants. Hence, owing to the aforementioned factors, the active implants segment is expected to witness significant growth in the future.

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