Cancer Nanotechnology Market to Grow with a CAGR of 9.35% through 2028
Increasing prevalence of
cancer is expected to drive the Global Cancer Nanotechnology Market growth in
the forecast period, 2024-2028.
According to
TechSci Research report, “Cancer Nanotechnology Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Cancer Nanotechnology Market stood at USD 34.80 Billion in 2022 and
is anticipated to grow with a CAGR of 9.35% through 2028. Rise in the adoption
of nanotechnology in medical diagnosis and imaging is increasing the market
growth demand. In biomedical research, nanotechnology is widely used against
COVID-19, as in numerous vaccinations that use nanoparticles as a treatment
based on the encapsulation of the active ingredient of certain medications.
Numerous nanosystems have been found to be better candidates for therapeutic
purposes than conventional ones. Thus, this factor boosts market growth. Among this breast cancer will attain a high market
share during the forecast period. Breast cancer held more than 60% share in the
market owing to the presence of wide range of nanotechnology for the management
of breast cancer and the surge in the prevalence of breast cancer. Cancer nanotechnology have gained increasing
popularity in North America due to various factors. The North America cancer
nanotechnology market is expected to continue to grow in the coming years,
driven by the increasing prevalence of cancer and growing awareness of
nanotechnology among healthcare professionals and the general population,
development of advanced imaging techniques and the rise in treatment option.
For instance, in 2020, according to Cancer.net, an estimated 586,202 people
were diagnosed with thyroid cancer.
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"Global Cancer Nanotechnology Market”
The Global Cancer
Nanotechnology Market is segmented into Type, Application , End User and
company.
Based on the
Application, the Breast cancer segment is anticipated to witness substantial
market growth throughout the forecast period. Breast cancer is poised to be a
pivotal driver of growth in the Global Cancer Nanotechnology Market. With
breast cancer being one of the most prevalent and widely diagnosed cancers
globally, the demand for innovative and effective treatment modalities is
substantial. Nanotechnology offers a promising avenue for advancements in
breast cancer care, providing tailored solutions that address the complexities
of this disease. Nanoparticles can be engineered to specifically target breast
cancer cells, delivering therapeutic agents directly to the tumor site with
heightened precision. This targeted drug delivery minimizes damage to healthy
tissues, potentially reducing side effects and improving overall treatment
outcomes. Additionally, nanotechnology plays a crucial role in enhancing
imaging techniques for early breast cancer detection, contributing to improved
prognosis and treatment efficacy. As breast cancer research continues to
underscore the importance of personalized and targeted approaches, the
integration of nanotechnology in diagnostics and therapeutics aligns seamlessly
with the evolving landscape of breast cancer care.
Based on the End
User segment, the Diagnostics segment has been the dominant force in the
market. Diagnostics will play a pivotal role in propelling the growth of the
Global Cancer Nanotechnology Market. Nanotechnology offers a revolutionary
approach to cancer diagnostics, enabling the development of highly sensitive
and specific tools for early detection. Nanoparticles can be designed as
advanced contrast agents, enhancing the resolution of imaging modalities such
as magnetic resonance imaging (MRI) and computed tomography (CT). This
heightened precision allows for the detection of cancer at its earliest stages,
significantly improving the chances of successful treatment. Moreover,
nanotechnology facilitates the creation of liquid biopsy platforms, where nanoscale
materials can detect and analyze cancer biomarkers in bodily fluids with
unprecedented sensitivity. This non-invasive approach to diagnostics holds
great promise for real-time monitoring of cancer progression and treatment
response. Companies investing in the intersection of nanotechnology and cancer
diagnostics are poised to drive innovation and capture a substantial market
share. As healthcare systems worldwide prioritize early detection and
personalized medicine, the integration of nanotechnology in diagnostics
represents a critical enabler for advancing cancer care.
Major companies
operating in Global Cancer Nanotechnology Market are:
- Abbott Laboratories Ltd.
- GE Healthcare Inc.
- Combimatrix Corporation.
- Mallinckrodt Plc
- Sigma-Tau Pharmaceuticals Inc.
- Merck and Company Inc.
- Pfizer, Inc.
- Nanosphere, Inc. (Luminex Corporation)
- Celgene Corporation
- Teva Pharmaceutical Industries
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“The Global
Cancer Nanotechnology Market is driven by several key factors propelling
advancements in cancer treatment. Nanotechnology's ability to enhance drug
delivery systems, improve targeting precision, and minimize side effects is a
major driver. The demand for personalized medicine and diagnostics, facilitated
by nanotechnology's capacity for tailored therapies, is another significant
factor. Additionally, the growing prevalence of cancer worldwide fuels the need
for innovative and efficient treatment modalities, further boosting the market.
Collaborative efforts between research institutions, pharmaceutical companies,
and governments also play a pivotal role in driving advancements in cancer
nanotechnology. Overall, the market's growth is underpinned by a convergence of
technological innovation, rising cancer incidence, and collaborative
initiatives fostering breakthroughs in cancer care.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Cancer
Nanotechnology Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Type (Nanoparticles, Nanofibers, Nanorods,
Graphene, Nanofluidic Devices, Others), By Application (Breast Cancer, Stomach
Cancer, Lung Cancer, Others), By End User (Diagnostics, Therapeutics,
Theranostics), By Region, By Competition”, has evaluated
the future growth potential of Global Cancer Nanotechnology Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Cancer Nanotechnology Market.
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