Nanomedicine is the application of nanotechnology to innovation in healthcare. The size of nanomaterials is similar to that of most biological molecules and structures; therefore, nanomaterials can be of use in both in vivo and in vitro biomedical research and applications. Thus far, the integration of nanomaterials with biology has led to the development of diagnostic devices, contrast agents, analytical tools, physical therapy applications, and drug delivery vehicles.
Nanomedicine has the potential to enable early detection and prevention and to dramatically improve the diagnosis, treatment and follow-up of many diseases, including cancer. Overall, Nanomedicine currently has hundreds of products in clinical trials covering all major diseases, including cardiovascular, neurodegenerative, musculoskeletal and inflammatory. Enabling technologies in all healthcare sectors, Nanomedicine already accounts for approximately 80 products on the market, ranging from nano-delivery and pharmaceuticals to medical imaging, diagnostics and biomaterials.
In 2016, the worldwide nanomedicine market size was estimated at USD 138.8 billion. It is anticipated that technological developments coupled with effective applications in early disease detection, preventive intervention, and prophylaxis of both chronic and acute disorders will promote growth in this market. Nanotechnology includes the miniaturization at a nanometric scale of larger structures and chemicals that has greatly revolutionized drug administration, thereby affecting the technology's adoption by 2025.
As a result of the increase in funding from government agencies, anticipated advances in nanorobotics are expected to create market potential. Projects in the engineering of nanorobotics that aim to kill cancer cells without impacting the surrounding tissues are expected to drive development until 2025.
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