The European nanomedicine market was calculated at USD 41.07 billion in 2022. It is projected to grow at a CAGR of 11.7% and be worth USD 71.42 billion by 2027.
Emerging technologies for drug delivery, increased use of nanomedicine across various applications, increased government support and funding, increased demand for therapies with fewer side effects, and cost-effectiveness of therapies drive the European nanomedicine market. Cancer, Parkinson's disease, Alzheimer's disease, diabetes, orthopedic illnesses, and diseases of the blood, lungs, and cardiovascular system benefit from nanomedicine. Using nanotechnology-based contrast reagents for diagnosis and monitoring pharmacological effects on an unprecedentedly short timescale is also expected to fuel future growth. Demand is also expected to be influenced by the demand for biodegradable implants with an extended lifespan for wound healing. In addition, Nanomedicine improves medicine delivery by manipulating materials at the nanoscale. As a result, nanomedicine has aided in the treatment of a variety of diseases.
The increase in nano-drug out-licensing and expanding healthcare facilities in this nation are expected to give several opportunities for the European nanomedicine industry to grow. Nano formulations with the triggered release for custom pharmacokinetics, nanoparticles for local tumor control in combination with radiotherapy, and functionalized nanoparticles for targeted in-vivo activation of stem cell production are expected to drive R&D in the coming year's revenue generation. Nanomedicine could change cancer therapy. This rapidly expanding field of medical study can lead to more personalized treatments for various diseases, including cancer. Furthermore, the market's expansion is fuelled by increased participants and the widespread adoption of innovative technologies. Furthermore, the country's robust government commitment to expanding healthcare facilities through insurance plans is expected to generate lucrative growth opportunities.
The growth of the European nanomedicine market is limited by the long approval process and the hazards connected with nanomedicine. In addition, the market's expansion is being hampered by severe regulatory concerns and the high cost of nanoparticle-assisted medicine compared to its traditional counterparts.
The entire process of the lab-to-market approval for nanotechnology applications is tedious and expensive, with severe regulatory evaluations involved, causing investors to be extremely cautious about investing. Nanomedicine is still in its infancy, with various items in development. However, challenges have hampered the market's full potential, including costly research and development (R&D), regulatory issues where detailed guidelines were not always supplied, and the nanoparticles' safety. It will be vital for this market to overcome these challenges if it continues to grow.
This research report on the European nanomedicine market has been segmented and sub-segmented into the following categories:
Based on product, the drug delivery segment is expected to hold a major share of the European nanomedicine market during the forecast period.
By Disease Type:
Based on disease type, the oncological segment is predicted to occupy the leading share of the European nanomedicine market in the coming years.
By Nanomolecule Type:
Based on the Nanomolecule type, the nanoparticles segment is expected to progress at a promising CAGR during the forecast period.
Geographically, Europe is home to several major companies operating in nanomedicine, resulting in high market penetration and awareness among people. The United Kingdom leads the nanomedicine market in Europe. As a result, Europe is expected to have favorable growth during the forecast period. The increased adoption of nanomedicine by healthcare professionals over traditional drugs, the improved and growing number of nanomedicines, and changing regulatory dynamics that allow more nanomedicine candidates to be reviewed for approval are all key drivers of this market's market continued growth. In addition, the growing prevalence of cancer, genetic and cardiovascular diseases, and increasing advancements in nanoscale technologies for diagnostic processes are all driving the growth of the European nanomedicine industry.
KEY MARKET PLAYERS:
Johnson & Johnson, Merck & Co, Pfizer, Abbott Laboratories, GE Healthcare, Celgene Corporation, Nanosphere, Inc, Gilead Sciences, Hoffmann-La Roche, Nanospectra Biosciences, and Arrowhead Pharmaceuticals are some of the noteworthy companies in the European nanomedicine market.
The European nanomedicine market size was worth USD 41.07 billion in 2022.
The growing prevalence of chronic diseases, rising healthcare expenditure, technological advancements in nanomedicine, and the growing demand for personalized medicine are propelling the European nanomedicine market.
Merck & Co., Inc., Hoffmann-La Roche Ltd., Abbott Laboratories, Novartis AG, and Pfizer, Inc. are playing a noteworthy role in the European nanomedicine market.
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