Nanomedicine area of nanotechnology which deals with highly specific molecular diagnostics, prevention, and treatment of diseases using nanoscience and technology. It refers to the part of nanotechnology which deals with healthcare to make medically and pharmaceutically useful drugs. Nanomedicine contains drugs belonging to a multifunctional domain whose properties are programmable. They find application in biomedical detection, prevention, and treatment. The global size of the nanomedicine market in 2016 was USD 138.8 billion and is estimated to reach up to USD 350.8 billion in 2025. Nanotechnology involves the adoption of nano-scaled miniaturizations of large structures that have revolutionalized the administration of drugs. Nanodriven therapies and drugs influence the global market of nanomedicine by attributing to its growth in the future. The increase in demand for nano based reagents that are biocompatible and offer longer life has led to the exploitation of the field.
The recent advancements in the nanomedicine market and the successful results of the drugs on cancer have driven nanotechnology towards tremendous growth in a short period. Many leading companies have started to uptake nano based products by building partnerships and promoting nanomedicine based startups. In November 2015, a global collaboration was made between Ablynx and Novo Nordisk along with the signing of a licensing agreement that covered the nanomedicine development through novel drugs. The signed partnership has the potential for an increase in the net rate annually of products involved in the uplift of market growth. Nanomedicine development is a vast process covering lab to market for approval which is costly and time-consuming along with stringent regulations.
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