Competition in the Global Nanomedicine Market is becoming extremely intense because of increasing product extensions, mergers and acquisitions. This is especially true for regional and local market players who are finding it difficult to compete with international players in terms of quality features and patent restrictions. While competition is proving to be a hurdle for most vendors, the nanomedicine market as a whole is expected to benefit greatly, growing at a CAGR of 12.57 percent for the 2012-2016 period.
If players in the nanomedicine market hope to come out on top, there are 3 key things that they should do:
1. Invest in Nanorobotics
Nanorobotics is still in its initial stage but there is great application potential for these devices in nanomedicine. For instance, scientists are attempting to engineer nanorobots to target and destroy lymphoma and leukemia cells in cancer patients, without harming healthy cells. If successful, unprecedented profits stand to be made. Nanorobotics is emerging as a technology that will soon be heavily used in electronics, sensors and nanomedicine.
Although, nanorobotics is a new science, researchers are already planning to build nanorobots using DNA Origami. Nanomedicine is likely going to see tremendous progress using this particular method where the arrangement of DNA’s corresponding chemical base pairs is taken, just so they can alter the structure of the DNA. Because of such technological breakthroughs, the field of nanorobotics has significant growth potential in the Global Nanomedicine Market, during the forecast period.
2. Develop Nanorobotics Product to Serve Distinct Healthcare Segments
Nanorobotics are applicable in different areas such as cardiovascular diseases, oncology and respiratory diseases. Vendors must focus on investing into as many branches as possible, as their budget will allow to ensure that they cover a larger area of the market.
Nanotechnology-enabled drug delivery system (DDS) is able to bring excellent benefits to patients and it enhances the drug’s cellular penetration. One particular benefit of DDS, is that it facilitates lower drug toxicity in addition to specific targeting in cells. Hence, the application of robotics in nanomedicine can improve a patients’ disease state. This sort of trend seems to shed positive light on nanorobotics as an emerging product line. Thus, the application of nanomedicine to various fields in the Healthcare industry will boost the growth of the Global Nanomedicine market during the forecast period.
3. Increase R&D Spending
Nanomedicine offers the possibility of improving the therapeutics effect of existing drugs at a relatively low cost and risk compared to other areas making it more feasible to invest more in the R&D of new nanomedicine products. If vendors hope to gain an edge in the market, they should continue to invest their time and money into discovering new nanomedicine technologies.
Vendors can expect to get an extra boost in funding from various governments like the US, the UK, China and Germany have already invested over US$ 67 billion towards nanotechnology funding. In addition, corporate research and various other forms of private funding are expected to invest almost US$ 250 billion in nanotechnology by 2015. With the market already valued at over US$ 81 billion, additional support from government and private funding has provided the opportunity for many vendors to begin new research projects, which will help, boost market growth for the years to come.
For more information, view our 2012-2016 Global Nanomedicine Market report.
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