Demand in the U.S. for nanotechnology medical products will rise more than 17 percent per year to around $53 billion in 2011. That’s just the beginning, according to Cleveland-based industry research firm, The Freedonia Group, as by 2016 use of new nanomedicines, nanodiagnostics, and nanotech-based medical supplies and devices in this country will cause market demand to hit upwards of $110 billion in 2016.
The demand for new or improved therapies for many medical conditions will promote the adaptation of nanotechnology to an expanding number of pharmaceuticals, according to the research group. Also, breakthroughs in nanotechnology will also contribute to the quality and performance of medical diagnostic products. For example, nanosized monoclonal antibody labels and DNA probes will greatly enhance the speed, accuracy, capabilities and cost-effectiveness of in vitro diagnostic testing, drug discovery and medical research procedures.
In the short term, the greatest healthcare impact will be in therapies and diagnostics for cancer and central nervous system disorders, according to The Freedonia Group. Over time, many major diseases and injuries will be treated and detected routinely through the application of nanotechnology products.
The firm forecasts that by 2016 nanoimplants will be widely used in orthopedic procedures and begin to gain experimental uses in tissue and neuron regeneration. By 2021, nanotechnology will serve applications that extend into most areas of critical and chronic care. Additionally, a considerable preventative medicine market will be borne out of developments in monoclonal antibody and nanomaterial vaccines as well as controlled-release nutritional preparations.
The full report can be found in the report Nanotechnology in Healthcare from The Freedonia Group at www.freedoniagroup.com