(EMAILWIRE.COM, August 09, 2018 ) The application of various techniques and instruments of nanotechnology in the field of medicine is known as Nanomedicine. It involves using nanoscale materials to diagnose diseases, drug delivery and other functions. Nanomedicine has the potential to revolutionize medicine in the future.

Nanomedicine Market was worth USD 141.34 billion in 2018 and is projected to grow at a CAGR of 12.8%, to reach USD 258.11 billion by 2023.

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One of the major challenges for the use of nanoparticles in medicine is to make the materials as biocompatible. Applications of nanocapsules in drug delivery have shown excellent results in chemotherapy. Nanomedicine enables great precision in both diagnostics and therapeutics which is not possible before. Pipeline products which are being developed with the intention to target cancerous tumors are expected to boost the nanomedicine market.

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Increasing applications of nanomaterials such as nanocapsules and nanotubes in drug delivery systems, growing number of cancer and cardiovascular diseases, increasing public and private investments on research activities in nanomedicine and advancements in the biodegradable nanoparticles are the major factors propelling the growth of Nanomedicine Market. However, unfavorable approval processes possibility for unintended risks during therapies and high cost of treatment using nanomedicine are hindering the market growth.

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On the basis of region, the global Nanomedicine market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

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Some of the major players in Nanomedicine market are Johnson & Johnson, Merck & Co, Pfizer, Abbott Laboratories, GE Healthcare, Celgene Corporation, Nanosphere, Inc, Gilead Sciences, Hoffmann-La Roche, Nanospectra Biosciences, and Arrowhead Pharmaceuticals.

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