Nanoparticles are Estimated to Witness High Growth Owing to Opportunity in Biomedical Applications
Nanoparticles find extensive applications across various industries such as healthcare, electronics, cosmetics and others owing to their unique physical and chemical properties at nano-scale size. Nanoparticles are used in biomedical applications for drug delivery, cancer treatment, wound healing, tissue scaffolding and bioimaging. Nanoparticle based drug delivery helps in targeted delivery of drugs at disease sites, controlled and sustained release of therapeutics thus improving efficacy of treatment regime.
The global Nanoparticles Market is estimated to be valued at US$ 16700.18 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in biomedical applications of nanoparticles is driving the growth of the global nanoparticles market. Biomedical scientists are exploring use of nanoparticles for development of novel drug delivery systems, cancer diagnostic and therapeutic techniques. Nanoparticles allow encapsulation of drugs, genes and probing molecules which help in their targeted delivery inside cells and tissues. Ongoing research in nanomedicine and advances in nanoparticle engineering is expected to lead to development of new-age drugs, therapies and diagnostics using nanoparticles. This will bolster the demand for nanoparticles from biomedical industry players. Development of effective nanoparticle based systems for diseases like cancer and viral infections hold tremendous market potential over the forecast period.
Porter’s Analysis
Threat of new entrants: Low as nanoparticles industry requires high capital investment and strong technical expertise which pose entry barriers for new players.
Bargaining power of buyers: Moderate as buyers have options to switch between vendors but customized nanoparticles solution also gives some control to vendors.
Bargaining power of suppliers: Moderate as critical raw materials are commoditized but proprietary production processes give control to few suppliers.
Threat of new substitutes: Low as nanoparticles have unique properties making substitution difficult in applications like pharmaceuticals, catalysts etc.
Competitive rivalry: High as market has significant number of global and regional vendors competing on parameters of product performance, pricing and innovation.
SWOT Analysis
Strength: Strong research capabilities and scale of operations for established players. Wide range of applications driving demand for nanoparticles.
Weakness: High R&D and production costs involved. Regulatory compliance and safety issues regarding nanomaterial handling.
Opportunity: Growth in sectors like healthcare, electronics and coatings offering new areas for nanoparticles usage. Developing regions with improving economic conditions.
Threats: Stringent regulations around nanomaterials impacting material approval timelines. Environmental and health concerns regarding nanowaste disposal.
Key Takeaways
The nanoparticles market is expected to witness high growth over the forecast period driven by increasing demand from sectors like healthcare, electronics and personal care products. The global Nanoparticles Market is estimated to be valued at US$ 16700.18 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
North America dominates the market currently attributed to strong research ecosystem and presence of major players in the region. Asia Pacific is expected to be the fastest growing region supported by growing electronics industry, medical devices sector and favorable government initiatives for nanotechnology development.
Key players operating in the nanoparticles market are BASF SE, Ecolab Inc., Evonik Industries AG, Nanoco Group plc, and QIAGEN N.V. These players are focusing on new product development through heavy investments in R&D. Partnerships with application industries and acquisitions are other key strategies adopted.
