Nanomedicines market to reach $177.6 billion globally in 2019

The global market for nanomedicine was valued at $78.54 billion in 2012 and is expected to reach a value of $177.6 billion in 2019, expanding at a compound annual growth rate (CAGR) of 12.3% from 2013 to 2019.

According to a new market report published by Transparency Market Research, the advent of new applications and technology in the field of nanomedicine will be one of the major growth factors for the global nanomedicine market.

In addition, an increase of funding aimed at boosting the research activities pertaining to nanomedicine by the government as well as private institutions will expedite the process of commercialization of new products and hence will drive the market. Other driving factors include rising base of geriatric population, presence of high unmet medical needs and rising worldwide incidences of chronic diseases.