Nanomedical Applications Global Market Worth $3.8 Billion by 2013

According to a new technical market research report, the global medical market for nanotechnology applications generated US$1.7 billion in 2007. This is expected to increase to $1.9 billion in 2008, and $3.8 billion in 2013 for a compound annual growth rate (CAGR) of 14.9%. Furthermore, this market has the potential to reach $9.4 billion in 2018 at a CAGR of 19.9%.

According to BCC Research (Wellesley, MA, USA), a marketing research company, the market is broken down into the categories of nanoparticles, other nanostructured materials, and nanotools/nanodevices. Of these, the nanoparticles segment has the largest share of the market. Valued at $1.6 billion in 2007, this segment should increase at a CAGR of 13.4% to reach $1.8 billion in 2008 and $3.4 billion in 2013. Nanoparticles could potentially see $7.9 billion in revenue in 2018 with a CAGR of 18.6%.

Other nanostructured materials represent the next largest, and fastest growing, segment. Nanostructured materials generated $36.5 million in 2007 and an estimated $45.1 million in 2008. This should increase to $304.7 million in 2013 for a CAGR of 46.5%. This segment has the potential to reach $1.1 billion in 2018 at a CAGR of 29.4%.

Nanotools and nanodevices have the smallest share of the market, worth $30.5 million in 2007. This is expected to grow at a CAGR of 17.8% to reach $34.2 million in 2008 and $77.6 million in 2013. There is a potential for this segment to generate $287.5 million in 2018 at a CAGR of 29.9%.

Pharmaceutical applications currently dominate the market, according to BCC, accounting for nearly 90% of revenue in 2007, and this trend is expected to continue through 2008. This segment is expected to decrease to less than 70% of the market by 2013 and potentially near 50% of the market by 2018. Nanotechnology applications for medical research and medical devices are both expected to significantly gain in market share, potentially reaching 20% each by 2018.

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