CLEVELAND, May 25 /PRNewswire/ -- Demand for nanotechnology health care products in the US is projected to increase nearly 50 percent per year to $6.5 billion in 2009. Gains will be led by the introduction of new, improved cancer and central nervous system therapies based on solubilization technologies. Diagnostic tests based on nanoarrays and quantum dots, and imaging agents based on superparamagnetic iron oxide nanoparticles will also see strong growth. In spite of progress in introducing new products, the vast potential of nanotechnology in the health care field will not be fully realized for at least a decade as stringent regulatory barriers and technical complexities delay the commercialization of targeted drug delivery systems, tissue regenerators and other breakthrough products. However, by 2020, demand for nanotechnology health care products is projected to exceed $100 billion. These and other trends are presented in Nanotechnology in Health Care, a new study from The Freedonia Group, Inc., a Cleveland-based market research firm. The need for new or improved medicines in several therapeutic areas will lead to the increasing use of nanotechnology in pharmaceutical applications. Protein- and peptide-based compounds for cancer, diabetes, infectious diseases and organ transplant acceptance will account for most growth. Over the long term, pharmaceutical applications for nanotechnology will extend into most therapeutic classes and encompass all types of formulations and delivery systems. Advances in nanotechnology are also creating a wealth of opportunities for the development of new, improved medical diagnostic products and techniques. Nanoparticle formulations of superparamagnetic iron oxide, gadolinium, perfluorocarbon and specialty polymers will broaden in vivo imaging capabilities by enabling the detection of tumors, plaque, genetic defects and other disease states at much earlier stages and with lower, safer concentrations of contrast agents. Several medical supplies and devices will emerge as key applications for nanotechnology. Nanomaterials are already gaining significant demand as active ingredients of burn and wound dressings. In the long term, advances in nanotechnology are expected to lead to the introduction of new, improved medical supply and device coatings as well as a new, diverse group of medical implants. The greatest short-term impact of nanotechnology in health care will be in therapies and diagnostics for cancer and central nervous system disorders. Contact: Corinne Gangloff, firstname.lastname@example.org, 440-684-9600
SOURCE The Freedonia Group, Inc.