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Friday, 26th June 2009 (1024 views)

The global nanomedicine market will be worth over $160 billion (£97 billion) by 2015, a new report has forecast.

A study by Global Industry Analysts has concluded that the market for nanomedicine - in which gold is often used in the development of drugs and treatments - will continue to grow in the coming years.

The research firm cited new product launches, a rise in funding and "increased hype" surrounding nanotechnology as reasons for the expected expansion, noting that the sector has the "capability to significantly change the course of treatment of life-threatening diseases".

"Nanomedicine enhances efficacy and significantly minimises adversities associated with standard therapeutics," the company stated.

It added that the largest area is likely to be the drug delivery market, however it predicted that the biggest rate of growth over the next six years will be in the biomaterial segment.

Earlier this year the UK government outlined a number of proposals for increasing the use of nanotechnology in the country, noting that it is "committed" to developing the sector.

 

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