DEMAND FOR NANOTECH MEDICAL PRODUCTS TO RISE TO $110 BILLION IN 2016

Demand for nanotechnology medical products will grow by more than 17 percent annually to reach $53 billion in 2011, according to a recent report from The Freedonia Group. By 2016, new products such as nanodiagnostics, nanotech-based medical supplies and nanomedicines will drive demand to more than $110 billion, the report added.

Advances in nanotechnology will enhance the quality and performance of diagnostic products, the group said. For example, nanosized monoclonal antibody labels and DNA probes will improve the speed, accuracy, capabilities and cost effectiveness of in vitro diagnostic testing. Freedonia anticipated these performance advantages and the broadening range of nanodiagnostics will increase demand for these products by 8.8 percent per year to reach $8.4 billion in 2011 and $12 billion in 2016.

The group predicted that the long-term impact of nanotechnology will include new medical supply and device coatings, as well as new medical implants. In 2011, the market for nanomaterial-based medical supplies and devices is expected to hit $5.2 billion, compared with $400 million in 2006. This figure will reach $16.2 billion in 2016, the group predicted, as nanotech-based orthopedic and cardiac implants and nanocoated medical and surgical instruments are introduced.

However, the greatest short-term healthcare advances due to nanotechnology will be in therapies and diagnostics for cancer and central nervous system disorders, Freedonia said. It also predicted that many other major diseases, as well as injuries, will eventually be treated and detected with nanotechnology products.

( http://www.fdanews.com/ddl/34_12/ )