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Norwalk, Conn. — According to a soon-to-be-released report from Business Communications Co. Inc., RB-162 Biomedical Applications of Nanoscale Devices, the worldwide market for nanoscale devices and molecular modeling is expected to rise at an AAGR (average annual growth rate) of 27.5 percent from $406 million in 2002 to $1.37 billion in 2007.
A nanoscale device is one that has one or more critical components with architectural features that are 100 nm or less.
Biomedical uses of some nanoscale devices must go through a Food and Drug Administration approval process in the U.S., and the European Union and other countries have similar regulations. These involve animal testing, clinical trials and an exhaustive analysis of the data, involving peer review, which takes time and money. It is estimated, for instance, that the average pharmaceutical takes $600 to $800 million and about 12 years to develop. Hence, even though there are projections that nanotechnology will contribute more than $1 trillion to the world economy, biomedical nanoscale devices will take awhile before they are successfully commercialized, since they are only now becoming available.
Nanoscale devices will eventually be employed as drugs or for drug delivery; in assays used for medical diagnosis, drug discovery, or basic biological research; as contrast agents for MRI imaging; and in imaging instruments, like X-ray devices. Also included in this report are nanotools that employ nanoscale cantilevers, like dip pen nanolithography or atomic force microscopes. Attempts to create artificial cells and artificial organs, like the retinal implant are also discussed. BCC Research sees a 34.5 percent average annual growth rate in revenues derived from biomedical nanoscale devices through 2007, becoming a $1 billion industry by that date.
For more information on Business Communications Co. Inc., visit www.bccresearch.com.