The advent of healthcare nanotechnology has had a vast impact in the fields of drug delivery and diagnostics and the medical industry can expect the market to reach almost $16bn by 2014.

The findings compiled in a new market research report by found that the role of nanotechnology in healthcare is growing, especially in terms of treating cancer.

The pace of advanced technological developments in coatings and implants using nanotechnology is also expected to increase the scope of the market in various applications.

According to the report the healthcare nanotechnology market growth is largest in North America, at $4.75bn in 2009, followed by Europe at $3.65bn.

Based on the investment from these countries and others the nanotechnology drug delivery market is expected to grow at a CAGR of 21.7% for the period 2009–14, to reach almost $16bn by 2014.

Biocompatible implants and coatings and diagnostics comprise some of the major applications that are estimated to experience high growth between 2009 and 2014, 42% and 21.8% respectively.

Other key findings also point to nanotechnology initiatives by developing countries as key contributors.

Detractions from growth include delays in commercialisation due to strict regulations and manufacturing difficulties and the issue of stability of nanoparticles inside biological tissues is an important issue to be considered to reduce contamination by drugs.