Nanotechnology in Medical Devices Market size is anticipated to witness significant progression from 2022 to 2028. The growing prevalence of oncological diseases like cancer leading to an upsurge in the number of diagnostic tests, gene therapies, and advanced drug deliveries are the primary factors promoting the nanotechnology in medical devices market expansion in the foreseeable future.
Nanotechnology is the study and characterization of microminiature structures at the nanoscale. It enhances selectivity and sensitivity and provides precise and cost-effective diagnosis and targeted medication.
Favorable government initiatives along with increasing R&D activities in the fields like tissue engineering leading to technological advancements and new product innovations will push the industry growth. Moreover, an upsurge in the number of in vitro diagnostics driven by the growing awareness about early cancer detection is likely to support market expansion in the coming years.
Proliferating use of nanomaterials to boost the impact of chemo and radiation therapies in oncological patients and nanocoatings in joint replacements, stents, and dental implants due to their biocompatible nature will fuel the growth trends in the nanotechnology in medical devices market.
With regards to the products segment, active implantable devices are likely to experience decent expansion over the projected timeframe. Active implantable devices are slipped inside the patient's body by either natural or surgical means for therapeutic or diagnostic purposes. They include defibrillators, pacemakers, infusion pumps, neurostimulators, and cochlear implants.
The emerging geriatric population, coupled with the prevalence of diabetes, hypertension, cardiovascular and chronic diseases, will push the demand for active implantable devices in the upcoming years. These devices provide better patient outcomes and are gaining major traction due to their smaller dimension, minimally invasive, and cost-effective nature. Increasing therapeutic success of these devices will further support the segment expansion.
Concerning the application spectrum, therapeutics may drive considerable industry growth in the forthcoming years. Nanomedicines or therapeutics are used for treating diseases like cancer, autoimmune disease, high cholesterol, macular degeneration, hepatitis, fungal infections, etc. These medicines employ nanoparticles to deliver drug, heat, and light to the specified cancer cells without causing any damage to the healthy cells.
North America and APAC are speculated to witness lucrative growth opportunities in the nanotechnology in medical devices market over the forecast timeframe.
The presence of a sophisticated healthcare system and supportive government initiatives may push the nanotechnology in medical devices industry growth in North America. Moreover, increasing R&D investment and activities driven by the presence of major industry players to support new product innovations will bring considerable revenue to the market.
Emerging healthcare awareness about the early detection of diseases leading to increasing healthcare expenditure is likely to change the industry forecast in the APAC region. Growing international collaborations and R&D activities will further fuel the regional expansion.
Some of the prominent players of the nanotechnology in medical devices market include St. Jude Medical, Starkey Hearing Technologies, Affymetrix, PerkinElmer, Dentsply, Stryker, 3M Company, AAP Implantate, Mitsui Chemicals, Smith & Nephew, Ferro, and Merck.
These players are implementing growth strategies like acquisitions, mergers, new product innovations, collaborations to support the market expansion and maintain their presence.
The sudden outbreak of COVID-19 posed major challenges for enterprises across the globe. Implementation of lockdowns, leading to travel and movement restrictions, caused disruptions in the production and supply chain management of nanotechnology in medical devices.
However, many laboratories across the globe applied nanotechnology in products like facemasks with nanomaterial coated filters, vaccines with ancillary nanometers, and rapid COVID-19 diagnostic kits in response to the current situation that will support the industry growth.
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