Nanotechnology in Medical Devices Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3784
Nanotechnology in Medical Devices Market size is projected to witness significant growth from 2019 to 2025.
Supporting government initiatives coupled with technological advancements in the field of nanotechnology are the factors driving nanotechnology in medical devices market growth. Growing elderly population and escalating age-related diseases are other aspects boosting industry growth. In addition, there is rising optimism for nanotechnology in the medicinal area to bring substantial advances in diagnosis treatment, as well as prevention of various diseases.
Nanotechnology transforms method of treatment in medical devices & it comprises use of nano robots for repairing cells with involvement of dimensions that are of size relating to human hair. Moreover, it helps in detection of damage to human body. Such factors are anticipated to increase the demand for nanotechnology.
Advents in technology further drives business growth. Technological advancements in medical devices using nanotechnology include, nanotech in contact lenses and virtual reality, nanotech detectors for heart attack, tiny 3D printed batteries for biosensors, flexible chips encircling strands of chips, in diabetes nanotech enable breath analyzers. Aforementioned advancements are under ongoing research and aid to offer immense scope for growth in business.
Funding provided by various private and public organizations that aims betterment of chronic disease monitoring upsurges nanotechnology in medical devices market size. For instance, in May 2016, Soundbite Medical Solutions raised 2.4 million USD funding in developing medical device that aids in replacement of bypass surgery as well as amputations in medication of blocked arteries. However, time consuming approval in product and associated processes coupled with excessive costs of the nanotechnology based medical devices are aspects hindering business growth.
Products segment consists of implantable materials, biochips, active implantable devices, wound dressing and medical textile, and others. Active implantable devices held major share in 2018, this is attributable to the growing age-related diseases that includes, hearing disorders, and cardiovascular ailments, along with rising occurrence of the lifestyle associated diseases. Moreover, existence of well-established channels of distribution, increasing healthcare expenditure, and accessibility of numerous reimbursement and insurance coverage are determinants of spurring the nanotechnology in medical devices market growth.
Nanotechnology in medical devices has applications in different areas that include diagnostic, research as well as therapeutic. Advancements in the nanotechnology aids in medication of neuro degenerative disorders that include, Alzheimer’s, Parkinson’s disease, as well as in treatment of tuberculosis. There are also clinical applications in the fields of ophthalmology, operative dentistry, tissue engineering, immune response, antibiotic resistance, visualization, and surgery. Such wide-ranging applications boosts industry growth. Additionally, Nano pharmaceuticals are used in the detection of diseases at earlier stage, thus extensive applications are projected to propel nanotechnology in medical devices market growth.
U.S. accounted for major revenue share in 2018, owing to presence of enormous number of nanotechnology based medical device manufacturing firms, coupled with highly developed healthcare system. Furthermore, initiation of supporting nanotechnology development programs and ongoing research activities are the factors boosting market growth.
China and India will witness lucrative growth in business due to growing international collaborations, fast increasing healthcare industry, and heavy expenditure spent on research and development in nanotechnology.
Some of the prominent players include, Starkey Hearing Technologies, St. Jude Medical, Affymetrix, Dentsply, PerkinElmer, 3M Company, Stryker, Mitsui Chemicals, and AAP Implantate, Smith & Nephew, Merck, and Ferro. The company players mostly focus on strategic mergers, acquisitions, and partnership for development in business growth. For instance, in January 2017, Starkey Hearing Technologies announced launch of entire product line of new Ear Health and thereby, expanding existing product portfolio.
Nanotechnology in Medical Devices Market by Product, 2014-2025 (USD Million)
- Implantable materials
- Bone substitute materials
- Dental restorative materials
- DNA microarrays
- Active implantable materials
- Hearing aid devices
- Cardiac rhythm management devices
- Retinal implants
- Wound dressings and medical textiles
Nanotechnology in Medical Devices Market by Application, 2014-2025 (USD Million)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Starkey Hearing Technologies
- St. Jude Medical
- 3M Company
- Mitsui Chemicals
- AAP Implantate
- Smith & Nephew Inc.
- Merck KGaA
- Ferro Corp.
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