The nanotechnology in the medical devices market in Europe is currently estimated at USD 1823.49 Million in 2022. It is poised to reach USD 3315.29 Million by 2027, growing at a CAGR of 12.7% from 2022 to 2027.
Nanotechnology is known for studying and characterizing microminiature structures at the nanoscale. It improves selectivity and sensitivity while providing accurate and cost-effective diagnosis and customized therapy. Nanotechnology in medicine has numerous advantages for both patients and medical professionals. Traditional cancer medicines have been proven to have adverse side effects such as nausea, vomiting, and diarrhea, hence better solutions are needed. As previously stated, nanoparticles have been successfully utilized to cure cancer by destroying tumor cells due to their ability to permeate cell membranes. This implies that healthy cells are unaffected, allowing the body to recover rapidly.
The increasing prevalence of oncology diseases such as cancer and the rising number of diagnostic tests performed across Europe are driving Nanotechnology in the medical devices market. Increasing research and development activities and growing usage of nanoparticles in drug delivery are expanding the market growth. Rising investments and funding by the government on research and development activities and the advancement of healthcare infrastructure provide a way for the region's new market entrants.
In addition, the technological advancement in the healthcare sector and adoption of innovations in the fields like tissue engineering are expected to provide lucrative growth opportunities for market growth. Other factors such as growing awareness, availability of advanced technology, and high healthcare expenditure are uplifting the market growth. The Y-O-Y growing geriatric population is one of the key factors of the market growth because senior people are more prone to various chronic diseases such as hypertension, cardiovascular diseases, and diabetes. Because of their biocompatibility, nanoparticles are increasingly being used to improve the impact of chemo and radiation therapy in oncological patients and nanocoating in joint replacements, stents, and dental implants, which is projected to fuel market expansion.
However, the high cost of nanotechnology-based devices is expected to hinder market growth. In addition, stringent government regulations on product approvals hamper the development of nanotechnology in the medical devices market in the European region.
This research report on the European Nanotechnology in Medical Devices Market has been segmented and sub-segmented into the following categories:
Geographically, Europe accounted for the second-largest share of the global market in 2020, and it is more likely to continue its growth throughout the forecast period. The regional market growth is attributed to the high prevalence of chronic diseases, growing older population, advanced healthcare infrastructure, favorable reimbursement policies. In addition, the presence of key market players and the implementation of various market strategies such as collaborations, mergers, and acquisitions are strengthening the European regional market growth. Furthermore, emerging countries such as Germany, the UK, Italy, France, and Spain significantly contribute to regional market growth.
Germany recorded most of the European Nanotechnology in the medical devices market, and it is anticipated to register a predominant share during the forecast period. The market growth is driven by the factors such as increasing high healthcare spending, technological advancements in healthcare sectors, high prevalence of chronic diseases.
The UK is one of the key markets of the European regional market. Increasing investments in R&D activities, advancing the healthcare sector, and growing international collaborations contribute to the country's market expansion.
On the other hand, emerging countries such as Italy, France, and Spain are projected to showcase a promising share in nanotechnology in the medical devices market. Supportive government policies, evolving healthcare sector, increasing investments, and funding by the government and private organizations are encouraging market growth.
KEY MARKET PLAYERS:
Companies playing a leading role in the Europe Nanotechnology in Medical Devices Market profiled in the report are AMAG pharmaceuticals, Jude Medical, Inc., Smith & Nephew, Inc., PerkinElmer, Inc., Acusphere, Inc., 3M Company, Affymetrix, Inc., Starkey Hearing Technologies, and Stryker Corporation.
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