Nanotechnology In Medical Devices Market

Nanotechnology in Medical Devices Market Size (2022 to 2027)

The size of the global nanotechnology in the medical devices market is estimated to be USD 824.71 Million in 2022. It is expected to reach USD 1507.4 Million by 2027, growing at a CAGR of 12.82% during the forecast period.

Nanotechnology in Medical Devices Market Share Insights:

• Based on product, the implantable materials segment dominated the market and accounted for 44.2% of the global market share in 2021.
• Based on application, the therapeutics segment led the market in 2021.
• North America was the regional segment in the global market in 2021.
• The European region is projected to be valued at USD 3315 million by 2027.
• The Asia-Pacific region is forecasted to grow at a CAGR of 14.1% from 2022 to 2027.

Nanotechnology in medical devices involves the usage of nano-robots to make repairs at the cellular level and often involves dimensions that are fractions of the width of the human hair and are believed to revolutionize the way we treat and detect damage to the human body. Furthermore, many of the Nanotechnology applications are also at various testing stages and offer exciting opportunities in the future. Thus, nanotechnology in medicine has the potential to save a significant number of lives in the coming years.

MARKET DRIVERS:

The growing penetration of nanotechnology in the healthcare industry in various applications propels the market growth.

Nanotechnology has the potential to revolutionize the healthcare industry by enabling the development of smaller, more precise, and more effective medical devices with improved functionality. Some examples of medical devices that use nanotechnology include drug delivery systems, diagnostic devices, implantable devices, wound dressings, and medical imaging techniques. The growing penetration of nanotechnology in the healthcare industry is driven by several factors, including technological advances, increasing demand for more effective and personalized medical treatments, and the potential for cost savings. However, the use of nanotechnology in the healthcare industry is still in the early stages of development, and more research is needed to understand the potential risks and benefits thoroughly.

Nanotechnology has great potential to reform the healthcare sector and has witnessed tremendous growth in the previous decade. Moreover, the development of the market is expected to sustain itself in the future, owing to the advancements in technology and the increasing incidences of diseases with the aging population. Therefore, there is increasing optimism that nanotechnology in medicine will bring significant advances in diagnosing, treating, and preventing disease.

Nanotechnology in medical devices has witnessed significant growth attributed to the rising government investment in the R&D of nanotechnology with increased international collaboration in research and the increasing prevalence of the aging population. In addition, the market is also driven by increased awareness among individuals, growing expenditure on healthcare, and the availability of reimbursement and insurance coverage for healthcare expenditure.

MARKET RESTRAINTS:

However, high costs associated with nanotechnology-based medical devices and stringent regulations making the product's approval time-consuming hamper the growth of nanotechnology in the medical devices market.

Impact of COVID-19 on the global nanotechnology in the medical devices market:

During the start of 2020, the virus's initiation has spread worldwide, affecting millions worldwide. Most countries have stopped the work orders and executed foot prohibitions. Nanotechnology in the medical devices industry has been significantly affected. All the other sectors have been majorly affected except the medical device supply and life-saving products. Before December 2019, the nanotechnology medical devices market experienced high growth. From 2015 to 2019, the market size was at high peaks. As the COVID-19 eruption began, there was a massive decline in the global economy, with a decrease of 4%. For instance, the nano-based formulation for COVID-19 therapeutics has been developed along with the vaccine platforms with a new nano-vaccine metastasis platform and useful nano drugs for treating COVID-19 infections in patients. Scientists are working hard to recognize and advance quickly proper nano-vaccines and treatment options comprising novel nano-based technologies.

REPORT COVERAGE:

This research report on the global nanotechnology in the medical devices market has been segmented and sub-segmented based on product, application, and region.

Nanotechnology in Medical Devices Market - By Product:

• Implantable Material          
  • Bone Restorative Material
  • Dental Filling Material
• Active implantable material              
  • Hearing Aid Devices
  • Cardio Rhythm Management Devices
• Biochips    
• Medical Textile and Wound Dressing           
• Others  

Based on the product type, the active implantable material segment accounts for the largest share during the forecast period, driven by the increasing regularity of growth-related disorders, accessibility of insurance coverage, and reimbursement for medical devices. In addition, the surging persistence of lifestyle disorders, rise in healthcare expenses, and deep-rooted distribution channels escalate the segment's growth globally. Moreover, insurance coverage is one component strengthening the market demand.

Nanotechnology in Medical Devices Market - By Application:

• Diagnostics              
• Therapeutics          
• Research  

The therapeutics segment is projected to hold the maximum market share in the global nanotechnology medical devices during the forecast period. Many devices and drugs constitute segment growth during the estimated period. The mounting death rate, rising awareness, and accessibility to the latest and advanced therapeutics for patients fuel the global nanotechnology medical devices market growth. Rising awareness regarding nanotechnology-based medical devices in countries like China, Japan, and Taiwan successfully drives market growth.

Nanotechnology in Medical Devices Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Regionally, North America's nanotechnology in medical devices market was the largest regional segment of the global market in 2021. The most massive share value of the North American region is primarily driven by the highly developed healthcare system, many manufacturing companies, and the development programs initiated by the governments of North American countries.

The European nanotechnology in medical devices market had the second-largest global market share in 2021.

The nanotechnology in medical devices market in the Asia-Pacific is the rapidly growing regional market for nanotechnology-based medical devices. Factors such as the growing geriatric population, rising investments in research and development, increasing international research collaboration, and increased healthcare industry propel the market. China, India, and Taiwan are significant countries contributing to the highest share of the market.

The nanotechnology in the medical devices market in Latin America is anticipated to grow steadily during the forecast period. Countries such as Brazil and Mexico are expected to aid the Latin American region in holding a considerable share of the global market in the coming years. In addition, the growing adoption of nanotechnology and increasing investments in R&D support regional market growth.

The nanotechnology in the medical devices market in MEA is estimated to grow at a moderate CAGR in the coming years.

KEY MARKET PLAYERS:

Notable market participants dominating the Global Nanotechnology in Medical Devices Market profiled in this report are AMAG Pharmaceuticals, Stryker Corporation, Acusphere, Inc., 3M Company, St. Jude Medical, Inc., Affymetrix, Inc., Smith & Nephew, Inc., PerkinElmer, Inc., Starkey Hearing Technologies and Argon Medical Devices, Inc.

KEY MARKET HAPPENINGS:

• In January 2021, Exogenesis nanoMesh announced the completion of validation production and sterilization validation. Exogenesis nanoMesh is a hernia repair product that was advanced by and advertised by Exogenesis nanoMesh. It is the first hernia device with surface nano-modification.
• In July 2018, Vallum Corporation announced the news of receiving the U.S Food and Drug Administration (FDA) for marketing polyetheretherketone (PEEK). PEEK plus is the first and only nanotextured surface on a PEEK interbody device.