Nanotechnology In Medical Devices Market

Nanotechnology in Medical Devices Market Size (2023 to 2028)

The size of the global nanotechnology in the medical devices market is estimated to be USD 930.4 Million in 2023. It is expected to reach USD 1700.6 Million by 2028, 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 2022.
• Based on application, the therapeutics segment led the market in 2022.
• North America was the regional segment in the global market in 2022.
• The European region held a noteworthy share of the worldwide market in 2022. 

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:

Stringent regulations and complex approval processes for nanotechnology-based medical devices and high costs associated with research, development, and manufacturing associated with nanotechnology-based medical devices primarily hamper the market growth. Limited awareness and understanding of the benefits and potential applications of nanotechnology in medical devices among healthcare professionals and patients and safety concerns related to the potential toxicity and long-term effects of nanomaterials used in medical devices further hinder the market growth. Complex manufacturing processes and the need for specialized facilities and equipment for producing nanotechnology-based medical devices and the lack of standardized testing methods, protocols, and quality control standards for nanotechnology-based medical devices further inhibit the growth rate of the 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 is predicted to account for the major share of the global market during the forecast period. The growing need for real-time monitoring and control of various physiological parameters majorly drives the growth of the active implantable material segment.

The implantable material segment is estimated to hold a considerable share of the worldwide market during the forecast period owing to the benefits of implantable material such as improved biocompatibility, enhanced surface properties, and controlled drug release. The growing demand for implantable devices, such as orthopedic implants, dental implants, and cardiovascular implants, which utilize nanotechnology to enhance their performance and functionality further fuel the growth rate of the implantable material segment in the worldwide market.

Nanotechnology in Medical Devices Market - By Application:

• Diagnostics
• Therapeutics
• Research

Based on application, the therapeutics segment is projected to hold the major share of the global nanotechnology medical devices market during the forecast period. The growing need for targeted and personalized medicine and advancements in drug delivery systems drive the growth of the therapeutics segment in the global market. The potential of nanomedicine to overcome biological barriers and the increasing prevalence of chronic diseases requiring precise drug delivery and therapy further fuel the growth rate of the therapeutics segment in the global nanotechnology in the medical devices market.

The diagnostics segment is estimated to showcase a notable CAGR during the forecast period. The growing demand for early disease detection, the need for accurate and reliable diagnostic methods, the rise in infectious diseases and chronic conditions, and the advancements in nanomaterials and nanoscale imaging technologies propel the growth of the diagnostics segment in the global market.

The research segment is expected to capture a considerable share of the worldwide market during the forecast period owing to the continuous advancements in nanomaterials and nanoscale fabrication techniques, the increasing need for innovative research tools for understanding complex biological processes, and the exploration of nanotechnology's potential in regenerative medicine and drug discovery.

Nanotechnology in Medical Devices Market - By Region:

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

The North American region had the major share of the global market in 2022 and is anticipated to account for a notable share of the worldwide market during the forecast period. Strong research and development activities in the field of nanotechnology, growing funding and investments from private entities, the presence of well-established healthcare infrastructure and advanced technological capabilities facilitating the adoption of nanotechnology in medical devices majorly drive the growth of the North American nanotechnology in medical devices market. High prevalence of chronic diseases, the growing demand for advanced diagnostic and therapeutic solutions, the favorable regulatory environment and reimbursement policies that support the integration of nanotechnology in medical devices, the presence of key market players and collaborations between academia, industry, and research institutions driving innovation in the region further fuel the growth rate of the North American market.

The European nanotechnology in medical devices market had the second-largest global market share in 2022. The European region is anticipated to account for a notable share of the global market during the forecast period. Strong emphasis on research and development in nanotechnology and its applications in healthcare and supportive regulatory framework and government initiatives promoting the adoption of nanotechnology in medical devices drive the European market growth. The growing focus on personalized medicine and the use of nanotechnology for targeted drug delivery and imaging and collaborative efforts between academia, industry, and healthcare institutions fostering innovation and commercialization of nanotechnology-based medical devices contribute to the European market growth. The UK followed by Germany is anticipated to account for the major share of the European market during the forecast period owing to the growing healthcare expenditure and increasing awareness about the benefits of nanotechnology in improving patient outcomes.

The nanotechnology in medical devices market in the Asia-Pacific is the rapidly growing regional market for nanotechnology-based medical devices. The rapidly growing healthcare infrastructure, increasing investments in research and development activities, growing patient population and rising prevalence of chronic diseases drive the demand for advanced medical devices and technologies and propel the APAC market growth. Strong government initiatives to promote the adoption of nanotechnology in healthcare and improve healthcare access and affordability, the presence of a large pool of skilled professionals and a competitive manufacturing ecosystem and the growing number of collaborations between international players and regional manufacturers to cater to the growing demand in the region further boost the growth rate of the APAC market. China, India and Taiwan are the major countries in the APAC regional market and are predicted to hold the leading share of the APAC market during the forecast period.

The nanotechnology in the medical devices market in Latin America is anticipated to grow steadily during the forecast period. The growing awareness about the benefits of nanotechnology in medical devices and its potential in addressing healthcare challenges, the increasing patient population suffering from chronic diseases drive the Latin American market growth. The rising need for innovative diagnostic and therapeutic solutions and the growing number of initiatives from the governments of Latin American countries to foster research and development in nanotechnology and encourage its application in healthcare fuel the growth rate of the Latin American market. 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. The growing number of initiatives from the governments of MEA countries to promote innovation and research in nanotechnology and its application in healthcare and an increasing number of partnerships and collaborations between international companies and local manufacturers to enhance access to advanced medical devices in the MEA region and drive the MEA market growth.

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 nanotextured surface on a PEEK interbody device.