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Global Nanotechnology in Medical Devices Market Size, Share, Trends & Growth Analysis Report – Segmented By Product, Application & Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 246
Pages: 178
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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 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 is 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:

Nanotechnology has great potential to reform the healthcare sector and has witnessed tremendous growth in the previous decade. The development of the market is expected to sustain in the future, owing to the advancements in technology and the increasing incidences of diseases with the aging population. 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. The market is also driven by the increased awareness among the individuals, growing expenditure on healthcare, and the availability of reimbursement and insurance coverage for healthcare expenditure.

MARKET RESTRAINTS:

However, high cost related to nanotechnology-based medical devices and stringent regulations making the product's approval time consuming is hampering the growth of the Nanotechnology in 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. The majority of the countries have stopped the work orders, 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 supplying and life-saving products. Before 2019 December, the nanotechnology medical devices market has experienced high growth. From 2015 to 2019, the market size was in high peaks. As the COVID 19 eruption has begun, 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 vaccines 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:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product, Application, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

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

 

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. The surging persistence of lifestyle disorders, rise in healthcare expenses, and deep-rooted distribution channels escalate the segment 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 share in the global nanotechnology medical devices market during the forecast period. A large number of devices and drugs constitute segment growth during the estimated period. The mounting death rate, rising awareness, and accessibility to the latest and advanced therapeutics in the patients fuel the nanotechnology medical devices market growth globally. Rising awareness regarding nanotechnology-based medical devices in countries like China, Japan, and Taiwan successfully drives the market growth.

Nanotechnology in Medical Devices Market - By Region:

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

Regionally, North America is the largest regional segment of the Global Nanotechnology in Medical Devices Market, where Europe is holding the second-highest. The most massive share value is due to the highly developed healthcare system, many manufacturing companies, and the development programs initiated by the government.

Asia-Pacific is the quickest growing market for nanotechnology-based medical devices. Factors like the old people population, rising investments in research and development, increasing international research collaboration, and increased healthcare industry are propelling the market. China, India, and Taiwan are significant countries contributing to the highest shares for the market.

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 on 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.

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