PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1053903
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1053903
The global nanotechnology in the medical devices market is estimated to be USD 8,204.7 Million in 2021. Nanotechnology in medical devices market is expected to reach a market value of USD 78,005.1 Million by 2027 growing with the CAGR of 11.9% in the forecast period of 2021-2027.
The study and characterization of micro miniature structures at the nanoscale is known as nanotechnology. It improves selectivity and sensitivity while also providing accurate and cost-effective diagnosis and targeted medication.
Nanotechnology in medical devices involves the use of nano-robots to make repairs at the cellular level, with dimensions that are often fractions of the width of a human hair, and is expected to revolutionise how we treat and detect damage to the human body. Furthermore, many Nanotechnology applications are in various stages of testing and will provide exciting opportunities in the future. Thus, in the coming years, nanotechnology in medicine has the potential to save a significant number of lives.
Nanotechnology has enormous potential to revolutionise the healthcare industry. The incorporation of nanotechnology in various healthcare applications is expected to be the major phenomenon to watch over the next decade. Thus, nanotechnology in healthcare offers significant opportunities to revolutionise disease diagnosis, prevention, and treatment. Nanotechnology advancements are accelerating at an alarming rate, making it difficult for governments to keep up. Nanotechnology advancements in medical devices include virtual reality and nanotechnology in contact lenses, nanotechnology for detecting heart attacks, flexible chips encircling strands of chips, tiny 3D printed batteries for biosensors, and nanotechnology enabled breath analyzers for diabetes. The aforementioned advancement is currently being researched and is expected to provide significant opportunities for growth in the business.
Prior to December of 2019, the nanotechnology medical devices market experienced rapid growth. From 2015 to 2019, the market size reached new highs. As the COVID 19 eruption began, there was a massive drop in the global economy, with a 4% drop. For example, a new nano-vaccine metastasis platform and useful nano drugs for treating COVID 19 infections in patients have been developed alongside vaccine platforms with a new nano-based formulation for COVID 19 therapeutics. Scientists are working hard to identify and rapidly advance appropriate nanovaccines and treatment options based on novel nano-based technologies.
The global market of nanotechnology in medical devices market is mainly segmented by product type, by application and by region.
In terms of product the market is further bifurcated into Implantable Material and Active implantable material, Biochips, Medical Textile and Wound Dressing and Others.
The active implantable material segment accounts for the largest share of the market during the forecast period, owing to the increasing frequency of growth-related disorders, the availability of insurance coverage, and reimbursement for medical devices. The rising prevalence of lifestyle disorders, rising healthcare costs, and deep-rooted distribution channels all contribute to the segment's global expansion. Furthermore, insurance coverage is one factor that contributes to market demand.
Depending upon the application, nanotechnology in medical devices market is segmented into Therapeutic Applications, Diagnostic Applications and Research Applications. During the forecast period, the therapeutics segment is expected to hold the largest share of the global nanotechnology medical devices market. During the forecast period, a large number of devices and drugs will contribute to segment growth. The increasing death rate, rising awareness, and patient access to the most recent and advanced therapeutics drive the global growth of the nanotechnology medical devices market.
Nanotechnology in Medical Devices Market - By Region: North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa. North America is the largest regional segment of the Global Nanotechnology in Medical Devices Market, with Europe coming in second. The most massive share value is due to the highly developed healthcare system, numerous manufacturing companies, and government-initiated development programmes. Asia-Pacific is the fastest growing market for medical devices based on nanotechnology. Factors such as an ageing population, increased R&D investments, increased international research collaboration, and an expanding healthcare industry are propelling the market. China, India, and Taiwan are significant contributors to the market's largest share.
St. Jude Medical, Starkey Hearing Technologies, Affymetrix, PerkinElmer, Dentsply, Stryker, 3M Company, AAP Implantate, Mitsui Chemicals, Smith & Nephew, Ferro, and Merck are some of the major players in the medical device nanotechnology market. To support market expansion and maintain their presence, these players are implementing growth strategies such as acquisitions, mergers, new product innovations, and collaborations.
For instance, Exogenesis nano Mesh announced the completion of validation production and sterilisation validation in January 2021. Exogenesis nanoMesh is a hernia repair product developed and promoted by Exogenesis nanoMesh. It is the first hernia device with a nano-modified surface.
The scope of this report covers the market by its major segments, which include as follows: