The nanotechnology-based medical device helps in medical diagnosis, prevention of disease, and treatment. Nanotechnology in medicine devices includes the use of nano-robots to create repairs at the cellular level and treat and detect the damage to the human body. The global nanotechnology-based medical devices market is growing at a significant rate, due to expanding geriatric population and increasing government initiatives.
Different products such as biochips, active implantable devices, and medical textile and wound dressings contributed to the nanotechnology-based medical devices market size. The market has witnessed high demand for active implantable devices over the last few years due to mounting out-of-pocket healthcare expenditure, escalating occurrence of age-related and lifestyle associated disorders such as cardiovascular diseases and hearing diseases, and accessibility of insurance coverage and reimbursement for medical procedures.
Insight by Product
On the basis of product, the market is subdivided into active implantable devices, medical textiles, and wound dressings, biochips, implantable materials, and others. Of all product, active implantable devices segment anticipated the largest share in the market due to the increasing out-of-pocket healthcare expenditure, the existence of well-structured delivery channels, escalating occurrence of age-related and lifestyle associated disorders such as cardiovascular diseases, and accessibility of insurance coverage and reimbursement for medical procedures.
The implantable material segment is further subdivided into bone substitute materials and dental restorative materials. Moreover, the biochip segment is further subdivided into Lab-On-Chip, and DNA microarrays. In addition, the active implantable devices segment is further subdivided into hearing aid devices, retinal implants, and cardiac rhythm management devices.
Insight by Application
On the basis of application, the market is subdivided into therapeutic applications, research applications, and diagnostic applications.
The increasing government support, escalating occurrence of age-related and lifestyle associated disorders such as cardiovascular diseases and hearing diseases, large-scale development in nanotechnology, the existence of well-structured delivery channels, and expanding geriatric population are the primary growth drivers for nanotechnology-based medical devices market. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.
Abundant mid-to-late stage product pipeline, escalating awareness about preventive measures in healthcare, accessibility of insurance coverage and reimbursement for medical procedures, mounting healthcare expenditure, advancement in technology, and huge growth opportunities in emerging markets are also facilitating the growth for the nanotechnology-based medical devices market.
Strict and time-consuming product approval processes, insufficient standards and absence of regulatory approval frameworks, and elevated cost of medical devices are the major challenges for the growth of nanotechnology-based medical devices market.
Globally, the manufacturing companies trying to enter the nanotechnology-based medical devices market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest nanotechnology-based medical devices market as in the region the geriatric population is increasing. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050. Escalating healthcare expenditure, numerous nanotechnology development programs introduced by the government, extremely developed healthcare system, mounting occurrence of chronic diseases such as cardiovascular diseases, and the existence of an enormous number of nanotechnology-based medical device manufacturing companies are also up surging growth of the North American nanotechnology-based medical devices market. For instance, according to according to Centers of Disease Control and Prevention (CDC), in the U.S. approximately 610,000 people die every year due to heart disease.
Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of the large population base. In addition, expanding the geriatric population, escalating healthcare expenditure, mounting R&D expenditure in nanotechnology, the mounting occurrence of chronic and lifestyle associated disorders such as cardiovascular diseases, refining healthcare infrastructure, and escalating international research collaboration is also creating a positive impact on the nanotechnology-based medical devices market growth in the region.
Key players in the nanotechnology-based medical devices market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In October 2018, Stryker acquired HyperBranch Medical Technology, Inc, to improve its cranial closure portfolio and strengthens its position in neurotechnology business. 3M Company, AAP Implantate AG, Smith & Nephew PLC, Dentsply Sirona Inc., Perkinelmer, Inc., Stryker Corporation, Mitsui Chemicals, Inc., and Starkey Hearing Technologies are the key players offering nanotechnology-based medical devices.