Nanotechnology in Medical Devices Market - Global Industry Analysis

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Nanomaterial consists of significant nano-scale dependent optical, catalytic, physical, chemical, and electric properties that can be controlled. Nanotechnology’ small size is its utility in the healthcare sector. When these particles enter the biological system, their nanoscale properties along with nano size helps them in delivery probes and vector for therapeutic, diagnostic, and imaging purposes. Due to their reduced size, the surface area of nanotechnology increases which helps in bimolecular chemical interactions. The drug delivery system with non-material can interact with bimolecular present at both the surface and within the cell. This, in turn, provides a significant amount of interaction time between the drug and the cell.

As per the World Health Organization, cardiovascular diseases (CVDs) are the primary cause of death worldwide. About 17.5 million people died from CVDs in 2015, i.e., 31% of total global deaths. According to the American Cancer Society, cancer is the second most common cause of death in the U.S. and accounts for nearly one of every four deaths. As per the World Health Organization, there were 14 million new cancer cases in 2012 worldwide and 8.8 million cancer-related deaths in 2015. Globally, nearly 1 in every 6 death is caused by cancer. The global burden of CVDs and cancer is increasing, owing to the rising geriatric population base globally. The increasing prevalence of lifestyle-associated life-threatening diseases is expected to be the major driver for the global nanotechnology in medical devices market. In addition, rising mortality rate and growing awareness and access to modern and advanced therapeutics among the patients are likely to further fuel the global nanotechnology in medical devices market in the upcoming years. Additionally, growing awareness about the advantages of therapy and huge investments made in the research and development of nanotechnology in medical devices are projected to create new growth opportunities for this market.

The global nanotechnology in medical devices market is segmented based on product type and application. By product type, the market includes biochip (lab-on-chip and DNA microarrays), implantable material (dental filling material, and bone restoring material), medical textile and wound dressing, active implant devices (cardiac rhythm management devices, hearing aid devices, and retinal implants), and others. On the basis of application, the nanotechnology in medical devices market is divided into diagnostic, therapeutic, and research.

The North American nanotechnology in medical devices market is expected to show the maximum growth over the forecast time period, owing to the developments witnessed in the healthcare infrastructure, favorable government policies and research grant. Europe was the second largest nanotechnology in medical devices market globally in 2018, due to the high per capita income of the regional population. Asia Pacific is expected to show the fastest growth rate while the Latin American market is projected to grow moderately in the years ahead.

Some key players of the global nanotechnology in medical devices market include GE Global Research, Merck KGaA, Ferro, AMAG Pharmaceuticals, Capsulution Nanoscience, AstraZeneca, Affymetrix, PerkinElmer, 3M, Starkey Hearing Technologies, Smith & Nephew, St. Jude Medical, Acusphere, and Stryker Corporation.