Wed, 29 Jun 2022

Nanotechnology-Based-Medical-Devices-Market

The global nanotechnology-based medical devices market size is anticipated to reach USD 20.15 billion by 2027. It will witness a 36.3% CAGR during the forecast period.

The rising number of surgical procedures, continuous technological development, innovation of new instruments, and mounting incorporation of nanotechnology in several applications in the healthcare sector will drive the market growth of nanotechnology-based medical devices during the analysis period.

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Moreover, the rising prevalence of cardiovascular diseases and other hearing diseases, surge in the geriatric population, rising international research collaborations, favorable initiatives by the government, surging number of in-vitro diagnostics to detect cancer will have a favorable impact on the market revenue of the nanotechnology-based medical devices industry.

Nanotechnology is becoming more widely used as it enables the creation of technologically advanced and minimally invasive devices. Nanotechnology is employed to develop Nanocoatings, materials that replicate natural tissue, and devices that use nanoparticles' electric and magnetic capabilities.

COVID-19 Outbreak

The unexpected COVID-19 outbreak has sparked a worldwide demand for improved diagnostics and medications to diagnose, treat, and control the spread of infection. Nanoparticles' distinct physicochemical properties enable a wide range of chemical functionalization to create new biomedical instruments. All of these advantages are projected to boost the global market for nanotechnology-based medical products.

Market Segmentation

By Product

  • Active Implantable Devices
  • Medical Textiles and Wound Dressings
  • Biochips
  • Implantable Materials
  • Others

Based on product, active implantable devices contribute the largest share in the market owing to the rising old age population suffering from diabetes, hypertension, cardiovascular and other chronic diseases. These implants improve patient outcomes and are gaining popularity due to their compact size, minimal invasiveness, and cost-effectiveness. The segment's growth will be aided by the devices' increasing therapeutic success.

By Application

  • Therapeutic Applications
  • Research Applications
  • Diagnostic Applications

Based on application, therapeutic segment is anticipated to have significant growth during the forecast period. Cancer, autoimmune diseases, high cholesterol, macular degeneration, hepatitis, fungal infections, and other diseases are treated with nanomedicines or therapies. Nanoparticles are used in these medications to transport drugs, heat, and light to cancer cells while inflicting no harm to healthy cells.

Regional Analysis

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

North America contributes the largest market share in the nanotechnology-based medical devices industry owing to increased expenditures on R&D activities, the presence of a well-established healthcare system, the presence of a large number of manufacturing companies working on nanotechnology-based medical devices, and the increased prominence of chronic diseases will propel the market growth in the region.

Recent developments

  • In January 2022, Smith+Nephew, the global medical technology company, unveils the indications for its CORI Surgical System - the industry's most advanced and efficient1,* handheld robotic solution in total knee arthroplasty1,*,† - have been expanded to include total hip arthroplasty (THA). Smith+Nephew's RI.HIP NAVIGATION, which is designed to improve accuracy and reproducibility by providing patient-specific component alignment for THA, is available for use on the CORI System.
  • In November 2021, Smith+Nephew, a global medical technology company set up a digital surgery and robotics innovation center in Munich, Germany. Healthcare experts from Europe, the Middle East, and Africa will collaborate with Smith+Nephew's R&D and medical education teams to study digital surgery and robotics techniques and technologies at the new innovation center.

Some of the Prominent Players in the Global Nanotechnology-Based Medical Devices Market are:

  • 3M Company
  • AAP Implantate AG
  • Smith & Nephew PLC
  • Dentsply Sirona Inc.
  • Perkinelmer Inc.
  • Stryker Corporation
  • Mitsui Chemicals Inc.
  • Starkey Hearing Technologies

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