06.25.15
The medical device nanotechnology market is forecast to grow 11-12 percent annually over the next several years to reach $8.5 billion by 2019, according to a new report.
Over the last five years, the nanotechnology-based medical devices market has experienced significant growth, primarily due to the aging world population and more government support along with increased nanotechnology research and development expenditures and higher numbers of international research collaborations.
The global nanotechnology medical device market is segmented on the basis of products and applications, according to the report from RnRMarketResearch.com. On the basis products, the nanotechnology medical devices market is categorized into biochips, implantable materials, medical textile and wound dressing, active implantable devices, and others. The implantable materials segment is bifurcated into dental filling materials and bone restorative materials; whereas, the active implantable devices segment is bifurcated into cardiac rhythm management devices, hearing aid devices, and retinal implants. On the basis of applications, the nanotechnology-based device market is segmented into therapeutics applications, diagnostics applications, and research applications.
The report identifies six companies that dominates the global nanotechnology medical device sector last year with roughly 65 percent to 70 percent of the worldwide market share: Stryker Corp., 3M, St. Jude Medical Inc., Affymetrix Inc., PerkinElmer Inc., Starkey Hearing Technologies, and Smith & Nephew plc.
Active implantable devices accounted for a major share of the market, driven primarily by the growing incidence of age-related disorders such as hearing and cardiovascular disorders. In addition, the growing awareness about these diseases and increased acceptance of the hearing aid devices are further driving demand for active implantable devices.
In 2013, North America accounted for the largest share of the global nanotechnology device market, followed by Europe, Asia-Pacific, and rest of the world. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period owing to the rapidly aging population, rising adoption of advanced nanotechnology-based devices, increased accessibility to healthcare facilities, and rising R&D and healthcare expenditures.
The governments of several nations are investing heavily in developing and commercializing new nanotechnology products but safety issues about these devices, stringent regulatory guidelines, and time-consuming approval processes are hampering the growth of this market to some extent, the report claims.
Over the last five years, the nanotechnology-based medical devices market has experienced significant growth, primarily due to the aging world population and more government support along with increased nanotechnology research and development expenditures and higher numbers of international research collaborations.
The global nanotechnology medical device market is segmented on the basis of products and applications, according to the report from RnRMarketResearch.com. On the basis products, the nanotechnology medical devices market is categorized into biochips, implantable materials, medical textile and wound dressing, active implantable devices, and others. The implantable materials segment is bifurcated into dental filling materials and bone restorative materials; whereas, the active implantable devices segment is bifurcated into cardiac rhythm management devices, hearing aid devices, and retinal implants. On the basis of applications, the nanotechnology-based device market is segmented into therapeutics applications, diagnostics applications, and research applications.
The report identifies six companies that dominates the global nanotechnology medical device sector last year with roughly 65 percent to 70 percent of the worldwide market share: Stryker Corp., 3M, St. Jude Medical Inc., Affymetrix Inc., PerkinElmer Inc., Starkey Hearing Technologies, and Smith & Nephew plc.
Active implantable devices accounted for a major share of the market, driven primarily by the growing incidence of age-related disorders such as hearing and cardiovascular disorders. In addition, the growing awareness about these diseases and increased acceptance of the hearing aid devices are further driving demand for active implantable devices.
In 2013, North America accounted for the largest share of the global nanotechnology device market, followed by Europe, Asia-Pacific, and rest of the world. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period owing to the rapidly aging population, rising adoption of advanced nanotechnology-based devices, increased accessibility to healthcare facilities, and rising R&D and healthcare expenditures.
The governments of several nations are investing heavily in developing and commercializing new nanotechnology products but safety issues about these devices, stringent regulatory guidelines, and time-consuming approval processes are hampering the growth of this market to some extent, the report claims.
