Nanomedical devices deliver great promise in various applications for health care. These devices are predominantly used in vivo testing and imaging. Over the past decade, a spurting growth has been seen in the number of development of nanomedical devices. The FDA has already approved many nanoscale devices. Various nanoscale materials used as delivery mechanisms while nanomaterials are being researched to improve devices used in cancer therapeutics.
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Simultaneously, nanoneedles and nanowires are being researched and developed for the usages in epilepsy and heart control while nanosized surgical instruments are studied to perform microsurgeries and for better visualization of surgery. Nanotechnology has revolutionized the medical field and has the potential to add innovative functionality to medical devices and pharmaceutical products.
These developments and researches have facilitated the nanomedical devices market to grow and evolve exponentially. Market Research Future (MRFR), in its recently published study report, forecasts that in the wake of the prominence the nanotechnology is gaining in the field of medical devices, the Nanomedical Devices marketwill garner an exponential growth by 2023, registering 10.29% CAGR during 2017 – 2023.
Increasing public and private funding support are impacting the market growth favorably, bringing about novelties to these devices. The introduction of nanotechnology-based cardiac and orthopedic implants have fostered the market growth, attracting the huge consumer base. Also, the increasing prevalence of chronic diseases and disorders such as cancer and others are fuelling the market growth. Moreover, growing awareness towards preventive measures of healthcare has contributed to the growth of nanomedical devices.
On the other hand, the lack of regulatory standards in the testing and examination of nanoparticle-based medicines along with the high cost of the treatment is inhibiting the market growth. However, as the technology advances more over the period, these challenges are expected to ease with the time.
Also, in the case of the regulatory aspects, market introduction of a medical device requires a lesser degree of testing depending on the risk category the device falls into. Such favorable conditions are expected to increase the market, introducing the nanomedical devices in numbers.
EOS GmbH (Germany), Stryker Corporation (US), Medtronic (US), 3M Company (US), EnvisionTEC (US), St. Jude Medical, Inc. (US), Starkey Hearing Technologies (US), PerkinElmer, Inc. (US), and Smith & Nephew plc. (UK
Nanomedical Devices Market – Segments:
The report - Nanomedical Devices market is segmented into four key dynamics, for the convenience of the report and enhanced understanding:-
By Types : ComprisesImplantable Biosensors, Implantable Cardioverter-Defibrillators andImplantable Drug Delivery System among others.
By Applications : Disease Treatment (cancer, neurological diseases, cardiovascular diseases and others),Diagnosis, and Drug Release Regulation among others.
By End Users :Hospitals & Clinics, Specialty Centers, & Ambulatory Centersand Homecare Settings among others.
By Regions : Europe, North America, APAC and Rest of the World.
Nanomedical Devices Market – Regional Analysis
The North America market is expected to lead the global nanomedical devices market with the significant market share. The market growth attributes to the better accessibility to technology, increasing governmental support for the research and development as well as healthcare expenditure. Besides factors such as availability of some well-developed technologies, high per capita healthcare expenditures, along with the presence of the major players in the region help to substantiate the market growth.
Europe emerging as a lucrative market for nanomedical devices holds the second position in the market. Attributing to the increased funding and the support provided by the government and private entities for R&D the region is expected to expand, registering a phenomenal CAGR. Moreover, the resurging economy in the region is expected to foster the regional market growth bringing advancement in the nanotechnology.
The Asia Pacific is growing rapidly, emerging as one of the lucrative markets for nanomedical devices. Attributing to the increasing demand for the better treatment options the region is expected to grow significantly over the 2017-2023.
Nanomedical Devices Market – Competitive Landscape
The Market appears to be diversified and highly competitive and with the presence of giant manufacturers of nanomedical devices, playing on the global level. These players are heavily investing in R&D, global expansion, advanced technologies and product launch in order to gain the advantages of the market's competitive landscape.
June 26, 2018 –The Iranian Nanotechnology Initiative Council (INIC - Iran) disclosed its plans to expand the market for Iranian nanomedical devices to earn CE marking, a certification indicating the integrity of the health, safety, and environmental protection standards which can further permit the sale of the products in the European Economic Area (EEA).
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