Press release
Global Nanotechnology In Medical Devices Market To Grow At A CAGR Of 10.20% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Nanotechnology in Medical Devices Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 7.55 billion
• Forecast CAGR (2023-2028): 10.20%
• Forecast Market Size (2028): USD 13.31 billion
Nanotechnology is being increasingly utilised in medical devices due to its ability to improve the performance and functionality of these devices. For example, by using nanomaterials and nanostructures, it is possible to create medical devices with increased sensitivity and selectivity, higher resolution imaging, and improved drug delivery.
The utilisation of advanced nanotechnology is increasing as it supports innovative features in a wide range of medical disciplines, such the use of extremely small particles to create new materials with interesting and useful properties, which is driving the growth of the nanotechnology in medical devices market.
Worldwide, nanotechnology has piqued the interest of scientific communities and governments. The United States, France, Japan, and Canada all have centres and government agencies that assess the potential risks and benefits of nanotechnology for human health.
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The United States government has several initiatives in place to support the development and use of nanotechnology in medical devices, augmenting the nanotechnology in medical devices market growth in the country. The National Cancer Institute and the National Institutes of Health have both invested significant resources into researching the use of nanotechnology in cancer diagnosis and treatment.
Moreover, the Food and Drug Administration (FDA) of the United States also has a Nanotechnology Task Force that works to ensure the safety and effectiveness of nanotechnology-based medical products. Additionally, the National Nanotechnology Initiative (NNI) coordinates the research and development efforts of multiple federal agencies to advance nanotechnology in a variety of fields, including medicine.
Nanotechnology in Medical Devices Industry Definition and Major Segments
Nanotechnology refers to the usage of near-atomic scale matter to create new structures, materials, and devices, and it has specialised applications in medical devices. Nanotechnology enables development of materials and coatings for medical devices that are completely biocompatible, allowing them to integrate seamlessly with the body's systems. Additionally, nanomaterials are used in a variety of medical devices, such as synthetic bone grafts, wound dressings, and medical instruments because of their improved mechanical, biological, and chemical properties.
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Based on product, the market is segmented into:
• Active Implantable Devices
o Cardiac Rhythm Management Devices
o Retinal Implants
o Hearing Aid Devices
• Biochips
o DNA Microarrays
o Lab-on-Chip
• Implantable Materials
o Bone Substitute Materials
o Dental Restorative Materials
• Medical Textiles and Wound Dressings
• Others
On the basis of application, the market is divided into:
• Therapeutic Applications
• Diagnostic Applications
• Research Applications
Based on region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Nanotechnology in Medical Devices Market Trends
Advancements in nanotechnology are key trends in the nanotechnology in medical devices market as they are significantly improving the quality and performance of medical devices used in diagnostics. Immunoassays that are based on monoclonal antibodies and DNA probes are improving the speed, capabilities, accuracy, and cost-effectiveness of diagnostic testing, in vitro drug discovery, and medical research procedures significantly.
Additionally, nanoparticle compositions of superparamagnetic iron oxide, gadolinium, perfluorocarbon, and specialty polymers are expanding in vivo imaging capabilities by allowing detection of tumours, plaque, genetic defects, and other pathological conditions at earlier stages and with safer and lower injected compound concentrations.
The most immediate impact of the nanotechnology in medical devices market in healthcare is expected to be in cancer therapeutics and diagnostics, as well as in central nervous system conditions as diagnostic tools utilised in the early detection of cancer. Nanotechnology also has significant applications in medical devices used during surgical interventions to identify the boundaries of a tumour or metastases.
Nanotechnology advancements are expected to broaden the opportunities for the nanotechnology in medical devices market by increasing capabilities in drug discovery, surgery, and general medical research. For instance, they can help to improve the efficacy of therapies such as chemotherapy or radiation therapy by increasing the temperature locally.
Many other major diseases and injuries are anticipated to be treated and identified regularly by medical devices based on nanosized ingredients or components, increasing the demand for the nanotechnology in medical devices market. The electrical and magnetic properties of the materials on the nanoscale have increased the demand for nanotechnology as they are majorly used in neurology and cardiology. Furthermore, nanotechnologies enable the creation of long-lasting batteries to be used in active implantable medical devices.
Key Market Players
The major players in the global nanotechnology in medical devices market are
Smith & Nephew plc
Stryker Corporation
Abbott Laboratories
PerkinElmer Inc.
Starkey Laboratories, Inc.
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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