Market Data Forecast just published a report, “Global Nanotechnology in Medical Devices Market,” that projects the global market will reach USD $10.45 billion by 2021 with a compound annual growth rate (CAGR) from 2016 to 2021 of 12.5 percent.Nanotechnology, of course, holds unbridled potential for healthcare reform, as evidenced by the inundation as of late of medical devices that utilize nanotechnology of some kind.
The market growth is forecasted to remain steady due to technological advancements and the rise of diseases due to aging populations.Market investors are increasingly optimistic about medicine utilizing nanotechnology to treat disease, prevent it and bring major diagnostic advancements.
Medgadget reports, “Nanotechnology in medicine devices involves usage of nano-robots to make repairs at the cellular level and often involves dimensions which are fractions of the width of the human hair and is believed to revolutionize the way we treat and detect the damage to the human body.Many of the Nanotechnology applications are also at various stages of testing and offers some exciting opportunities in the future.Nanotechnology in medicine have potentially to save great number of lives in the coming years.”
The nanotechnology found in medical devices today has seen considerable growth due to the increased state investment in nanotech research and development.It is also attributable to increased collaboration between different countries on research as well as the increase of the aging population.The number of old people is increasing due to the so-called “Baby Boomer” generation crossing middle-aged years toward senior citizen status.
As they enter retirement, the market is also responding to a greater awareness of nanotechnology on an individual level as well as increased healthcare expenditure, which is to say nothing of the availability of insurance coverage and healthcare expenditure reimbursement.Even so, though, nanotechnology is associated with high costs in the context of medical device development, and strict regulations make approval for these products very time consuming, which hinders market growth.
Global nanotechnology in medical devices is a market that segments into cardio rhythm management devices, hearing aid devices, dental filling material, bone restorative material and implantable material.The Dental filling material consists of a generic stock still emerging and an active implantable material, and cardio rhythm management devices come either as medical textile and wound dressing or biochips, though there is also a generic stock.
The medical device nanotech market channels products to therapeutics, diagnostics and research.Medgadget says, “The growth of the market is expected to sustain in the future owing to the advancements in technology and increasing incidences of diseases with the aging population.The overall market of nano-healthcare technology in the medical equipment segment can be categorized on the basis of the application of these equipments namely, diagnosis, treatment and prevention.
“The largest share in the nanotechnology in medical devices market is seen in North America.Growth in North America is mainly due to the highly developed healthcare system, several nanotechnology development programs initiated by the government and presence of a large number of nanotechnology-based medical device manufacturing companies.Growth in North America is followed by Europe, Asia-Pacific and Rest of the World.”
The nanotechnological medical device market, on a geographical basis, segments into Europe, North America, Asia-Pacific, Latin America and Middle East & Africa.The ophthalmology device market is expected to show its largest share of growth in North America, and Europe is predicted to be a close second.The highest CAGR in the market, though, is forecasted to manifest in the Asia-Pacific region, and growth in North America is primarily being forged by the nativity of key players in the region and a growing awareness of nanotechnological advancements, which feeds more positive market speculation.
Nanotechnology is proving to be one of the most market-affective trends in medicine worldwide.National, regional and global analysis suggests that it will only continue to expand and become more robust, which is a relative indicator of investment being a sound decision on the part of any investor.Segment-level analysis shows that most of the aforementioned segments are likely to show growth for each successive year through 2021.
Entrepreneurs in multiple countries but especially in North America are showing nothing but promising progress with research and development.Much of the infrastructure for research along these lines in the U.S., Canada and Mexico is responsible for the rapid advancements in nanotech application.With the broadening of application, the walls of the market are pushed further apart to encompass more and thereby increase total market value in a variety of respects.
In particular, this stems from the level of government spending through a wide range of different types of federal grants, extensive government contracting, and especially the free, online publication of research.The unimpeded flow of information is enough to empower key market players as well as academia to compete for increasingly rapid development.