The Key players are St. Jude Medical, Inc. (U.S.), Affymetrix, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Starkey Hearing Technologies (U.S.), and Smith & Nephew plc (U.K.).
(PRWEB) April 22, 2015
Over the last five years, the nanotechnology-based medical devices market witnessed tremendous growth primarily due to growth in the aging population, and increasing government support with increased nanotechnology R&D expenditure and increased international research collaborations.
In this report, the global nanotechnology-based medical devices market is segmented on the basis of products and applications. On the basis products, the nanotechnology-based 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 medical devices market is segmented into therapeutics applications, diagnostics applications, and research applications.
The global nanotechnology-based medical devices market is expected to grow at a significant CAGR of around 11-12% during the forecast period (2014–2019). The market is mainly driven by the growth in aging population, rising adoption of nanotechnology-based medical devices, and increased nanotechnology R&D expenditure. In addition, the governments of several nations are investing heavily in developing and commercializing new nanotechnology products. However, safety issues regarding nanotechnology-based medical devices, stringent regulatory guidelines, and time-consuming approval processes for these devices are hampering the growth of this market to a certain extent.
Active implantable devices accounted for a major share of the nanotechnology-based medical devices the market. The nanotechnology-based medical devices market for active implantable devices is primarily driven 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 the market for active implantable devices.
In 2013, North America accounted for the largest share to the global nanotechnology-based medical devices market, followed by Europe, Asia-Pacific, and RoW. 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 medical devices, increased accessibility to healthcare facilities, and rising R&D and healthcare expenditure.
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