Nanotechnology- Based Medical Devices Market

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Nanotechnology-Based Medical Devices Market
Due to the rising geriatric population and
increasing government policies, the global
Nanotechnology- based medical devices market is
growing at a substantial pace. Various products
have added to the market size of
nanotechnology-based medical devices, such as
biochips, active implantable devices, and medical
textile and wound dressings. Owing to increased
out-of-pocket healthcare spending, rising
prevalence of age-related and lifestyle-related
conditions such as coronary diseases and hearing
diseases, and accessibility of insurance
coverage and reimbursement for medical
procedures, the industry has experienced strong
demand for active implantable devices over the
last few years. By products, the market is
subdivided into active implantable devices,
medical textiles, and wound dressings, biochips,
implantable materials, and others. Active
implantable devices segment anticipated the
largest share in the market due to the increasing
out-of-pocket healthcare expenditure. By
application, the market is subdivided into
therapeutic applications, research applications,
and diagnostic applications. The key growth
factors for the nanotechnology-based medical
device market are growing government funding,
the increasing prevalence of age-related and
lifestyle-related disorders such as
cardiovascular diseases and hearing diseases,
large-scale advancement of nanotechnology, the
presence of well-structured distribution
networks, and the expanding geriatric
population. The growth of the nanotechnology-based
medical device market is also encouraged by an
ample mid-to-late-stage product pipeline,
enhanced understanding of preventive measures in
healthcare, accessibility of insurance coverage
and payment for medical services, increased
healthcare spending, advancements in technology,
and immense growth opportunities in emerging
markets. Strict and time-consuming product
approval processes, insufficient standards and
absence of regulatory approval frameworks, and
elevated cost of medical devices are the major
challenges for the growth of nanotechnology-based
medical devices market. Recent News In October
2018, Stryker acquired HyperBranch Medical
Technology, Inc, to improve its cranial closure
portfolio and strengthens its position in
neurotechnology business. Competitive
Insights 3M Company, AAP Implantate AG, Smith
Nephew PLC, Dentsply Sirona Inc., Perkinelmer,
Inc., Stryker Corporation, Mitsui Chemicals,
Inc., and Starkey Hearing Technologies are the
key players offering nanotechnology-based medical
devices.
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