Nanotechnology has revolutionized the field of medical devices with its potential to add innovative functionality to these devices and pharmaceutical products.
Over the past decade, the nanomedical devices market has been witnessing a spurting growth owing to the large development, and advancements occurred in these devices. The prominence that nanotechnology is gaining in the field of medical devices is a key driving force behind the growth of the market. Moreover, the increasing number of FDA approvals for nanoscale devices used in cancer therapeutics are escalating the market on the global platform.
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Acknowledging the spurting growth, this market is witnessing currently, Market Research Future (MRFR), in its recently published study report asserts that the nanomedical devices market will garner an exponential growth by 2025, registering 11.9% CAGR over the forecast period (2019 – 2025).
Additional factors propelling the growth of the market include the substantial investments transpired in R&D to research other uses of nanomaterials in the field of medical devices, such as nanoneedles and nanowires for the usages in epilepsy and heart control and nanosized surgical instruments are studied to perform microsurgeries and to better visualization of surgery.
These developments and researches have facilitated the Nanomedical Devices and Therapeutics Market to grow and evolve exponentially.
Furthermore, factors such as the rising public and private funding support, the introduction of nanotechnology-based cardiac and orthopedic implants, and growing awareness of preventive measures of healthcare, are impacting the market growth favorably. Also, the increasing prevalence of chronic diseases and disorders such as cancer and others are fuelling market growth.
Conversely, factors such as the lack of regulatory standards in the testing and examination of nanoparticle-based medicines along with the high cost of the treatment are inhibiting the market growth. Nevertheless, as 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.
Nanomedical Devices Market – Segments
For enhanced understanding, the report has been segmented into four key dynamics.
By Type: Implantable Biosensors, Implantable Drug Delivery System, Implantable Cardioverter-Defibrillators, and others.
By Application: Diagnosis, Disease Treatment (cancer, neurological diseases, cardiovascular diseases, and others), Drug Release Regulation, and others.
By End-users: Specialty Centers, Hospitals & Clinics, Ambulatory Centers, Homecare Settings, and others.
By Regions: North America, APAC, Europe, and Rest of the World (RoW).
Global Nanomedical Devices Market – Geographical Analysis
The North American region, heading with the presence of several notable players is expected to retain its dominance over the global nanomedical devices market. Moreover, factors such as the enhanced access to technology, increasing governmental support for the research and development, and high per capita healthcare expenditures are fostering the growth of the regional market.
Besides, the availability of some well-developed technologies alongside the presence of well-established infrastructure that allows implementation of advanced technology positively impacts the market growth.
The nanomedical devices market in the European region holds the second position in the global market, emerging as a lucrative market. The market in the region is expanding due to the increased funding and the support provided by the government and private entities for R&D that are bringing advancements in the nanotechnology. Moreover, the resurging economy in Europe is playing a vital role in the growth of the market allowing it to register a phenomenal CAGR throughout the forecast period, increasing consumers purchasing power.
The Asia Pacific region, heading with the high uptake of technology, is rapidly emerging as a profitable market for nanomedical devices. The nanomedical devices are one of the key driving forces behind the growth of the market in this region. The market in India, China, and Japan heading with the large technological advancements and the increasing number of healthcare solution providers predominantly contributes to the growth of the regional market.
Global Nanomedical Devices Market – Competitive Analysis
Highly competitive, the nanomedical devices market appears to be fragmented owing to the presence of several large and small-scale players. These players invest substantially in R&D to develop advanced apps. High potential growth opportunities that the market demonstrates are in turn, attracting several new entrants to the market, further intensifying the completion in the already fiercely competitive market.
Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and product & technology launch in order to gain a competitive advantage in this market and to maintain their market positions.
Major Players:
Key players leading the global nanomedical devices market include EOS GmbH (Germany), Medtronic (US), Stryker Corporation (US), 3M Company (US), St. Jude Medical, Inc. (US), EnvisionTEC (US), Starkey Hearing Technologies (US), Smith & Nephew plc. (UK), and PerkinElmer, Inc. (US)among others.
Industry/Innovation/Related News:
February 06, 2019 — MagForce AG (Germany), a leading medical device company in the field of nanomedicine focused on oncology, announced the successful start of its newly launched NanoTherm® Therapy School series, a comprehensive application training series consisting of three consecutive modules to certify surgeons in the use of the Company’s innovative NanoTherm technology.
November 27, 2018 — A team of Spanish researchers from the Consejo Superior de Investigaciones CientÃficas (CSIC), the Catalan Institute of Nanoscience & Nanotechnology (ICN2), and CIBER Bioengineering, Biomaterials and Nanomedicine (CIBER-BBN) published in Biosensors and Bioelectronics their study of a new device that they have developed that could monitor anticoagulant treatments to deliver personalized therapies.
The new biosensor device can monitor anticoagulants such as Sintrom (acenocoumarol) and deliver a personalized therapy in which the patient or doctor can adjust the drug dose to achieve the optimal effect.
August 14, 2018 — NanoMedical Systems, Inc. (the US), a leading global provider of implantable, sustained-release, drug-delivery devices based on its nStrada™ nanofluidics platform announced the receiving Peer Reviewed Medical Research Program Award to advance the development of a combination product for the treatment of opioid use disorder. At the event, the company also confirmed receiving of USD 3 MN grant to advance nStrada™ implantable nanofluidics system.
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