Nanotechnology in Medical Devices Market

Global Nanotechnology in Medical Devices Market is valued at USD 3.0 Billion in 2021 and expected to reach USD 5.7 Billion by 2028 with a CAGR of 9.87% over the forecast period.

Global Nanotechnology in Medical Devices Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2029: Rising adoption of nanotechnology in medical devices, application of nanotechnology in disease treatment and prevention, and favorable government initiatives are some of the major factors driving the growth of the Global Nanotechnology in Medical Devices Market.

Scope:

The field of research known as nanomedicine integrates nanotechnology with medications or diagnostic chemicals to increase the capacity to target particular tissues or cells. These materials are created on nanotechnology and are safe to use in the body. Nanotechnology applications in medicine include imaging, diagnostics, and medication delivery, which will assist medical practitioners in treating a variety of disorders. Nanotechnology in medical equipment is the use of nano-robots to fix at the cellular level, with dimensions that are frequently a fraction of the diameter of a human hair and is expected to transform the way humans treat and identify damage to the body. Furthermore, several Nanotechnology applications are in different phases of testing and will provide interesting prospects in the future. Thus, in the next years, nanotechnology in healthcare has the ability to save a considerable number of lives.

Impact of COVID-19:

The COVID-19 outbreak had a mixed influence on the market for nano healthcare technologies. This market, like others, experienced supply chain problems. As a consequence, nanotechnology-based product production has been impeded. On the other side, the epidemic created various new commercial prospects. Aside from its increasing use in the treatment of various illnesses like cardiovascular disease, cancer, and neurological disease, nanotechnology is growing rapidly in a variety of pandemic treatments.

Nanosensors, for example, have improved their capacity to detect viruses and germs at very small concentrations. As a result, nanosensors may alert doctors even before patients exhibit signs of coronavirus sickness.

Furthermore, a global collaboration between the Leibniz Research Institute for Molecular Pharmacology (FMP), the Robert Koch Institute (RKI), the University of Manitoba, the Humboldt University (HU), the Free University of Berlin (FU), and the Charité university hospital in Berlin is formed in order to decrease the accelerating global burden caused by Covid-19. In addition to bird flu and another seasonal influenza, the collaboration has developed a nanotechnology method to limit viral development that may be utilized to treat coronavirus sickness.

Key Players:

The prominent players operating in this business vertical are -

• Stryker Corporation
• AMAG Pharmaceuticals
• 3M Company
• Acusphere Inc.
• Affymetrix Inc.
• St. Jude Medical Inc.
• PerkinElmer Inc.
• Smith & Nephew Inc.
• Argon Medical Devices Inc.
• Starkey Hearing Technologies
• others

Segmentation:

By Product:

• Implantable Materials
• Biochips
• Active Implantable Devices
• Medical Textiles & Wound Dressing
• Others

By Application:

• Therapeutic applications
• Diagnostic
• Research

By End-Use:

• Hospitals
• Clinics
• Others

By Regional & Country Level:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Market Drivers:

Rising adoption of nanotechnology in medical devices:

Increased use of nanotechnology in diagnostic purposes and imaging. Nanotechnology is being employed in biomedical research against COVID-19, including many vaccines that use nanoparticle as an adjunct based on the encapsulating of the active component of specific drugs.

Nanotechnology in medical equipment is a growing field with enormous potential. This technique involves the incorporation of individual molecules, atoms, or compounds into nanostructures in order to create materials and technologies with unique qualities. Nanorobots can carry out cellular-level repairs with this technology.

Nanotechnology is being utilized to create innovative medical devices such as implanted devices, diagnostics, catheters, and stents. It  may be used in a variety of applications, including monitoring devices, bioassays, and imaging equipment. Due to the increasing acceptance of creative technological advances, the scope for the nanotechnology market in medical devices is developing.

Nanotechnology applications in disease treatment and prevention:

Nanomedicine improves human health and provides treatments for a wide range of life-threatening disorders, including Parkinson's disease, cancer, orthopedic ailments, diabetes, Alzheimer's disease, and diseases of the lungs, blood, and vascular system. As per the Alzheimer's Disease International, there will be around 50 million persons with dementia worldwide by 2020. This figure will more than double from 20 years, surpassing 82 million in 2030 and 152 million in 2050. As a result, the rising prevalence of dementia is predicted to raise demand for effective nanomedicine-based treatments in dementia care, driving market expansion.

Government efforts that are beneficial:

The increasing government funding in nanotechnology R&D, more international cooperation in research and the growing incidence of the elderly population have all contributed to considerable development in nanotechnology in medical equipment. Furthermore, the market is being pushed by greater individual awareness, rising healthcare spending, and the existence of reimbursements and health insurance for health expenditures.

Furthermore, the introduction of government initiatives for the advancement of nanotechnology is stimulating market growth. The National Institutes of Health (NIH) I-Corps program, for example, aims to promote and feed the national biomedical innovation.

The post-COVID potential is anticipated to be tapped by industry-government cooperation and the life sciences workforce, which is a significant upcoming development that the market is expected to gain from. Aside from that, there is growth in pharmaceutical and biotechnology research, as well as reduced infrastructure expenses.

Market Restriction:

High cost of Nanotechnology in Medical Devices:

The high price of nanodevices is becoming a major impediment to the progress of nanotechnology in the medical device sector. The high pricing of these gadgets provides a significant obstacle for firms commercializing nanotechnology-based medical products. Nonetheless, increased expenditures by government agencies and industrial firms are expected to assist market participants in overcoming this barrier.

Geographical Landscape:

North America is Expected to Capture a Major Share in the Global Nanotechnology in Medical Devices Market

Technological developments, together with applicable applications in early illness detection, preventative intervention, and prevention of acute and chronic diseases, are the primary drivers contributing to the market's development in the United States.

As reported by the Centers for Disease Control and Prevention, cardiovascular disease contributed to one in every four fatalities in the United States in 2021. Coronary heart disease is the main cause of heart disease mortality in the United States, accounting for 360,900 deaths, following stroke (805,000). This high load may result in a large need for particular therapeutic nanovectors, tissue regeneration implants, and nanostructured stents.

Europe is another significant market in the global nano healthcare technology industry. The observed growth is mostly due to the adoption of initiatives designed to boost the region's competitiveness via increased market penetration of nanotech products.

News:

Altus Spine and Nanovis Spine announced a private label partnership

On July 14^th, 2022; Altus Spine, a pioneer in the research and creation of medical devices used during spinal corrective surgery, announced a private-label collaboration with Nanovis Spine to improve and extend their bioceramic nanotube interface technology over their portfolio.

South Korea supports the development of innovative medical devices

On April 19^th, 2022; The Ministry of Food and Drug Safety (MFDS) of South Korea announced that it would push the 'Innovative Medical Device Development Technology Support Project' in order to expedite the commercialization of medical equipment with increased safety and efficacy. By using cutting-edge innovations such as biotechnology, information and communication technology, and nanotechnology, innovative medical gadgets are projected to be more efficient than current medical equipment.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2021:	USD 3.0 Billion
Base year considered	2021
Forecast Period CAGR %:	9.87%
Market Size Expected in 2028:	USD 5.7 Billion
Tables, Charts & Figures:	175
Pages	300
Companies	Stryker Corporation, AMAG Pharmaceuticals, 3M Company, Acusphere, Inc., Affymetrix, Inc., St. Jude Medical, Inc., PerkinElmer, Inc., Smith & Nephew, Inc., Argon Medical Devices, Inc., Starkey Hearing Technologies, and others
Segments Covered	By Product, By End-Use, By Application
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa