Nanotechnology Now - Press Release: Nanotechnology-based Medical Devices Market Is Expected to Reach Around $5 billion by 2019

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Abstract:
The report, Nanotechnology in Medical Devices Market - By Product (Biochip, Implant Materials, Medical Textiles, Wound Dressing, Cardiac Rhythm Management Devices, Hearing Aid, Retina Implant), Application (Therapeutic, Diagnostic, Research)– Global Forecast to 2019.

Nanotechnology-based Medical Devices Market Is Expected to Reach Around $5 billion by 2019

London, UK | Posted on May 12th, 2015

The global nanotechnology-based medical devices market is poised to grow at a CAGR of 11-12% from 2014 to 2019. The rapid surge in aging population, increasing international research collaboration, and increased government support for nanotechnology are the major factors driving the growth of the nanotechnology-based medical devices market.

Active implantable devices are the most extensively used nanotechnology-based medical devices across the globe in clinical specialties such as cardiology and otolaryngology. The rising prevalence of lifestyle diseases such as cardiovascular diseases, increasing urbanization, and rising number of healthcare facilities have contributed to the growth of the active implantable devices segment of nanotechnology-based medical devices market. In addition, availability of insurance coverage and reimbursement for medical devices, presence of well-structured distribution channels, and growing out-of-pocket healthcare spending are further fueling the growth of active implantable devices.

Nanotechnology is rapidly growing among the top fields in research and innovation globally. While nanotechnology has found its way into a variety of commercial products, a continued emphasis on commercialization is needed to fully realize the benefits of nanotechnology. The governments of several nations are investing heavily in research and development (R&D) for the development and commercialization of new nanotechnology products. In this regard, several countries are developing international collaborations to promote cooperative R&D programs. These programs are also facilitating developing nations to increase their global visibility in nanotechnology and strengthening their internal research capabilities.

The majority of growth in the global nanotechnology-based medical devices market will be driven by the increase in the use of nanotechnology-based medical devices due to the rising aging population, rising incidence of cardiovascular diseases, growing awareness about these diseases, and availability of various monitoring and therapeutic devices. Economies such as China, Singapore, and Japan are witnessing an increase in the number of specialty hospitals focusing on nanotechnology-based medical devices for the diagnosis and treatment of medical conditions such as cardiac disorders, infections, bone disorders, and dental diseases. This is expected to drive the growth of this market in the coming years.

In order to maintain their respective market shares and to further grow in the global nanotechnology-based medical devices market, market players are adopting various strategies such as new product launches; mergers and acquisitions; and partnership, agreements, and collaborations. A majority of the top players adopted new product launches as their key growth strategy to further penetrate into the nanotechnology-based medical devices market.

The nanotechnology-based medical devices market is consolidated with the top six players accounting for nearly 65-70% of the market share in 2013. A majority of the leading players in this market are based in North America. In this consolidated market, St. Jude Medical, Inc. (U.S.), Starkey Hearing Technologies (U.S.), and PerkinElmer, Inc. (U.S.) were the leading companies, followed by Stryker Corporation (U.S.) and Affymetrix, Inc. (U.S.).

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