The Nanotechnology in Medical Devices Market is was valued at around $5 Billion in 2014 and expected to reach around $8.5 Billion by 2019 with a CAGR of around 11-12% during the forecast period 2014 - 2019. This market is mainly driven by the rising aging population, increasing R&D expenditure, and international research collaborations. However, high costs of nanotechnology-based medical devices and time-consuming product approval processes are inhibiting the growth of this market to a certain extent.
The global nanotechnology-based medical devices market is classified on the basis of products and applications. On the basis of products, the 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. 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 categorized into therapeutic applications, diagnostics applications, and research applications.
On the basis of regions, this market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW), which is further analyzed at country levels. The research report discusses the key market drivers, restraints, challenges and the opportunities in the global nanotechnology-based medical devices market and its submarkets.
In 2013, the active implantable devices segment accounted for the largest share of the market. The nanotechnology-based active implantable devices market is primarily driven by the growing incidence of age-related diseases, availability of insurance coverage and reimbursement for medical devices, presence of well-structured distribution channels, and growing out-of-pocket healthcare spending.
North America represented the largest regional market in 2014, followed by Europe, Asia-Pacific, and RoW. The Asia-Pacific region represents the fastest-growing market for the nanotechnology-based medical devices market, primarily due to the rising aging population, increasing international research collaborations, increasing R&D expenditure, and growth in the overall healthcare industry. In addition, increased awareness regarding nanotechnology-based devices in countries such as China, Taiwan, and Japan are further driving the market in these regions.
Major players in the global nanotechnology-based medical devices market are Stryker Corporation (U.S.), 3M Company (U.S.), 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.).