(IT-NEWSWIRE.COM, July 10, 2018 ) Nanotechnology in Medical Devices Market by Product (Biochip, Implant Materials, Medical Textiles, Wound Dressing, Cardiac Rhythm Management Devices, Hearing Aid), Application (Therapeutic, Diagnostic, Research) - Global Forecast to 2019
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.
The nanotechnology-based medical devices market is witnessing tremendous growth owing to the rising aging population and increasing incidence of cardiovascular diseases and diseases associated with bones, ear, and others organ systems. However, high costs of nanotechnology-based medical devices and time-consuming product approval processes are hampering the growth of the global nanotechnology-based medical devices market to a certain extent.
North America is the largest regional segment of the global nanotechnology-based medical devices market, followed by Europe. The large share of this region can be attributed to the highly developed healthcare system, presence of a large number of nanotechnology-based medical device manufacturing companies, and several nanotechnology development programs initiated by the government. However, the Asia-Pacific region represents the fastest-growing market for the nanotechnology-based medical devices market. Factors such as rising aging population, increasing international research collaborations, rising nanotechnology R&D expenditure, and rapidly growing healthcare industry are fueling the growth of the market in this region.
The global nanotechnology-based medical devices market is mainly dominated by six players that accounted for around 65-70% of the global nanotechnology-based medical devices market share in 2014. However, new players in the market are intensifying competition and thereby threatening the market share of the existing players. In order to maintain their shares, leading players are continuously adopting various strategies. This increased competitiveness is expected to drive innovation in the market and thereby help the industry to solve the existing challenges.
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Major players in the global nanotechnology-based medical devices market include Stryker Corporation (U.S.), 3M Company (U.S.), St. Jude Medical, Inc.(U.S.), Smith & Nephew, Inc. (U.K.), Affymetrix, Inc. (U.S.), and PerkinElmer, Inc. (U.S.).
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