The Nanotechnology in Medical Devices Market is expected to reach USD 1,908 Million by 2028, growing at a CAGR of 12.2% from 2022 to 2028. Increasing cardiovascular diseases, the rising geriatric population, and increasing diseases related to bones, ear, and other organ systems are the factors that fuel the growth of Nanotechnology in the Medical Devices Market. On the other hand, time-consuming product approval processes and high costs of nanotechnology-based medical devices are hampering the growth of Nanotechnology in the Medical Devices Market. Whereas, advancement in the use of nanotechnology for various purposes is expected to provide various growth opportunities of nanotechnology in the medical devices market.
- North America holds the largest share in the global Nanotechnology in Medical Devices Market during the forecast period. This is owing to the presence of a large number of manufacturers, highly developed healthcare systems, and government initiatives towards several nanotechnology development programs.
- The implantable material segment accounted for a substantial share in the global Nanotechnology in Medical Devices Market during the forecast period. The increasing healthcare expenditure and presence of lifestyle disorders are likely to accelerate the demand for nanotechnology in the medical devices market in the coming years.
- The therapeutics segment is expected to hold a substantial share of nanotechnology in the medical devices market during the forecast period. Easy accessibility to the advanced therapeutics in the patient is expected to bolster the segmental growth of nanotechnology in the medical devices market in the years to come.
Some of the prominent players of nanotechnology in the medical devices market - 3M Company (U.S.), Stryker Corporation (U.S.), St. Jude Medical, Inc. (U.S.), Affymetrix, Inc. (U.S.), Smith & Nephew, Inc. (U.K.), and PerkinElmer, Inc. (U.S.).
According to the National Cancer Institute, the methods used to treat cancer patients resulted in damage to normal tissue or incomplete eradication of cancer. Some of the drugs are released to kill cancerous cells and also kill healthy cells during the process. This process will create chances of side effects such as nausea, pain, hair loss, appetite loss, nervous system effects, and fatigue. Thus, nanoparticles give some of the greatest advancements in cancer treatment. This can help to limit the damage to healthy cells. Nanotechnology applications are used for early disease detection. In addition, scientists are investigating the nanoparticles for giving a warning message in case of any tumor-related disease found. This early detection process helps to start treatment related to some diseases like Alzheimer's and cancer as early as possible.
Factors such as rising occurrences of diseases across the globe, the requirement of advanced technology to treat chronic diseases, and various research activities will augment the growth of nanotechnology in the medical devices market over the projected period. The Nanotechnology Program in the FDA’s Center for Devices and Radiological Health (CDRH) conducts regulatory science research to help ensure patients have access to safe and effective medical devices containing nanomaterials. According to FDA, engineered nanomaterials have been consolidated into medical devices. Nanomaterial’s properties enable the development of novel, tunable medical devices for enhanced tissue integration and therapeutic action making them attractive candidates for use in the medical device industry.