Nanotechnology Now - Press Release: Nanotechnology in Medical Devices Market is expected to reach $8.5 Billion by 2019

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Abstract:
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.

Nanotechnology in Medical Devices Market is expected to reach $8.5 Billion by 2019

Dallas, TX | Posted on March 25th, 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.

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