Global Nanotechnology In Medical Devices Market: Overview
Nanotechnology in medical devices is a field where there is scope for tremendous growth. Cellular level repairs can be carried by nanorobots through this technology. Using this technology in medical diagnosis and treatment, analysis of dimensions, which are a fraction of the width of human hair, can be achieved. Nanotechnology in medical devices can totally reform the medical industry. Incorporation of nanotechnology in medical applications is a major phenomenon to be looked forward to in the future, as it will revolutionize the field of diagnosis, prevention, and treatment. Nanotechnology can be incorporated into applications such as monitoring devices, bioassays, and imaging devices. Growing potential for nanotechnology in medical devices is increasing their demand in the market.
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Global Nanotechnology In Medical Devices Market: Segmentation
The global nanotechnology in the medical devices market is segmented into its product, application, and region. On the basis of product, the global market is divided into the implantable material, active implantable material, medical textile and wound dressing, biochips and others. The implantable material is further subdivided into the dental filling material and bone restorative material. The active implantable material is subdivided into hearing aid devices, dental implants, and cardio rhythm management devices. Based on application, the global nanotechnology in medical devices market is categorized into therapeutics, diagnostics, and research applications. Diversification on the basis of the region can be seen in regions such as North America, Europe, Asia-Pacific, and Middle-East and Africa and Latin America.
Global Nanotechnology In Medical Devices Market: Growth Factors
The global nanotechnology in medical devices market growth can be attributed to factors such as an increase in the frequency of chronic diseases, rising number of diseases in the aging population, large-scale development in nanotechnology, increasing awareness about preventive measures in healthcare, and increasing positivity that nanotechnology in medicine will bring significant steps in the prevention. Other factors contributing to the global market growth are diagnosis and treatment of disease, increasing government investment in research and development of nanotechnology and increased international collaboration in research. However, factors hindering the global market growth are stringent regulations making the products approval time consuming and high cost related to nanotechnology-based medical devices and lack of major collaboration between microelectronic engineers and biomedical scientists.
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Global Nanotechnology In Medical Devices Market: Regional Analysis
The largest share in the nanotechnology in medical devices market is seen in North America. Growth in North America is mainly due to the highly developed healthcare system, several nanotechnology development programs initiated by the government and presence of a large number of nanotechnology-based medical device manufacturing companies. Growth in North America is followed by Europe, Asia-Pacific and Rest of the World. The Asia Pacific specifically is showing the fastest growth in the global nanotechnology in medical devices market due to factors such as rising aging population, increasing international research collaborations, and increasing nanotechnology research and development expenditure. Demand from countries such as China, Taiwan, and India are driving the global nanotechnology in medical devices market in the Asia Pacific.
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Global Nanotechnology In Medical Devices Market: Competitive Players
Some of the major companies in the global nanotechnology in medical devices market are AstraZeneca, Capsulution Nanoscience AG, AMAG Pharmaceuticals Inc., Ferro Corp., Merck KGaA, GE Global Research, Stryker Corporation, 3M Company, Acusphere Inc., Affymetrix Inc., St. Jude Medical, Inc., Smith & Nephew Inc., Starkey Hearing Technologies, PerkinElmer Inc. and Affymetrix, Inc.
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