Nanomedical devices are the modern version of those devices that are useful for the diagnosis and treatment of diseases. Market Research Future (MRFR) has published and released a research report regarding the global nanomedical devices market that calculates growth for this market with 10.29% CAGR between 2017 and 2023.
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This report analyzes the market structure and offers insights about factors affecting the market growth. Evaluating market size and forecasting the revenue, this reports covers and observes the competitive developments of market players that include joint ventures, mergers and acquisitions, new product developments, research and developments (R & D), and strategic alliances.
The primary factors driving the growth for global nanomedical devices market include steep growth in the development of nanomedical devices, increasing healthcare expenditure, increasing the prevalence of cancer & other chronic diseases, and the introduction of nanotechnology-based cardiac & orthopedic implants in the markets. However, the high cost of the treatment and lack of regulatory standards in the examination of nanoparticle-based medicines can restrain the market growth.
The global nanomedical devices and therapeutics market has been segmented on the basis of applications, end users, types, and lastly region. As per application-based segmentation, this market has been segmented into disease treatment & diagnosis, drug release regulation and other. Disease treatment & diagnosis has been sub-segmented into cancer, cardiovascular diseases neurological diseases, and other. With regards to end users, the market has been segmented into clinics, hospitals, and research institutions. By types, the market segmentation covers implantable biosensors, implantable cardioverter-defibrillators, implantable drug delivery system, and others.
The regional segmentation of the global nanomedical devices market segments the market into continent-based regional markets namely The Americas (North America & South America), Asia Pacific, Europe, and the Middle East & Africa (MEA). The biggest regional market is The Americas. North America alone holds the potential to be the largest market due to its strong economies are known as the United States of America (USA) and Canada. Individually, North America is a bigger market than South America due to the availability of advanced technology. Other factors aiding the market growth in this region include increasing governmental support for the research and development (R&D) as well as rising healthcare expenditure.
In Europe, the market growth is primarily driven by more awareness and advancement in the nanotechnology sector. Europe has a high density of population, and after North America, it has maximum technological advancement. Due to the reasons same as The Americas, Western Europe as a market is bigger than Eastern Europe. The most important country-specific markets in Europe are Germany, France, Spain, Italy, and the United Kingdom (UK), followed by the rest of Western Europe.
According to the report, the Asia Pacific is expected to emerge as the fastest growing regional market during the forecast period. The reasons for the market growth are increasing demand for better treatment options and increasing initiatives to include Information Technology (IT) in all sectors including healthcare. The primal country-specific markets in this region are Australia, China, India, South Korea, and Japan, followed by the rest of the Asia Pacific region.
The MEA region shows limited market slow and steady growth. The reasons for the slow market growth in this region are lack of awareness, lack of education, lack of technological development, political instability, poor healthcare facilities, and healthcare not considered a priority by most governments. The crucial country-specific markets in the MEA region are Kuwait, Oman, Saudi Arabia, United Arab Emirates (UAE), and Qatar, followed by the rest of the MEA region.
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Key Players
The key players global nanomedical devices market include 3M Company (USA), EnvisionTEC (USA), EOS GmbH (Germany), Medtronic (USA), PerkinElmer, Inc. (the USA), Smith & Nephew PLC (UK), St. Jude Medical, Inc. (the USA), Starkey Hearing Technologies (USA), and Stryker Corporation (USA).
Latest Industry News
Leading graphene biosensors manufacturer and biotherapeutics developer Nanomedical Diagnostics are developing Agile R100. This is a portable digital device useful for biosensing that can be employed for any click-able application. It evaluates the potential of the platform for identifying the biomarkers associated with aging, pathology, and tissue health. 16 OCT 2018
Houston Methodist scientists have developed a nanodevice to deliver immunotherapy without side effects to treat triple-negative breast cancer. 23 OCT 2018
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