The Nanomedical Devices Market is expected to reach USD 12,573.6 Million by 2030 at 14.8% CAGR during the forecast period 2022-2030. Market Research Future has made this projection in its latest report on the global market for nanomedical devices. The rapid development of nanotechnology and research and development of novel applications for the same act as a primary driver which is expected to motivate substantial growth during the assessment period.
The global nanomedical devices market is one that is still developing and is expected to witness rapid expansion, multiple challenges and a high amount of opportunities which are projected to affect overall positive growth in the coming years. Driving growth for the market are factors such as the increasing prevalence of cardiovascular diseases and the growing demand for advanced treatment options which have high rates of success. Other chronic diseases such as cancer have also grown in occurrence and are driving rapid market growth. Other factors include increasingly sedentary lifestyles in urban parts of the world, increasing healthcare expenditure, increasing research & development activities and increased awareness of modern advances in healthcare combined with a growing consumer focus on preventative healthcare.
The market is underdeveloped and current challenges faced include the lack of a regulatory framework for nanomedical devices and the high costs associated with treatments that use these devices. However, with further development of technology and the increasing use of nanomedical devices is expected to spur the need for regulations. Moreover, this will also lead to the discovery of various applications, and improve awareness, thus leading to new avenues for expansion and growth of the global market.
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The global nanomedical market has been segmented based on types, applications, end-users, and region. By types, the market has been segmented into implantable biosensors, implantable cardioverter-defibrillators, implantable drug delivery systems and others.
By application, the market has been segmented into disease treatment & diagnosis, drug release regulation and other. Of these, disease treatment and diagnosis presently has almost three-fourths of the total market share due to the widespread availability of healthcare and increased incidences of health problems experienced by a globally increasing population due to changing lifestyles caused by rapid urbanization. Further sub-segmentation is listed below.
Disease treatment & diagnosis – cancer, neurological diseases, cardiovascular diseases and others
By end user, the market has been segmented into hospitals, clinics, and research institutions.
By region, the market has been segmented into the Americas, Europe, the Asia-Pacific and the Middle East & Africa.
The Americas account for the largest regional market share due to the ease of accessibility to the latest in technology. A well-established healthcare system and supportive government policies regarding research are some key drivers of growth for this market.
Europe is the second most significant regional market segment due to the increasing awareness regarding healthcare and current technology. The region also has a strong focus on research and development which is vital for the discovery of new applications and expansion of the market.
The Asia-Pacific is a rapidly emerging market due to the presence of developing economies such as India and China where there are an increasing adoption and demand for the current trends in technology and healthcare. Increased healthcare expenditure and a massive patient population which requires efficient healthcare which meets global standards are expected to drive growth for the region.
Latest Industry News
Precision NanoSystems has raised investments of USD 6 million from investment firms such as 5AM Ventures, Telegraph Hill Partners, and Rising Tide Fund. These funds are set to be utilized toward expansion of NanoSystems services, particularly its nanomedicine manufacturing platform, NanoAssemblr.
Reputable market leaders who contribute to the competitive landscape of the global market for nanomedical devices include Stryker Corporation, EOS GmbH, Medtronic, EnvisionTEC, 3M Company, St. Jude Medical, Inc., PerkinElmer, Inc., Starkey Hearing Technologies, Smith & Nephew plc.
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