Nanotechnology-Based Medical Devices Market

1. Nanotechnology-Based Medical Devices Market Due to the rising geriatric population and increasing government policies, the global Nanotechnology- based medical devices market is growing at a substantial pace. Various products have added to the market size of nanotechnology-based medical devices, such as biochips, active implantable devices, and medical textile and wound dressings. Owing to increased out-of-pocket healthcare spending, rising prevalence of age-related and lifestyle-related conditions such as coronary diseases and hearing diseases, and accessibility of insurance coverage and reimbursement for medical procedures, the industry has experienced strong demand for active implantable devices over the last few years. By products, the market is subdivided into active implantable devices, medical textiles, and wound dressings, biochips, implantable materials, and others. Active implantable devices segment anticipated the largest share in the market due to the increasing out-of-pocket healthcare expenditure. By application, the market is subdivided into therapeutic applications, research applications, and diagnostic applications. The key growth factors for the nanotechnology-based medical device market are growing government funding, the increasing prevalence of age-related and lifestyle-related disorders such as cardiovascular diseases and hearing diseases, large-scale advancement of nanotechnology, the presence of well-structured distribution networks, and the expanding geriatric population. The growth of the nanotechnology-based medical device market is also encouraged by an ample mid-to-late-stage product pipeline, enhanced understanding of preventive measures in healthcare, accessibility of insurance coverage and payment for medical services, increased healthcare spending, advancements in technology, and immense growth opportunities in emerging markets. Strict and time-consuming product approval processes, insufficient standards and absence of regulatory approval frameworks, and elevated cost of medical devices are the major challenges for the growth of nanotechnology-based medical devices market. Recent News: In October 2018, Stryker acquired HyperBranch Medical Technology, Inc, to improve its cranial closure portfolio and strengthens its position in neurotechnology business. Competitive Insights: 3M Company, AAP Implantate AG, Smith & Nephew PLC, Dentsply Sirona Inc., Perkinelmer, Inc., Stryker Corporation, Mitsui Chemicals, Inc., and Starkey Hearing Technologies are the key players offering nanotechnology-based medical devices.

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