Latin America Nanotechnology in Medical Device Market is projected to reach USD 1.1 Billion by the end of 2021
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The Latin America Nanotechnology in Medical Device Market is currently valued at USD 0.64 Billion as of 2016 and is forecasted to reach USD 1.1 Billion by the end of 2021 with a significant CAGR of 11.5% in the review period. Nanotechnology has a great potential to reform the healthcare sector and has witnessed tremendous growth in the previous decade.
The growth of the market is expected to sustain in the future owing to the advancements in technology and increasing incidences of diseases with the aging population. There is increasing optimism that nanotechnology in medicine will bring significant advances in the diagnosis, treatment and prevention of disease.
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Nanotechnology involves the use of nano-robots to repair at the cellular level involving the dimension that are tiny fractions of the human hair. With many nanotechnology based applications at various stages of testing, it offers exciting opportunities and is believed to revolutionise the treatment for human body in the future.
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The nanotechnology medical device market is driven by a list of factors that include increasing investment by government in nanotechnology, availability of insurance coverage, reimbursement for healthcare expenditure, growing healthcare expenditure and rising aging population. There are also a few restraints the market has to overcome in order to sustain in the future which includes stringent regulatory policies and high cost involving nanotechnology.
The Latin America nanotechnology based medical device market is categorised based on the type of the product as implantable material, biochips, active implantable material, medical textile and wound dressing and others. The implantable material includes dental filling material and bone restorative material.
The active implantable materials is further categorised as rental implants, hearing aid devices and cardio rhythm management. By application the nanotechnology market’s segmentation is as research, diagnostics and therapeutics applications.
Based on geography, the regions in Latin America is segmented as Brazil, Argentina and Mexico.
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The market is dominated by the companies like AMAG pharmaceuticals, Jude Medical, Inc., Smith & Nephew, Inc., PerkinElmer, Inc., Acusphere, Inc., 3M Company, Affymetrix, Inc., Starkey Hearing Technologies and Stryker Corporation.
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