North America Nanotechnology in Medical Devices Market is projected to reach USD $4.24 Billion by the year 2021
The North America Nanotechnology in Medical Devices Market which is a $2.44 Billion market in 2016 is poised reach USD $4.24 Billion by the year 2021 with an impressive growth rate of 11.7% in the forecasted period. Nanotechnology have witnessed significant growth in last decade owing to its potentiality to reform the healthcare services.
With the advancements in technology and increasing prevalence of diseases with the aging population, the market is expected to prosper in the future.
Nanotechnology based medical devices involves dimensions that are tiny fractions of the width of a human hair and is set to revolutionise the healthcare sector.
With many nanotechnology applications in the pipeline, it offers many exciting opportunities and is believed to detect and treat the human body damages 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 North America nanotechnology in the medical device market is divided based on the type of the product as implantable material, active implantable material, medical textile and wound dressing and biochips. The implantable material is further divided into dental filling and restorative material.
While the active implantable material is divided into cardio rhythm management devices, hearing aid rhythm and rental implants. On the basis of application, the market is segmented as diagnostics, research and therapeutics applications.
Based on geography, the market is analysed under regions of US and Canada.
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The major player in the nanotechnology industry that are manufacturing medical devices are 3M Company, Stryker Corporation, Acusphere, Inc., AMAG Pharmaceutical, St. Jude Medical, Inc., Affymetrix, Inc., PerkinElmer, Inc., Smith & Nephew, Inc. and Starkey Hearing Technologies.
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