Asia Pacific Nanotechnology in Medical Device Market is anticipated to reach $1.8 Billion by the end of 2021
The Asia Pacific Nanotechnology in Medical Device Market is believed to be a $0.93 Billion market in 2016 and is anticipated to reach $1.8 Billion by the end of 2021 with a tremendous CAGR of 14.2% in the forecasted period. The significant growth of the market since last decade is attributed to the technology evolution, increasing aging population and incidences of diseases.
The nanotechnology in medicine is trusted to have a greater impact in the treatment, diagnosis and prevention of diseases.
Nanotechnology in the medical devices deals with the repair at cellular level having dimensions that are minute fractions of a human hair.
Many applications of nanotechnology are in pipeline undergoing testing at various stages offering exciting opportunities. Nanotechnology is in its way of revolutionising the way of treatment having the potentiality to save many lives in the future.
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The nanotechnology based medical devices market is driven by a host of factors that include increasing funding from government and rising facilities in research and development of nanotechnology, increasing prevalence of aging population, rising awareness among the people, growing healthcare expenditure with the rising availability of insurance coverage and reimbursement. However, the market also face a few restraints that are effecting the growth which include stringent regulatory policies and high costs involving the nanotechnology in medical devices.
The Asia Pacific 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 Asia-Pacific is segmented as China, India, Japan, South Korea and Australia.
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The major companies in the industry includes 3M Company, Acusphere, Inc., Affymetrix, Inc., AMAG Pharmaceuticals, Starkey Hearing Technologies, PerkinElmer, Inc., Smith & Nephew, Inc., Stryker Corporation and Jude Medical, Inc.
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