Global Nanotechnology in Medical Devices Market Report and Forecast 2024-2032

Global Nanotechnology in Medical Devices Market Outlook

The global nanotechnology in medical devices market size attained a value of USD 8.32 billion in 2023. The market is further expected to grow at a CAGR of 10.20% between 2024 and 2032, to reach a value of USD 19.63 billion by 2032.

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Key Trends in the Market

Nanotechnology in medical devices refers to the usage of nanotechnology for medical device applications, increasing the flexibility and potential of technology in medical devices. Nanotechnology involves the manipulation of near-atomic scale matter to create new devices, materials, and structures. In medical devices, nanotechnology enhances the ability of the medical device, allowing them to precisely target a specific tissue or an organ. 

• The increasing prevalence of oncological and musculoskeletal disorders is driving the nanotechnology in medical devices market growth. Factors such as growing geriatric population and prevalence of sedentary lifestyles among working populations are leading to an escalation in the cases of cancers and musculoskeletal conditions.

• Rising investments towards advancements in nanotechnology-based implants for orthopaedic applications are crucial trends in the market. In addition, the increasing penetration of internet of things (IoT) and artificial intelligence is further leading to the development of superior and highly efficient nanotech medical devices.

• The increasing healthcare expenditure across the emerging economies, advancements in 3D implants, and the growing efforts of various governments to improve diagnostic and treatment facilities across healthcare units are some of the major trends in the nanotechnology in medical devices market.

Market Analysis

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Based on product, the market is segmented into active implantable devices, biochips, implantable materials, and medical textiles and wound dressings, among others. Active implantable devices are further divided based on type into cardiac rhythm management devices, retinal implants, and hearing aid devices. Biochips are further bifurcated based on type into DNA microarrays and lab-on-chip. Implantable materials are further segmented based on type into bone substitute materials and dental restorative materials. 

On the basis of application, the market is classified into therapeutic applications, diagnostic applications, and research applications. The regional markets for nanotechnology in medical devices are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.  

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global nanotechnology in medical devices market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Smith & Nephew plc

• Stryker Corporation

• Abbott Laboratories

• PerkinElmer Inc.

• Starkey Laboratories, Inc.

• Others

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Market Share by Product

The implantable material segment, based on product, accounts for a healthy share of the nanotechnology in medical devices market. The increasing use of nanotechnology to produce bone substitute materials in order to treat musculoskeletal diseases is driving the segment’s growth. In addition, nanomaterials are emerging as a promising therapeutic option for organ and tissue replacement procedures, as well as for bone regeneration. Hence, the increasing prevalence of musculoskeletal injuries among populations worldwide is fuelling the growth of this segment. Moreover, research and innovations in the field of tissue engineering are expected to generate a steady demand for implantable materials in the forecast period. The growing dental care infrastructure and increasing awareness regarding regular check-ups and dental care are also bolstering the demand for dental restorative materials. 

Market Share by Application

Based on application, the diagnostic applications segment accounts for a significant share in the nanotechnology in medical devices market. This can be attributed to the importance of timely and accurate diagnoses in the treatment and prognoses of various chronic conditions. Emergence of medical devices based on nanotechnology are gaining traction across the healthcare units as these are highly advanced and reliable for the diagnosis of conditions such as osteoporosis and cancer. Over the forecast period, the anticipated increase in application of nanotechnology-based medical devices for early-stage diagnoses of various cancers for improved outcomes is expected to fuel the growth of the market for nanotechnology in medical devices.  

Competitive Landscape

Smith & Nephew plc is a leading medical equipment manufacturing company that operates in more than 100 countries across the world. The company caters to the medical device demands of advanced wound management, orthopaedic trauma, and sports medicine, among others. It was established in the year 1856 and is headquartered in London, United Kingdom. 

Stryker Corporation is a multinational medical technology corporation which provides medical and surgical equipment, orthopaedic therapeutics, neurotechnology for advanced treatment, and advanced training and education for budding doctors. The company was founded in the year 1941 and is currently headquartered in Michigan in the United States. 

Abbott Laboratories is a leading multinational manufacturing company of medical devices and healthcare products which also provides expertise in nutritional products. The company has significant sales of its cardiovascular, neuromodulation diagnostic, and pharmaceutical products. It was established in 1888 and is headquartered in Illinois, United States. 

Other market players include PerkinElmer Inc., and Starkey Laboratories, Inc., among others.

Key Highlights of the Report