According to the report “Nanotechnology in Medical Devices”, published by Market Data Forecast, the global market is projected to reach USD 10.45 Billion by 2021, at a CAGR of 12.5% from 2016 to 2021.
Nanotechnology in medicine devices involves usage of nano-robots to make repairs at the cellular level and often involves dimensions which are fractions of the width of the human hair and is believed to revolutionize the way we treat and detect the damage to the human body. Many of the Nanotechnology applications are also at various stages of testing and offers some exciting opportunities in the future.
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The nanotechnology in medical devices has been witnessing significant growth attributed to the rising government investment in R&D of nanotechnology with increased international collaboration in research and rising prevalence of aging population. The market is also driven by the increased awareness among the individuals, growing expenditure on healthcare and the availability of reimbursement and insurance coverage for healthcare expenditure. However, high cost related to nanotechnology based medical devices and stringent regulations making the products approval time consuming are hampering the growth of the market.
Nanotechnology in medicine devices Market is segmented on the basis of product type and application:
1)Based on Product Type
•medical textile and wound dressing
•active implantable material
2)Based on Application
3)Based on geography
•Middle-East & Africa
The major companies in the nanotechnology medical devices market are AMAG Pharmaceuticals, Stryker Corporation, Acusphere, Inc., 3M Company, St. Jude Medical, Inc., Affymetrix, Inc., Smith & Nephew, Inc., PerkinElmer, Inc. and Starkey Hearing Technologies.
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