Nanomedical Devices and Therapeutics Market: Introduction
- This 21st century has seen a major rise in the use of nanomedical devices due to their increased accuracy and efficacy in the prevention and cure of chronic diseases such as cancer, central nervous system disorders, and many more. Nanomedical devices are designed in such a way that they can perform various biomedical applications at disease sites. They can be introduced into the body and guided to different sites to diagnose, administer drugs, and perform surgery on an anatomical, cellular, and molecular scale.
- Nanotechnology is utilized for different diagnostic and therapeutic functions such as non-invasive imaging by use of nanoparticles in tomography as imaging probes in order to measure and locate tumors. For therapeutic functions, nanomedical devices are applied in chemotherapy, small interfering RNA (siRNA) therapy, photodynamic therapy, and photo thermal therapy.
Key Drivers and Restraints of Global Nanomedical Devices and Therapeutics Market
- Consistent and rapid rise in the number of chronic cases such as cardiovascular disorders, central nervous system (CNS) disorders, oncology its prevalence, and increase in the mortality rate of patients worldwide are major factors driving the market
- Cancer is a leading cause of death in India followed by cardiovascular disorders. Increase in research & development initiatives in the healthcare sector, increase in funding from governments, technological advancements in the field of medical sciences, and a large number of corporates investing in the R&D sector are also some major factors that propel the market.
- Lack of awareness among people regarding the use of nanomedical devices for different disease conditions and improper sales and distribution channel are a few factors that are likely to hamper the global nanomedical devices and therapeutics market.
Implantable Cardioverter-Defibrillators Segment to Dominate Global Nanomedical Devices and Therapeutics Market
- Based on product type, the global nanomedical devices and therapeutics market can be divided into implantable biosensors, implantable drug delivery systems, implantable cardioverter-defibrillators, and others
- The implantable cardioverter-defibrillators segment is estimated to dominate the global market because these devices are employed in a wide number of hospitals to monitor the heart rate of patients and are used frequently, followed by increase in number of cardiovascular disorders. These are key factors that are projected to propel the nanomedical devices and therapeutics market.
Oncology Segment to Dominate Global Nanomedical Devices and Therapeutics Market
- Based on application, the global nanomedical devices and therapeutics market can be divided into cardiovascular disorders, central nervous system (CNS) disorders, oncology, infectious diseases, and inflammatory diseases
- The oncology segment is estimated to dominate the global market owing to the consistent and rapid rise in the number of chronic cases, especially cancer, among people, and its increasing prevalence. Therefore, nanomedical devices are used for major therapeutic approaches in cancer. These are key factors that are anticipated to fuel the nanomedical devices and therapeutics market.
Hospitals Segment to Expand Significantly
- Based on end-user, the global nanomedical devices and therapeutics market can be segregated into hospitals, diagnostic centers & clinics
- The hospitals segment dominated the global nanomedical devices and therapeutics market due to marked percentage (%) increase in number of cardiovascular and cancer cases coming to hospitals and clinics daily and the facilities provided in hospitals to patients, such as different screening tests, isolation wards, and other healthcare facilities
North America to Dominate Global Nanomedical Devices and Therapeutics Market
- In terms of region, the global nanomedical devices and therapeutics market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America accounts for a prominent share of the global nanomedical devices and therapeutics market, followed by Europe. Rise in the number of chronic cases and prevalence among patients in North America, technological advancements, increase in R&D in healthcare sector followed by increased funding from government and large corporates making huge amount of investments in the nanomedical devices and therapeutics market are major factors that have led North America to account for a notable share in the global market.
Key Manufacturers Operating in Market
The global nanomedical devices and therapeutics market was highly fragmented in 2020. Key manufacturers operating in the global market are:
- Abraxis BioScience Inc
- AMAG Pharmaceuticals Inc
- Arrowhead Research Corp
- Crucell N.V
- Flamel Technologies S.A
- Elan Corporation Plc,
- Enzon Pharmaceuticals Inc
- Life Technologies Corp
- Nanosphere Inc
- Nektar Therapeutics
- Novavax Inc
- Oxonica Plc
- Par Pharmaceutical Companies Inc
Global Nanomedical Devices and Therapeutics Market: Research Scope
Global Nanomedical Devices and Therapeutics Market, by Product Type
- Implantable Biosensors
- Implantable Drug Delivery Systems
- Implantable Cardioverter-Defibrillators
- Others
Global Nanomedical Devices and Therapeutics Market, by Application
- Cardiovascular disorders
- Central nervous system (CNS) disorders
- Oncology
- Infectious diseases
- Inflammatory diseases
Global Nanomedical Devices and Therapeutics Market, by End-user
- Hospitals
- Diagnostic Centers & Clinics
Global Nanomedical Devices and Therapeutics Market, by Region
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
