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
Global Nanomedical Devices and Therapeutics Market, by Application
- Cardiovascular disorders
- Central nervous system (CNS) disorders
- Infectious diseases
- Inflammatory diseases
Global Nanomedical Devices and Therapeutics Market, by End-user
- Diagnostic Centers & Clinics
Global Nanomedical Devices and Therapeutics Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.