Nanomedical Devices & Therapeutic Market Size, Trends [2030]

Report Description

The global nanomedical devices & therapeutic market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing awareness related to minimally invasive surgical procedures, development of technology enabled medical devices, and rising cases of chronic diseases.

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Nanotechnology is used for a variety of diagnostic and therapeutic purposes including non-invasive imaging using nanoparticles as imaging probes in tomography to measure and identify malignancies. Nanomedical devices are used in chemotherapy, photodynamic therapy, photo thermal therapy, and small interfering RNA (siRNA) therapy for medicinal purposes. Furthermore, nano needles and nanowires are being produced and studied for the use in the treatment of heart disease and epilepsy. Nano-sized medical devices can be used to perform microsurgeries and provide a better understanding of medical procedures. However, one of the most present difficulties in nanomedicine is determining the toxicity and environmental impact of nanoscale compounds. Nanomaterials can also gain capabilities by interacting with biological molecules or structures. Analytical instruments, diagnostic gadgets, drug delivery vehicles, contrast agents, and physical therapy applications are well implemented and administered using the combination techniques of nanomaterial components.

The outbreak of COVID-19 pandemic has affected the market as it forced to shut the production units globally. Moreover, low demand for instruments, and consumables along with the global supply chain interruptions and trade restrictions have harmed the nanomedical devices & therapeutics market for several months during 2020.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing efficiency along with preciseness of the medical devices and growing heart related diseases in the aging population are propelling the market growth.
• Rising number of central nervous system disorders, and increasing mortality rate of patients globally are major factors fueling the market expansion.
• Increasing investment from governments and corporates in the R&D programs for the development of nanotechnology are expected to boost the market growth during the forecast period.
• Rising toxicity and environmental impact of nanoscale materials are the key constraints that can hamper the market expansion in the coming years.
• Key pharmaceuticals companies with robust product pipeline for nanobiomaterials and early stage approval from regulatory bodies are major factors offering significant growth opportunity of the market in the coming years.

Scope of the Report

The report on the global nanomedical devices & therapeutic market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Central nervous system disorder segment is expected to grow at a rapid pace

Based on applications, the global nanomedical devices & therapeutic market is segmented into infectious diseases, inflammatory diseases, oncology, central nervous system disorders, cardiovascular diseases, and others. The central nervous system (CNS) disorder segment is expected to grow at a rapid pace during the forecast period owing to the rising number of cancer and other nervous disorders as well as increasing development of novel therapeutics showing quick and effective outcomes. Moreover, as per the World Health Organization (WHO) reports, the CNS disorders such as multiple sclerosis, Alzheimer's disease, Parkinson's disease, stroke, and epilepsy had impacted more than 1 billion people globally. Furthermore, increasing approval of generic products owing to patent expiration of key products and advancements in diagnostics and therapeutics of CNS diseases are estimate to fuel the overall market growth.

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North America is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period. The regional market growth is attributed to the well-established healthcare infrastructure as well as increasing patient and healthcare practitioners’ awareness levels related to the advantages of nanomedical devices and therapeutics. Moreover, the presence of many nanotechnologies based manufacturing companies and ongoing government-led programs are keenly supporting these developments of the market in the region.

However, the market of Asia Pacific is estimated to expand at a considerable rate during the forecast period. The growth of the market in the region is attributed to existing encouraging policies of government and regulatory authorities to execute R&D collaborations and framework extension. Furthermore, ongoing awareness campaigns conducted by various public & private institutions related to nanomedical therapeutic and favorable reimbursement policies are expected to boost the market expansion in the region.

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