The Europe Nanotechnology in Medical Devices Market is currently estimated at USD 1.28 Billion in 2016 and is poised to reach USD 2.31 Billion by 2021 with a growth rate of 12.6%. The significant growth rate is attributed to the technological advancements, rising prevalence of aging population resulting in increasing incidences of diseases. There is an increased optimism about the ability of nanotechnology based medical devices to reform the healthcare industry.
Nanotechnology involves the use of nano-robots to repair at the cellular level involving the dimension that are tiny fractions of the human hair. With many nanotechnology based applications at various stages of testing, it offers exciting opportunities and is believed to revolutionise the treatment for human body in the future.
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The market is driven by a list of factors that include rising investments in research and development of nanotechnology with international collaboration, rising aging population, increasing awareness, growing expenditure with increased availability of insurance coverage and reimbursement. However, there are few factors hampering the growth of the market that include high cost involving nanotechnology devices and stringent regulatory policies.
The Europe nanotechnology in medical devices is categorised based on the type of the product as medical textile and wound dressing, biochips, implantable material, active implantable material and others. The implantable materials is sub-divided into dental filling and bone restorative material while the active implantable material is again divided into rental implants, cardio rhythm management and hearing aid devices. On the basis of applications the market is segmented as research, therapeutics and diagnostics. Based on the region, the geographical region is segmented as United Kingdoms, Germany, France, Italy and Spain.
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The nanotechnology in medical device market is dominated by the players like Acusphere, Inc., AMAG Pharmaceuticals, 3M Company, St. Jude Medical, Inc., Affymetrix, Inc., PerkinElmer, Inc. Stryker Corporation, Starkey Hearing Technologies and Smith & Nephew, Inc.
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