Nano Healthcare Technology Market
Nano Healthcare Technology Market By Product (Biochips, Implantable Materials, Medical Textile & Wound Dressing), By Application (Therapeutic Applications, Diagnostic Applications)- Global Market Insights 2020 to 2030
Nano Healthcare Technology Market: About the Report
The nano healthcare technology market will register growth as the demand for greater accuracy in diagnosis and precision in drug delivery rises. According to Fact MR, despite witnessing supply-chain disruptions, the market will continue to rise amid COVID-19 crisis. Rising use of nanosensors to observe viruses at low concentration will propel growth. Fact MR’s study offers a comprehensive overview of the global market and offers insights into key factors enabling growth across various segments, including key regions.
Nano Healthcare Technology Market Overview
Inclusion of nanotechnology in healthcare is an advancement that is intended to upgrade the efficiency of numerous healthcare platforms. From diagnosis to treatment, to prevention of various diseases, the advent of nanotechnology has offered notable opportunities to transform the field of healthcare. As a result, the nano healthcare technology market is showcasing robust growth.
Government Initiatives Favoring Growth
Increasing government initiatives and investments are primary factors that are encouraging the adoption of nanotechnology in healthcare. For instance, in 2003, Taiwan began its National Science and Technology Programme for Nanoscience and Nanotechnology.
Taiwan also developed the world's first government-established system for verifying nano-products, Nano Mark.
Since then, government spending on nanotechnology is increasing consistently in the country. With support from government continuing, the market is expected to pick up pace in the coming years.
Besides this, the rising geriatric population is expected to drive the market for nano healthcare technology. According to the World Health Organization (WHO), between 2015 and 2050, the percentage of the world's population aged over 60 years will approximately double from 12% to 22%.
As the elderly population requires more patient-centric care and longer hospital stays, these factors will have a direct impact on the development of high-efficiency medical devices. This, in turn, will augment the growth of the market.
Demand for Improved Precision in Drug Delivery Propelling Growth
In case of modern medicines, a patient's body doesn't absorb the entire drug dose that is delivered. Using nanotechnology, drugs can be administered with greater precision to specific areas in the body. Thus, consistent efforts by the nano healthcare technology market players for improving target specification and enhancing the control of drug release are projected to propel the growth of the market.
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Lack of Awareness about Nano Medicines Limiting Growth
There is a lack of understanding about how nanomedicines will react with different diseases in different patients. This draws attention to why nano-based devices are not invariably capable of improving the therapeutic output of drugs for each patient. This is a major challenge posing threat to the players operating in the market.
In addition to this, the high cost of nanotechnology-based medical devices is restricting their demand. This is restraining the growth of the market. Besides this, the long and stringent product approval processes are hampering the growth of the market.
Regional Outlook of Nano Healthcare Technology Market
North America is an attractive market for nano healthcare technology. Growth witnessed in the region is attributable to the presence of advanced healthcare system and a large number of nanotechnology-based medical device manufacturing companies.
Furthermore, the implementation of government programs for the development of nanotechnology are fostering the market growth. For instance, the National Institutes of Health (NIH) I-Corps, is a program that attempts to develop and nourish the national biomedical innovation ecosystem.
The program is centered on giving training to researchers and technologists on how to interpret technologies from the lab into the marketplace. However, unfavorable healthcare reforms in the countries such as the U.S. on issues associated with the use of implantable medical devices and the high cost of implants are limiting the growth of the market in North America.
Asia Pacific is one of the lucrative markets for nano healthcare technology. Growth witnessed in the region is attributable to the rapid growth in the life sciences industry in countries such as China and India.
Furthermore, industry-government collaboration and life sciences workforce are likely to tap the post-COVID opportunities, which is a major forthcoming trend that the market is forecast to benefit from. Besides this, growth in biotechnology and pharmaceutical research and low infrastructure costs are some major factors impelling the growth of the market in Asia Pacific.
Besides North America and Asia Pacific, Europe is another market holding a sizeable share in the global nano healthcare technology market. Growth registered is primarily attributable to implementation of programs that are intended to support the region's competitiveness through stimulated market uptake of nanotechnology-based products.
One such program is Horizon 2020. The program aims to reduce the gap between nanotechnology research and markets. It further intends to achieve a potential contribution to sustainable growth, highly skilled jobs, and increased quality of life in Europe.
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Nano Healthcare Technology Market Insights by Product
According to Fact.MR, in terms of product, active implantable devices are expected to witness a surge in demand during the forecast period. As per the WHO, cardiovascular diseases (CVDs) are one of the common causes of deaths globally, accounting for nearly 17.9 million lives each year.
Hence, the development of subcutaneous implantable cardioverter defibrillators is offering lucrative growth opportunities to this segment. Besides this, increasing cases of neurological diseases, increasing applications of neurostimulators, and implementation of favorable reimbursement strategies for ENT procedures in developed countries are some of the factors propelling the growth of this segment.
Besides this, the biochips segment is projected to exhibit a notable growth through the forecast period. Growth witnessed in this segment is primarily attributable to the development of targeted and personalized medicines for the treatment of cancer.
Nano Healthcare Technology Market Insights by Application
Based on application, the therapeutic applications segment is forecast to exhibit significant growth during the assessment period. Growth witnessed in the segment is mainly due to the rising adoption of digital therapeutics. The increasing prevalence of ear, bone, and eye diseases is further anticipated to encourage the growth of this segment.
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Nano Healthcare Technology Market: Competitive Landscape
The global nano healthcare technology market is extremely competitive. Owing to the rising prevalence of cardiovascular and neurological diseases and the increasing aged population, the market for nano healthcare technology is offering attractive opportunities for growth. As a result, the market has been witnessing consistent rise in the number of newcomers in the field.
Established market players are adopting strategies such as mergers and acquisitions, collaborations, and research and development initiatives to expand their footprint globally.
For instance, Thermo Fisher Scientific, a leading manufacturer of biochips, has a strong presence in different countries across the globe. The company registered its leading position through the acquisition of Affymetrix Inc. in 2016.
Some of the leading players operating in the nano healthcare technology market include
- Stryker Corporation
- Smith & Nephew, Inc.
- Affymetrix Inc.
- 3M Company
- St. Jude Medical Inc.
- PerkinElmer Inc.
The Analyst's Viewpoint
"The market for nano healthcare technology is extremely opportunistic owing to the growing aged population and rising incidence of diseases such as cancer, cardiovascular and neurological disease. Besides this, the ongoing COVID-19 pandemic has further augmented the demand for several nanotechnology-based medical devices."
COVID-19 Impact on Nano Healthcare Technology Market
The COVID-19 pandemic had a mixed impact on the nano healthcare technology market. Much like other markets, this market too faced supply chain disruptions. As a result, manufacturing of nanotechnology-based products has been hampered.
On the other hand, the pandemic introduced several new opportunities to the market. Besides its rising adoption in the treatment of several diseases such as cancers, cardiovascular ailments, and neurological diseases, nanotechnology is gaining immense popularity in the numerous procedures of the pandemic.
For instance, nanosensors are displaying a heightened capability to observe bacteria and viruses at very low concentrations. Owing to this, nanosensors are able to warn clinicians even before symptoms of coronavirus disease are seen in patients.
Furthermore, to reduce the accelerating global burden by Covid-19, an international collaboration between the University of Manitoba, Leibniz Research Institute for Molecular Pharmacology (FMP), the Free University of Berlin (FU), the Humboldt University (HU), the Robert Koch Institute (RKI) and the Charité university hospital in Berlin is created. The partnership has built a nanotechnology strategy to prevent virus growth that can be used to treat coronavirus disease, besides bird flu and other seasonal influenza.
Their collaborative efforts are giving tailwinds to the development of chemically engineered nanoparticle that surfaces flu viruses in a structure that prevents viruses from infecting host cells. Such developments are pointing towards the bright future of nano healthcare technology market.
Nano healthcare technology Market: Segmentation
Fact.MR has studied the nano healthcare technology market with detailed segmentation on the basis of by-product, application, and key region.
- Implantable Materials
- Medical Textiles & Wound Dressing
- Active Implantable Devices
- Therapeutic Applications
- Diagnostic Applications
- Research Applications
- North America
- Latin America
- Middle East & Africa
- East Asia
- South Asia
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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