Nanotechnology-based Medical Devices Global Market Report 2024

The nanotechnology-based medical devices market size has grown exponentially in recent years. It will grow from $2.69 billion in 2023 to $3.65 billion in 2024 at a compound annual growth rate (CAGR) of 35.9%. The growth observed in the historical period can be attributed to several factors, including the miniaturization of devices, advancements in materials science, improved diagnostics, enhanced imaging techniques, and the development of personalized medicine. These contributing factors have collectively driven progress in the sector, fostering innovation and shaping the landscape of medical device technology.

The nanotechnology-based medical devices market size is expected to see exponential growth in the next few years. It will grow to $12.44 billion in 2028 at a compound annual growth rate (CAGR) of 35.8%. The anticipated growth in the forecast period can be ascribed to factors such as the increasing burden of chronic diseases, advancements in drug delivery systems, the expansion of telemedicine, a surge in minimally invasive procedures, and a heightened focus on point-of-care devices. Notable trends expected during this period encompass the emergence of implantable nanosystems, the integration of nano-enabled techniques in tissue engineering, the utilization of nanoparticle imaging contrast agents, the application of 3D printing with nanomaterials, and a growing emphasis on environmentally sustainable nanotechnology. These trends are poised to shape the trajectory of the industry in the foreseeable future.

The anticipated growth in the nanotechnology-based medical device market is expected to be driven by the increasing prevalence of chronic diseases. Chronic diseases, lasting a year or longer and requiring ongoing medical care, are a significant global health concern. Nanotechnology-based medical devices play a crucial role in the diagnosis and treatment of chronic diseases, offering enhanced optical strength, antibacterial and antimicrobial activities, improved bioavailability, surface conjugation, and biocompatibility. As of September 2022, the World Health Organization reported that 74% of the 41 million annual deaths worldwide were attributed to non-communicable diseases (NCDs) or chronic diseases. Notably, cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes collectively accounted for a substantial portion of these deaths, underscoring the critical role of nanotechnology-based medical devices in addressing this growing health challenge.

The increasing adoption of personalized medicine is poised to contribute significantly to the growth of the nanotechnology-based medical device market. Personalized medicine, characterized by tailoring medical treatments to individual patient characteristics, relies on innovative approaches such as nanotechnology-based medical devices. These devices provide precise tools for diagnostics, drug delivery, and treatment customization at the molecular level. By enabling targeted therapies, enhancing personalized diagnostics through advanced imaging, and facilitating the creation of biomaterials tailored to individual patient profiles, nanotechnology-based medical devices play a pivotal role in advancing effective and patient-specific healthcare interventions. In 2022, the Food and Drug Administration’s Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs), with approximately 34% (12 of them) classified as personalized medicines by the Personalized Medicine Coalition (PMC). This emphasizes the increasing significance of nanotechnology-based medical devices in driving advancements in personalized medicine and, consequently, contributing to market growth.

Product innovation is emerging as a pivotal trend in the nanotechnology-based medical device market, with key players strategically focusing on developing inventive products to fortify their market positions. For instance, in January 2023, Ended Pharmaceuticals, an Indian pharmaceutical company, collaborated with Nonskin London, a UK-based cosmetic research laboratory, to introduce a nanotechnology-based eye gel serum named Eyecare. This product features a nanotechnology-based bio-cellular formula, incorporating safety-tested, scientifically validated, and thoughtfully selected natural ingredients.

Major companies in the nanotechnology-based medical device market are actively engaging in partnerships to cultivate novel products and enhance their market presence. Collaborations and partnerships in this market drive innovation, harness diverse expertise, and expedite the development and commercialization of advanced healthcare solutions by synergistically combining resources and knowledge. In July 2022, Promimic AB, a Swedish biomaterial company, partnered with Danco Medical, a US-based medical services company, to establish Nano Processing, Inc. (NPI), a joint venture focused on advancing the processing of HAnano Surface-treated medical implants in the US market. This collaboration capitalizes on Promimic's HAnano Surface technology for improved osseointegration, with NPI operating within Danco Medical's facility in Warsaw, Indiana, to elevate service levels and address the evolving needs of the orthopedic and dental implant market in the United States.

In July 2021, Fortis Life Sciences LLC, a US-based company, successfully acquired nanocaps Inc. for an undisclosed amount. This strategic acquisition positions Fortis Life Sciences to develop and commercialize impactful nanotechnology products, creating a synergistic advantage within the life science reagent space. Nanocaps Inc., a US-based company, specializes in therapeutic plasmonic particles, targeted nanoparticles for therapies and diagnostics, and lateral flow devices.

Major companies operating in the nanotechnology-based medical devices market report are Johnson & Johnson, General Electric Company, Thermo Fisher Scientific Inc., Abbott Laboratories, 3M Company, Medtronic PLC, Stryker Corporation, DuPont de Nemours Inc., Boston Scientific Corporation, Arkema Group, Zimmer Biomet, Smith And Nephew PLC, Sonova Holding AG, Dentsply Sirona Inc., Perkinelmer Inc., Bruker Corporation, TÜV Rheinland, Biotrinik SE & Co. KG, LivaNova PLC, MED-EL, Keystone Nano, Nanonics Imaging Ltd., Imina Technologies SA, Hummingbird Scientific, Blueberry Therapeutics, Cello Therapeutics.

North America was the largest region in the nanotechnology-based medical devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nanotechnology-based medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nanotechnology-based medical devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key product categories within nanotechnology-based medical devices include active implantable devices, biochips, implantable materials, medical textiles, and wound dressings, among others. Biochips, in this context, denote sophisticated computer logic circuits or storage systems designed to process information through the physical or chemical attributes of large biological molecules, such as proteins. These biochips are utilized across therapeutic, diagnostic, and research applications, catering to diverse end-users such as hospitals, clinics, and other healthcare facilities.

The nanotechnology-based medical devices market research report is one of a series of new reports that provides nanotechnology-based medical devices market statistics, including nanotechnology-based medical devices industry global market size, regional shares, competitors with a nanotechnology-based medical devices market share, detailed nanotechnology-based medical devices market segments, market trends and opportunities, and any further data you may need to thrive in the nanotechnology-based medical devices industry. This nanotechnology-based medical devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The nanotechnology-based medical devices market consists of sales of nanorobots, nanochips, and nano implants. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.