Market players are engaged in the research & development of nano technology to enhance its efficacy across various applications as well as ascertain better accuracy in diagnosis.
DUBAI, UAE / ACCESSWIRE / January 6, 2021 / Fact.MR: The global nano healthcare technology market is anticipated to record growth as the demand for greater precision in diagnosis and accuracy in drug delivery upsurges.The rising geriatric population and developments in the healthcare industry are significant drivers of the market. Furthermore, there has been growing adoption of nano technology in the chronic diseases treatment. It discovers application in wound dressing, medical textile and implantable materials, and biochips. The rising number of patients infected by COVID-19 also has impacted the market growth. Since, a growing usage of nano-sensors to observe viruses at low concentration willimpel growth.
"As demand for technological improvements has been higher than before, particularly as nations across the globe are try containing the spread of the coronavirus infection. Nano-technology is considered to have prospects for allowing early detection even before a patient begins showing symptoms. In the approaching years, its entrance across the healthcare industry will surge significantly." says the Fact.MR report.
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Key Takeaways
- Therapeutic applications category will record notable growth owing to the growing implementation of digital therapeutics.
- Active implantable devices will remain lead among other product categories, however biochips will reflect significant growth pace during 2020-2030.
- North America will remain lucrative throughout the forecast period due to high investments in modern healthcare.
Driving Factors
- Steady efforts by the players for enhancing target specification and improving the drug release control will drive the growth of the market
- Growing government investments and initiatives are encouraging the implementation of nanotechnology in healthcare.
- Growing demand for effective and advanced equipment are anticipated to fuel growth in the market.
Constraints
- Complex product approval procedures and high costs may limit demand in the market.
- Lack of awareness about nano medicines can pose as a major challenge to the players in the market.
Anticipated Market Impact by COVID-19 Outbreak
The nano healthcare technology market has been moderately impacted byCOVID-19 outbreak. As The production of nanotechnology-based products has been hampered due to supply chain disruptions.On the other hand, the outbreak presented several new prospects to the market. Besides its growing acceptance in the treatment of various diseases such as cardiovascular ailments, cancers, and neurological ailments, nanotechnology is attaining huge popularity in the several pandemic measures.
Competition Landscape
The global nano healthcare technology market is highly competitive. As a result of the growing prevalence of neurological and cardiovascular diseases and the growing aged population, the market is offering attractive prospects for expansion. Consequently, the market is foreseeing steady rise several newcomers in the field.
Key market players in the global market include, Smith & Nephew, Inc. Stryker Corporation, 3M Company, Affymetrix, Inc., PerkinElmer, Inc. and St. Jude Medical, Inc.
More on the Report
The Fact.MR's market research report provides in-depth insights into the nano healthcare technology market. The market is scrutinized based on product (biochips, implantable materials, medical textile & wound dressing, active implantable devices and others), application(therapeutic applications, diagnostic applications and research applications), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
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SOURCE: Fact.MR