Increased governmental support and higher R&D spending will also help medical nanotech reach $8.5bn by 2019
An ageing population around the world is one of the reasons the nanotechnology in medical devices market will hit $8.5 billion (£5.7 million) in 2019.
This is according to research from market analyst RnRMarketResearch, which claimed that nanotechnology in health is currently valued at around $5 billion, but is expected to grow annually about 12 percent up to 2019.
The firm said that nanotechnology is witnessing such fast growth because of an ageing population, along with increased governmental support and higher R&D spending.
Active implantable devices accounted for a major share of the nanotechnology-based medical devices the market. The nanotechnology-based medical devices market for active implantable devices is primarily driven by the growing incidence of age-related disorders such as hearing and cardiovascular disorders. In addition, the growing awareness about these diseases and increased acceptance of the hearing aid devices are further driving the market for active implantable devices.
The global nanotechnology-based medical devices market is dominated by six players, said RnR, that accounted for around 65-70% of the global market in 2014. The major players in the global nanotechnology-based medical devices market are five US firms, which include 3M Company and Stryker, and UK-based Smith & Nephew.
In 2013, North America accounted for the largest share to the global nanotechnology in medical devices market, followed by Europe, Asia-Pacific, and RoW. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period owing to the rapidly ageing population, rising adoption of advanced nanotechnology-based medical devices, increased accessibility to healthcare facilities, and rising R&D and healthcare expenditure.