‘Ageing Population’ Causing Health Nanotechnology Boom

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.

R&D spending

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.

Take our drones and robots quiz here!

Ben Sullivan

Ben covers web and technology giants such as Google, Amazon, and Microsoft and their impact on the cloud computing industry, whilst also writing about data centre players and their increasing importance in Europe. He also covers future technologies such as drones, aerospace, science, and the effect of technology on the environment.

Recent Posts

Ericsson To Cut 1,200 Jobs in Sweden Amid ‘Challenging’ Market

Swedish telecoms giant Ericsson blamed “challenging mobile networks market” and “further volume contraction” for job…

12 hours ago

FTX’s Sam Bankman-Fried Sentenced To 25 Years In Prison For $8bn Fraud

Dramatic downfall. Sam Bankman-Fried sentenced to 25 years in prison for masterminding $8bn fraud that…

12 hours ago

Elon Musk Orders FSD Demo For Every Tesla US Sale

Fallout avoidance? Tesla buyers in the US must be shown how to use the FSD…

13 hours ago

Amazon Pumps Another $2.75 Billion Into Anthropic

Amazon completes its $4bn investment into AI firm Anthropic, after providing an additional $2.75bn in…

15 hours ago

The Sustainability of AI

While AI promises unparalleled efficiency, productivity, and innovation, questions regarding its environmental impact loom large.…

18 hours ago

Trump’s Truth Social Makes Successful Market Debut

Shares in Donald Trump’s social media company rose about 16 percent after first day of…

18 hours ago