Increasing demand for advanced and effective equipment and favorable government initiatives are expected to drive the nano healthcare technology market, finds Fact.MR in a new study. The increasing geriatric population along with developments in the healthcare sector are key drivers of the market. Increasing government initiatives and investments are primary factors that are encouraging the adoption of nanotechnology in healthcare.
The advent of nano technology has helped in enhancing and improving various healthcare systems and is creating opportunities to transform various processes within the healthcare industry, including diagnosis, treatment, drug delivery, and others. Incorporating nano technology in monitoring devices, imaging, and bioassay ensures improved accuracy in disease diagnosis.
There has been increasing adoption of nano technology in the treatment of chronic diseases. It finds application in biochips, implantable materials and medical textile, and wound dressing. The growing number of patients affected by COVID-19 also has affected the market growth.
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Key Takeaways from Nano Healthcare Technology Market Report
- There has been an increase in adoption of biochips to improve disease diagnosis, which is aiding the sales uptick in nano healthcare technology market.
- High costs and complex product approval procedures however might restrict demand to a certain extent
- North America will emerge as a dominant market as the region exhibits high investment in modern healthcare. Asia Pacific too will offer lucrative growth opportunities through the forecast period
- The demand for active implantable devices is poised to surge exponentially in the coming years, creating attractive opportunities for growth
- In the coming years, therapeutic application of nano healthcare technology will rise significantly, finds Fact MR in a study
“Demand for advanced treatment processes will continue rising as the healthcare sector witnesses a surge in incidence of chronic ailments. Technological improvements are highly sought-after, now more than ever before, especially as countries around the world try containing the spread of the novel coronavirus. Nano-technology is believed to have potential for enabling early detection of COVIDF-19 even before a patient starts showing symptoms. In the coming years, its penetration across the healthcare sector is likely to surge considerably,” said a lead analyst at Fact MR.
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COVID-19 Impact on Nano Healthcare Technology Market
- The COVID-19 pandemic has disrupted several industries including the nano healthcare technology market. The implementation of lockdown and transport bans have affected the production of equipment. But the increasing number of patients has positively affected demand for nano technology based devices.
- The market is expected to recover from the pandemic at a moderate growth rate. Increasing caution regarding health is expected to increase the use of nano technology based devices in the healthcare industry.
- Competitive Landscape of Nano Healthcare Technology Market
- Players operating in the market are now focusing on the research and development of nano technology to improve its efficiency across diverse applications. Developments underway to improve drug delivery and ensure better accuracy in diagnosis.
- Nano Technology is now being used to develop smart pills that will increase treatment efficiency. Special nano bots are also being introduced to assist and conduct various surgeries. There have been major concerns regarding the side effects and deficiencies of using nano technology due to the less research conducted. Players are focusing on dispelling these doubts by increasing experimentation and research.
- For instance, researchers at Massachusetts Institute of Technology, Draper, and Brigham and Women’s Hospital have unveiled the design of an ingestible capsule that can be controlled using wireless technology – Bluetooth. The design of this capsule can be customized to sense environmental conditions, deliver drugs, and live in stomach for nearly a month, transmitting information to users and responding to instructions they share via smartphones.
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Some of the key players in the nano healthcare technology market are
- 3M Company
- Thermo Fisher Scientific Inc.
- Smith & Nephew Plc.
- GE Global Research
- Greiner Bio One International GmbH
- Dentsply Sirona
- Ferro Corporation
- Boston Scientific Corporation
- LivaNova Plc.
- Abbott Laboratories
- Stryker Corporation
- Merck KGaA
- Demant A/S
- Eppendorf AG
- Cochlear Ltd.
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