The Middle East and Africa Nanotechnology in Medical Device Market which is a $0.52 Billion industry in the year 2016 is expected to reach USD 1.01 Billion by 2021 with a growth rate of 14%. The significant growth of the market since last decade is attributed to the technology evolution, increasing aging population and incidences of diseases. The nanotechnology in medicine is trusted to have a greater impact in the treatment, diagnosis and prevention of diseases.
Nanotechnology based medical devices involves dimensions that are tiny fractions of the width of a human hair and is set to revolutionise the healthcare sector. With many nanotechnology applications in the pipeline, it offers many exciting opportunities and is believed to detect and treat the human body damages in the future.
The market is driven by a list of factors that include rising investments in research and development of nanotechnology with international collaboration, rising aging population, increasing awareness, growing expenditure with increased availability of insurance coverage and reimbursement. However, there are few factors hampering the growth of the market that include high cost involving nanotechnology devices and stringent regulatory policies.
The Middle East and Africa nanotechnology in medical devices market on the basis of product type is segmented into implantable material, biochips, medical textile and wound dressing, active implantable material and others. The implantable material is sub-segmented into bone restorative material and dental filling material. The active implantable material is sub-segmented as hearing aid devices, cardio rhythm management devices and rental implants. Based on the application the market is categorised as diagnostics, therapeutics and research applications. On the basis of geographical region, the nanotechnology based medical device market is divided as UAE, Saudi Arabia Israel and South Africa.
The market is dominated by the companies like AMAG pharmaceuticals, Jude Medical, Inc., Smith & Nephew, Inc., PerkinElmer, Inc., Acusphere, Inc., 3M Company, Affymetrix, Inc., Starkey Hearing Technologies and Stryker Corporation.
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