The global nanotechnology-based medical device market is expected to reach $8.5 billion by 2019, growing at a compound annual growth rate of 11 to 12 percent, according to a new MarketsandMarkets report. In 2014, the market was worth $5 billion.

The market consists of biochips, implantable materials, medical textiles, wound dressing and active implantable devices. It’s segmented into therapeutic applications, diagnostic applications and research applications.

The growing elderly population, rise in R&D spending and international research collaborations are fueling the market. But the hefty price tags of nanotechnology-based medical devices and the long time it requires to receive regulatory approval is inhibiting growth to a certain degree.

North America is leading the global market, but Europe iｓ close behind. Both regions can attribute their success to highly developed health care systems, a plethora of nanotechnology-based medical device manufacturers and a few nanotechnology development government programs.

The Asia-Pacific region is gaining traction and has earned its place as the fastest-growing segment in the overall global market. The rising elderly population, growth in international research collaborations, increase in R&D spending and the growing health care industry is propelling this part of the market.

According to the report, the market is dominated by six major players that made up about 65 to 70 percent of the global market share in 2014. Those companies are Stryker Corporation, 3M Company, St. Jude Medical, Inc., Smith & Nephew, Inc., Affymetrix, Inc. and PerkinElmer, Inc.

But they have some competition coming down the pike from new players. To try to maintain their position, the major players are deploying a variety of strategies、 and the increased competitiveness is anticipated to drive innovation and help solve existing challenges.

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