Microfluidics facilitate higher throughput and decreases the time and cost and time of analysis. These products have thus become an intrinsic part of the gold standard technologies used in research applications. The field of drug discovery forms the ....see more
is 2015 and the forecast for the market size is provided for the period between 2015 and 2020. In the current market scenario, biochips are increasingly adopted in various applications in the field of genomics, drug discovery, and proteomics. In addition, the development of targeted and personalized medicines for the treatment of cancer and technological advancements in biochips are also supporting the growth of biochip products.
The global nanotechnology-based medical devices market is expected to grow at a significant CAGR of around 11-12% during the forecast period (2014–2019). The market is mainly driven by the growth in aging population, rising adoption of nanotechnology-based medical devices, and increased nanotechnology R&D expenditure. In addition, the governments of several nations are investing heavily in developing and commercializing new nanotechnology products. However, safety issues regarding nanotechnology-based medical devices, stringent regulatory guidelines, and time-consuming approval processes for these devices are hampering the growth of this market to a certain extent. The global nanotechnology-based medical devices market was valued at around $5 billion in 2014 and is poised to grow at a CAGR of around 11-12% during the forecast period (2014 to 2019).