Nanotechnology is the manipulation and manufacture of materials and devices on the scale of atoms or small groups of atoms. It can be defined as methods that create materials or structures with designed features in the 1–100nm size range. Nanotechnology is an emerging sector that holds enormous potential for health care, from treatment & management of infectious diseases to drug delivery, prosthodontics, biosensors, medical equipment & devices, medical imaging, and other biomedical applications. It is used in numerous products and applications such as cosmetics, textiles, sports equipment, food products, agriculture, water safety, clean-up of environmental pollutants, and biological contamination in consumer products. Additionally, nanotechnology can bring about significant benefits, such as improved health, better use of natural resources, and reduced environmental pollution. Furthermore, Nanotechnology may make it possible to manufacture lighter, stronger, and programmable materials that require less energy to produce than conventional materials, producing less waste than conventional manufacturing, which promise greater fuel efficiency inland transportation, ships, aircraft, and space vehicles. Hence, a nanotechnology product provides not only improved performance but also lower costs.
The global nanotechnology market size will grow at a CAGR of over 10.8% during 2020–2027. The growth of the market can be attributed to factors such as helps to improve and revolutionize several technology and industries, including medical, transport, environment, energy, security, and food. Furthermore, nanomaterials can be made lighter, stronger, more reactive and durable, more sieve-like, and better electrical conductors, which is anticipated to fuel the demand for nanotechnology. Additionally, the advent of technology and the increasing investments made by government bodies is strengthening the market growth. Moreover, the surge in demand for nanomaterials and nanosensors is expected to witness the remarkable growth of nanotechnology. Additionally, the increasing rise in disease treatment such as cancer, better imaging, and diagnostics equipment, and energy-efficient products will boom the market growth in the estimated periods.
Researchers are currently developing possible ways to use nanoparticles to deliver medications directly to specific cells and increase nanobots’ demands to rebuild the ozone layer, clean polluted areas, and lessen dependence on non-renewable energy sources. Moreover, Doctors and scientists are improving the technology and nanoscale devices even further by implanting or injecting tiny sensors inside our bodies for personalized treatments. Although these technologies might sound like a thing of the far future, multi-billion healthcare firms such as GlaxoSmithKline are already working on possible ways to develop so-called electroceuticals.
Based on components, the global nanotechnology market is classified into nanomaterials, nanotools, and Nanodevices. The nanomaterials segment is further divided into nanoparticles, nanotubes, nanostructured materials, nanocomposites, and others. Nanotools are divided into nanolithography tools and scanning probe microscopes and Nanodevices into nanosensors and nanoelectronics.
The nanomaterials segment accounted for the highest market share in 2019. It is attributable to its strength, high porosity, and long durability, making it an essential category in drug delivery.
The nanotools will garner a significant market share in the forecast period. It is owing to their increasing applications in neuroscience and brain activity mapping.
Based on the application, the global nanotechnology market is segregated into automotive, agriculture, biomedical, cosmetics, defense, electronics, energy, food, and others. The electronics segment held a higher revenue share in 2019 and is projected to dominate the nanotechnology market by 2027. It is primarily attributed to nanocomposites and nanomaterials such as carbon nanotubes and quantum dots in various electronic devices such as display technologies and wearable electronics.
The energy segment will grow with a lucrative growth rate in the forecast period. It is due to increasing use in fuel cells to reduce the cost of catalysts and improve efficiency.
The global nanotechnology market is entered into North America, Europe, Asia Pacific, South America, and Middle East & Africa by geography.
North America is to account for a significant share by 2027 in the nanotechnology market. The growth in the region can be attributed to the growing adaptation of advanced technology and increasing R&D investment.
The Asia Pacific is expected to provide significant growth opportunities due to the rising need for nanotools for diagnosis and treatment purposes with increasing cases of cancers.
Companies such as Altair Nanotechnologies Inc, Advanced Nano Products Co, Bruker Nano GmbH, Shenzhen Nanotech Port Co, Honeywell International Inc, Kimberly-Clark Corporation, Glen Raven, Advanced Nano Products Co Limited, Nanosys Inc, Quantum Sphere Inc, Starpharma Holdings, ELITech Group, Advanced Nanotechnologies S.L., Advanced Diamond Technologies Inc, Zyvex Corporation and Rogue Valley Microdevices Inc are the key players in the global nanotechnology market.