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Nanotechnology Market Overview
The global nanotechnology market is projected to witness moderate growth during the forecast period. The factors supporting the market growth include the increasing application of nanotechnology in the healthcare industry, rising technological advancements in nanotech devices, and deployment of nanotech devices in extreme weather conditions. Moreover, the surging demand for manufactured nanomaterials in food products and cosmetics, emergence of self-powered nanotech devices, and increasing number of investments by governments in nanomaterials, nanodevices, and nanodrugs, are also propelling the growth of the market.
On the basis of application, the nanotechnology market has been categorized into pharmaceutical, energy & utilities, electronics, chemical, aerospace & defense, and others, wherein others include food & beverage, personal care, and automotive. Among these, the pharmaceutical industry is expected to exhibit the fastest growth during the forecast period. This is mainly attributed to the utilization of nanotechnology in drug delivery, imaging & diagnosis of diseases such as cancer and atherosclerosis, as well as hearing & vision disorders.
Globally, North America held the largest share in the nanotechnology market in 2018. This is mainly attributed to the presence of large research labs and centers in the region. Moreover, the increasing demand for nanotubes from industries including electronics, pharmaceutical, and chemical is also propelling the growth of the market in the region. Further, Asia-Pacific (APAC) is projected to witness the fastest growth during the forecast period due to the increasing investments in nanotech devices by the healthcare, government, and manufacturing industries, along with the rising need for biomedical devices and growing awareness toward a reduction in the emission of greenhouse gases.
Nanotechnology Market Dynamics
The increasing adoption of nanotechnology in medical diagnosis is one of the major drivers supporting the growth of the market, globally. Nanotechnology-based diagnostic techniques provide several benefits to healthcare providers, including early diagnosis of the disease, identification of the stage of the disease, and information about the possible treatments. For instance, one application of nanotechnology in the medical application involves using nanoparticles to deliver drugs, heat, and light in cancer cells.
In addition, researchers at North Carolina State University are working on the development of a method to deliver cardiac stem cells to damaged heart tissue. They attach nanovesicles that would attract the stem cells toward the injury site, in order to increase the amount of stem cells being delivered to the injured tissue. Thus, the increasing number of research studies related to the application of nanotechnology in diagnostics and medical imaging is expected to contribute in the nanotechnology market growth in the coming years.
The footwear industry has been focusing on the development of high-performance products, incorporating properties of nanoparticles with leather and other footwear materials. For instance, in August 2019, a provider of graphene, First Graphene Ltd., and an Australia-based manufacturer of safety boots, Steel Blue, came up with nanotechnologically enhanced safety boots, which are incorporated with PureGRAPH10. These boots are preferred by miners, as they provide benefits such as chemical resistance, reduced permeability, and enhanced heat transfer. In October 2019, these boots passed the safety tests successfully. Hence, the surging demand for nanotechnology-based products are driving the market growth, globally.
The expected increasing requirement for self-powered nanotech devices in the near future is one of the key opportunities in the market. In order to be self-sufficient, a system should utilize energy from its surrounding environment, thus not requiring any maintenance, and be able to store the energy for later use. For instance, implantable biosensors being used to monitor a patient’s glucose level, and environment sensors assist in detecting toxins without the need for replacement batteries. Wireless nanodevices are increasingly becoming important in industries including medical sciences, defense, and personal electronics. Thus, researchers are working on the integration of multi-functional nanodevices into a nano system, so that it can perform the function of a living creature, including sensing, communicating, and control system operations. Hence, the demand for self-powered nanodevices would offer lucrative opportunities for the expansion of the nanotechnology market, globally.
Nanotechnology Market Competitive Landscape
The players in the nanotechnology market are increasingly focusing on mergers & acquisitions and other measures, in order to gain a larger market share and strengthen their product portfolio. For instance, in June 2018, France-based pharmaceutical company, Sanofi, acquired Ablynx, which develops nanobodies, for $4.3 billion approximately. This acquisition supports in Sanofi’s research & development (R&D) strategy and development of new medicines based on single multi-specific molecules.
Some of the major players operating in the global nanotechnology market are Altair Nanotechnologies Inc., Advanced Nano Products Co. Ltd., eSpin Technologies Inc., Imina Technologies SA, Kleindiek Nanotechnik Gmbh, Sanofi, Biosensors International Group Ltd., Applied Nanotech Inc., Nano Magnetics Ltd., and Carbon Solutions Inc.
The report covers country-wise nanotechnology market analysis. Some of the major countries covered in the report are the U.S., Canada, France, Germany, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Mexico, South Africa, Turkey, Saudi Arabia, and the U.A.E.
Nanotechnology Market Segmentation
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Region