Nanotechnology Market to Surpass USD 53.51 Billion by 2031 | SkyQuest Technology
WESTFORD, Mass., April 23, 2024 /PRNewswire/ -- SkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031). The increasing demand for nanotechnology in medical research fuels the demand. During covid-19, nanoparticles were widely used in vaccines. Nanosystems were also found to be widely used in cancer diagnosis and cancer drug development. Due to all these applications, nanotechnology has been widely adopted by the pharmaceutical industry, further boosting the global nanotechnology market.
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Browse in-depth TOC on "Nanotechnology Market"
- Pages - 197
- Tables - 95
- Figures ? 76
Nanotechnology Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $4.47 billion |
Estimated Value by 2031 | $53.51 billion |
Growth Rate | Poised to grow at a CAGR of 36.4% |
Forecast Period | 2024?2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Industry and Region |
Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growing Adoption of Nanotechnology in Medical Diagnosis |
Key Market Drivers | Increase in Adoption of Nanotechnology in Medical Diagnosis and Imaging |
Nanodevices Segment is Dominate the Market Due to Versatility of Nano-devices
Globally, nanodevices dominate the global nanotechnology market. By 2023, nano devices will have an estimated market share of 60.1%. This is due to the versatility of nano-devices. For example, in healthcare, nanodevices show potential for targeted drug delivery, diagnostics, imaging, among others. On the other hand, in the electronics industry, nanodevices show application as high-performance transistors, and memory devices. However, nano sensors are expected to grow at the fastest rate during the forecast period.
Healthcare Segment to Register Significant Shares Due to Rise in Adoption of Nanotechnology Devices
Healthcare is the fastest growing segment in the market. This is due to the increasing adoption of nanotechnology devices by medical facilities for purposes such as imaging, diagnostics, cell preparation, drug delivery, etc. On the other hand, aerospace and security is a gaining sub-segment rapid development. This is also due to potential benefits such as instantaneous sensors, lighting and delays, advanced systems.
North America Emerged Dominant Due to Rapid Adoption of Advanced Technologies
North America is dominating the global nanotechnology market with an estimated 40% of the market share during the forecast period. This is due to rapid adoption of advanced technologies, increased investment in R&D and availability of healthcare. It has been observed that major countries like US. and Canada are investing heavily in R&D. Overall, the United States spent $607.8 billion on R&D, including $102.3 billion on basic research.
Asia Pacific is considered the fastest-growing rate, due to the increase in government investment in the energy and power sector, feeding the increase in Nanomaterial's demand in this region. Nanomaterial's demand is also increasing due to the massive manufacturing capabilities of leading economies such as China, India, Japan and South Korea.
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Nanotechnology Market Insights:
Drivers
- Increase in Adoption of Nanotechnology in Medical Diagnosis and Imaging
- Continuous Technological Advancements in Nanotech Devices
Restraints
- High Manufacturing Costs
- Lack of Standardization and Scalability
Prominent Players in Nanotechnology Market
- ANP CORPORATION (India)
- Bruker Corporation (US)
- Fujitsu Limited (Japan)
- Thermo Fisher Scientific Inc. (US)
- Kleindiek Nanotechnik GmbH (Germany)
- eSpin Technologies, Inc. (US)
- Altairnano (US)
- Bayer AG (Germany)
- Infineon Technologies AG (Germany)
- Imina technologies SA (Switzerland)
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Key Questions Answered in Nanotechnology Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?
This report provides the following insights:
- Analysis of key drivers (increased adoption of nanotechnology in medical diagnosis and imaging, continuous technological advancements in nanotech devices) restraints (high manufacturing costs, lack of standardization and scalability), opportunities (growing adoption of nanotechnology in medical diagnosis, high usage of nanotechnology in treating cancer) influencing the growth of nanotechnology market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the nanotechnology market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the nanotechnology market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Global Nanosatellite and Microsatellite Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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