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Nanotechnology Market to Surpass $53.51 Billion by 2031
April 25, 2024 | PRNewswireEstimated reading time: 1 minute
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.
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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