The Knowledge Base: A CM’s Perspective on Box Build Practices
SMT Prospects and Perspectives: AI Opportunities, Challenges, and Possibilities, Part 1
Nolan’s Notes: Do More, Get MoreNanotechnology 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.
Share on:
Suggested Items
KYZEN to Promote Pair of Stencil Cleaning Chemistries at SMTA Ciudad Jaurez Expo & Tech Forum
04/25/2024 | KYZEN'KYZEN, the global leader in innovative environmentally friendly cleaning chemistries, will exhibit at the SMTA Ciudad Juarez Expo & Tech Forum, scheduled to take place Thursday, May 9, 2024 at the Injectronic Convention Center in Ciudad Jaurez, Chihuahua, Mexico. During the event the KYZEN Clean Team will focus on understencil cleaning products KYZEN E5631J and CYBERSOLV C8882.
Global PC Shipments Return to Growth and Pre-Pandemic Volumes in Q1 of 2024
04/09/2024 | IDCAfter two years of decline, the worldwide traditional PC market returned to growth during the first quarter of 2024 (1Q24) with 59.8 million shipments, growing 1.5% year over year, according to preliminary results from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker.
2023: Year of Extremes for VDL Groep
04/08/2024 | VDL GroepThe year 2023 showed us two sides, with highs and lows. Low points were the passing of Wim van der Leegte in November, the reduction in the number of employees at VDL Nedcar and headwind in the Buses & Coaches division.
Global Shipments of Wearables Devices Saw Modest Growth in 2023 with Improved Demand Expected in 2024 and Beyond
03/20/2024 | IDCNew data from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker shows that the wearable devices market declined 0.9% year over year in the fourth quarter of 2023 (4Q23).
Australia PC Market Declined by 9.8% to 4.2 Million Units in 2023
03/13/2024 | IDCAccording to the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker, Australia’s traditional PC market )inclusive of desktops, notebooks, and workstations) declined by 9.8% to 4.2 million units in 2023.