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Nanotechnology Market Size, Share & Industry Analysis, By Type (Nanodevices and Nanosensors), By Industry (Electronics, Healthcare, Manufacturing, Energy & Power, Automotive, Aerospace & Defense, Food & Beverages, and Others), and Regional Forecast, 2024 – 2032

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI108466

 

KEY MARKET INSIGHTS

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The global nanotechnology market was valued at USD 79.14 billion in 2023. The market is projected to be worth USD 91.18 billion in 2024 and reach USD 332.73 billion by 2032, exhibiting a CAGR of 17.6% during the forecast period.


The increasing use of nanotechnology in medical diagnostics and image processing, and continuous technological advancements in nanotechnology devices are playing a key role in the expansion of the market. This trend highlights the potential of nanotechnology to revolutionize medical practice by enabling more accurate and efficient diagnostic procedures. Additionally, extensive support and funding for research and development (R&D) from government agencies is further driving the market growth. Nanotechnology enables the development of advanced materials with improved properties.


The COVID-19 pandemic positively influenced the market. The spread of the virus created threats to the global economy for consumers, businesses, and communities. This outbreak created uncertainty in the stock market, eroding business confidence and confusing customers. In such a scenario, nanotechnology played an important role in diagnostics, drug delivery, and materials science in developing faster and more accurate diagnostic tests as well as in creating advanced materials for personal protective equipment (PPE) and medical equipment.


Nanotechnology Market Trends


Increasing Adoption of Nano Devices in the Aerospace & Defense Sector to Boost the Market Expansion


The upsurge in demand for lighter and more effective aircraft has boosted the fast adoption of nanomaterials in airplane manufacturing. Nanomaterials are used on a vast scale in aircraft parts manufacturing, such as aerostructure, textile, and glass, to develop an aircraft's comfort, safety, and affordability. In addition, nanomaterials' lightweight properties, high strength, and fast operating speed are expected to surge their deployment in aerospace applications.


The rising adoption of nanotechnologies in the aerospace industry significantly boosts the market growth.


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Nanotechnology Market Growth Factors


Surge in Adoption of Nanotechnology in Medical Diagnosis to Fuel the Market Growth


The increasing application of nanotech in medical diagnostics is fueling the product demand. In biomedical research, the technology was extensively used against COVID-19, such as in several vaccines that use nanoparticles as a treatment built on the encapsulation of the active ingredient of some drugs. Numerous advanced nanosystems are improved applicants for therapeutic purposes than conventional nanosystems. This factor boosts the market growth.


Furthermore, nanomedicine includes the application of nanotech in the screening, treating, and diagnosing of several diseases, including cancer. This technology plays an important role in developing many cancer drugs and detecting cancer biomarkers. It helps diagnose, predict, medicine, personalized therapy, and cancer prevention.


Therefore, the growing adoption of nanotechnologies in the medical industry is significantly driving market growth.


RESTRAINING FACTORS


High Infrastructure Cost of Nanomaterials May Hinder the Market Growth


The high cost of nanomaterials and devices is limiting the market growth. Producing nanodrugs is more expensive than traditional drugs. Physical methods for synthesizing nanoparticles are expensive. Furthermore, developing and synthesizing nanomaterials often involves advanced techniques and precise control over their properties. This requires sophisticated equipment and skilled researchers, leading to higher research and development expenses. Hence, the infrastructure costs can make the final products using nanomaterials more expensive, affecting their economic viability and market competitiveness.


These factors may hinder the growth of the market in the coming years.


Nanotechnology Market Segmentation Analysis


By Type Analysis


Growing Adoption of Nanodevices in Medical Applications to Drive the Segment Growth


By type, the market is subdivided into nanosensors and nanodevices.


The nanodevices segment dominates the market with the highest market share. These devices play an important role in nanotech by enabling the manipulation and control of matter at the nanoscale. They are essential for many applications, including medical diagnostics, electronics, drill dispensing, and materials science. The devices exhibit unique properties due to their small size, which allows their deployment for improved functionality and efficiency compared to macro devices. Therefore, these devices highly impact their ability to improve energy conversion, control pollution, produce food, and improve human health and longevity.


In addition, the nanosensors segment is predicted to grow with the highest CAGR during the forecast period. These sensors find application in various industries, including agriculture, medical technology, urban farming, plant nanobionics, diagnostics, and others. These sensors offer high sensitivity, rapid response times, and the potential for real-time data collection. These factors play an important role to boost the market growth.


By Industry Analysis


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Rising Product Adoption in Healthcare Industry to Boost the Market Growth


On the basis of industry, the market is segmented into electronics, healthcare, manufacturing, energy & power, automotive, aerospace & defense, food & beverages, and others.


Of these, the healthcare sector captured the largest market share in 2022 due to the increasing adoption of nanotechnology in developing nano diagnostics, nano-surgical robots, cell repair applications, nano biosensors, imaging, and targeted drug delivery. Therefore, the rising dominance of numerous chronic diseases globally and increasing adoption of surgical procedures by patients are expected to drive the demand for this technology to produce various surgical instruments and equipment shortly. Hence, these factors are expected to increase the product demand across the medical segment throughout the forecast period.


Furthermore, the aerospace and defense segment is expected to grow at the highest CAGR during the forecast period. It offers several advantages, such as lighter and more durable materials, improved sensors, advancement, energy storage, and more efficient propulsion systems. This leads to better performance, increased durability, innovative solutions, and more compact and powerful devices in the aerospace and defense sectors.


REGIONAL INSIGHTS


In terms of region, the global market is divided into five key regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific.


North America Nanotechnology Market Size, 2023 (USD Billion)

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North America holds the largest global nanotechnology market share, owing to the increasing adoption of technologically advanced healthcare infrastructure. The increasing number of patients and medical professionals and the emergence of more nanotech applications will further drive the growth of the market in the region. In addition, countries such as the U.S. and Canada have invested heavily in nanotech research, development, and commercialization. They have established research centers and universities and collaborated with industry major players to promote the application of this technology. As a result, North America holds the largest share in the market due to the growing technological advancements in the region.


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Asia Pacific is expected to witness rapid growth during the forecast period. In the region, high emphasis is being placed on the development of the energy and power sectors through government investments, which is expected to create a favourable environment for the demand for nanomaterials. In particular, countries, such as China, South Korea, India, and Japan are experiencing significant demand for nanomaterials, reflecting their extensive production capacity in a variety of industries. Additionally, the region's favorable industrial policies, coupled with factors, such as low-cost labor and availability of manufacturing resources, are increasing Foreign Direct Investments (FDIs).


Europe is expected to exhibit a stable growth rate during the forecast period. Industrial development in Europe and a higher rate of adoption of new and advanced technology in manufacturing facilities have fueled the growth of the market in Europe. The European government has played a key role in introducing the novel nanotechnology in the industrial sector, driving the market growth. Rising disposable incomes and improved living standards have increased demand for sensors, advanced electronics, and photonic devices. The existence of innovative healthcare infrastructure and improved accessibility to developed medical facilities are further driving the growth of the market due to the increasing demand for medical devices in the healthcare sector.


Similarly, South America shows substantial growth in the market, owing to the increasing number of industries in the region, including healthcare, energy, and agriculture. The regional growth is attributed to an increasing number of companies developing and commercializing nanotech products and services.


In addition, the Middle East & Africa (MEA) market is anticipated to witness significant growth in the coming years due to increased investment and government funding for digitization.


List of Key Companies in Nanotechnology Market


Focus on Business Expansion to Augment Key Players’ Market Share


The top players are focusing on extending their geographical footprints across the globe through the introduction of industry-specific solutions. These companies are strategically acquiring and collaborating with local players to secure a strong edge in the market. Furthermore, key market players are keen to introduce new products for attracting and retaining their customers. In addition, continuous research and product development investments are impelling the growth of the global nanotechnology market. The adoption of such corporate strategies helps market players sustain the market competition.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • September 2023: BASF, a battery materials producer, partnered with Nanotech Energy to considerably reduce the CO2 footprint of Nanotech’s lithium-ion batteries for the North American market. Nanotech will now be able to offer cells made from recycled metals to North American customers, ensuring a complete regional supply chain.

  • July 2023: Altair, an artificial intelligence and computational science firm, acquired OmniV to expand open model-based systems engineering practice across simulation, systems, test, controls engineering, and product development by formalizing the development, integration, and models to inform enterprise and program decision-making. This would allow consumers to have an open architecture with a traceable ecosystem to track a product's cost, performance, and mass.

  • July 2023: Advanced Test Equipment Corporation, a measurement and testing solutions provider, announced the expansion of its product portfolio via Bruker S1 Titan XRF Analyzer Series to its product offerings. The collaboration provides clients with analysis solutions that deliver consistent results and unmatched versatility.

  • May 2023: Werfen declared partnership with Thermo Fisher Scientific for the global distribution of the TCAutomation laboratory automation system in the particular field of Hemostasis Diagnostics. The systems would offer assay-specific pre-analytical advanced quality management, sample integrity checks, lab accreditation tools, and extreme flexibility with front-loading and track sampling.

  • November 2022: Haystack Oncology has raised USD 56 million in Series A financing to increase post-op cancer detection technology. With the help of this funding, Haystacks technology would deliver more accurate detection of remaining and recurring tumors to personalize therapy and dramatically increase outcomes for patients with cancer.

  • July 2022: SomaLogic, a data-driven proteomics technology, acquired Palamedrix to develop the next-generation SomaScan Assay. The acquisition would enhance future opportunity growth, allowing SomaLogic to maintain its strong balance sheet.


REPORT COVERAGE


An Infographic Representation of Nanotechnology Market

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The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year 



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 17.6% from 2024 to 2032



Unit



Value (USD Billion)



 


 


 


 


 


 


 


 


 


 


 


 


Segmentation



By Type



  • Nanodevices

  • Nanosenors


By Industry



  • Electronics

  • Healthcare

  • Manufacturing

  • Energy & Power

  • Automotive

  • Aerospace & Defense

  • Food & Beverages

  • Others (Agriculture)


By Region



  • North America (By Type, By Industry and By Country)


    • U.S. (By Industry)

    • Canada (By Industry)

    • Mexico (By Industry)


  • South America (By Type, By Industry and By Country)


    • Brazil (By Industry)

    • Argentina (By Industry)

    • Rest of South America


  • Europe (By Type, By Industry and By Country)


    • Germany (By Industry)

    • France (By Industry)

    • Italy (By Industry)

    • Spain (By Industry)

    • Russia (By Industry)

    • Benelux (By Industry)

    • Nordics (By Industry)

    • Rest of Europe


  • Middle East & Africa (By Type, By Industry and By Country)


    • Turkey (By Industry)

    • Israel (By Industry)

    • GCC (By Industry)

    • South Africa (By Industry)

    • North Africa (By Industry)

    • Rest of the Middle East & Africa


  • Asia Pacific (By Type, By Industry and By Country)


    • China (By Industry)

    • India (By Industry)

    • Japan (By Industry)

    • South Korea (By Industry)

    • ASEAN (By Industry)

    • Oceania (By Industry)

    • Rest of Asia Pacific







Frequently Asked Questions

According to Fortune Business Insights, the market value is projected to reach USD 332.73 billion by 2032.

In 2023, the market was valued at USD 79.14 billion.

The market is projected to record a CAGR of 17.6% during the forecast period.

By industry, the healthcare segment is expected to lead the market.

An upsurge in the adoption of nanotechnology in medical diagnosis is the key factor driving the market growth.

Imina Technologies SA, NANONICS IMAGING Ltd., Altair Nanotechnologies Inc., Bruker Corporation, Kleindiek Nanotechnik GmbH, eSpin Technologies, Inc., Advanced Nano Products Co., Ltd., Applied Nanotech, Inc., Biosensors International Group, Ltd., and Thermo Fisher Scientific Inc. are the top players in the market.

North America is expected to hold the highest market share.

By type, the nano sensors segment is expected to grow with a remarkable CAGR during the forecast period.

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