Research reveals that at the regional level, the US is the most prominent market and accounted for an estimated share of around 35% of the global nanotechnology market before 2020. Although several developing economies such as, China, Korea, India, and Brazil have started to invest in nanotechnology R&D, the US could continue to account for the largest share in the industry in future.
Although developed markets such as, the US, France, Germany etc. have drafted regulations for the nanotechnology industry long time back, the nanotechnology market is still at its nascent stage. Even, developing markets such as, Brazil, China, India, and Taiwan have proposed plans to draft regulations for the industry.
The global nanotechnology market was valued at over£800 million in 2018 and is forecasted to exceed £1,700 million by the middle of the next decade, growing at a CAGR of 10.5% from 2019 to 2025. Nanoscience and nanotechnology are the study of nanoparticles and devices, which find their applications across all the science fields from chemical, bio-medical, mechanics, and material science among others. Nanotechnology market encompasses the production and application of physical, chemical, and biological systems and devices at scales ranging from individual atoms or molecules to around 100 nanometers.
Nanotechnology is an evolving technology that has influenced a large number of industrial segments and is set to play a pivotal role in various industry segments moving forward including communication, medicine, transportation, agriculture, energy, materials & manufacturing, consumer products, and households. The technology has proven its significance in today’s cut throat competitive world. The economic activity generated from nanotech has been high in magnitude and wide in scope. In coming years, nanotechnology based products will have a huge impact on nearly all-industrial sectors and will enter the consumer market in large quantities. Considering the enormous potential of the market, the governments across the world are investing huge money in the industry.Emerging use cases and application is expected to be one of the key factors contributing towards the growth of nanotechnology market size.
The U.S. National Nanotechnology Initiative has estimated that around 20,000 researchers were working in the field of nanotechnology by 2019. For the UK, the Institute of Occupational Medicine estimated that approximately 2,000 people were employed in new nanotechnology companies and universities where they may be potentially exposed to nanoparticles in the 2020’s.
Factors such as surge in adoption of nanotechnology in medical diagnosis & imaging and technological advancements in nanotech devices drive the growth of the global nanotechnology market. However, issues arising in the deployment of nanodevices in extreme conditions and high cost of the technology act as the major barriers, thereby hampering the nanotechnology market growth. On the contrary, increase in support and R&D funding from government organisations and emergence of self-powered nanotech devices are anticipated to offer lucrative opportunities for the nanotechnology market forecast.
The factors such as surge in adoption of nanotechnology in medical diagnosis & imaging, technological advancements in nanotech devices, and issues in deployment of nanodevices in extreme conditions impact the growth of the nanotechnology market. In addition, the growth is expected to be affected by high cost of technology, increase in support and R&D funding from government organisations, and emergence of self-powered nanotech devices. However, each factor is anticipated to either drive or hamper the nanotechnology market growth.
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