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The global Nanotechnology Market size was valued at USD 2.5 billion in 2021 and is projected to reach USD 20.4 billion by 2028, growing at a CAGR of 35 % during the forecast from 2022 to 2028.
Nanotechnology and nanoscience are the study of nanoparticles and devices, which finds a major application in a range of science fields, including chemicals, biomedical, mechanics, and material science, among others. Nanomaterials have often gained rapid traction in the various industrial domains on account of their special physiochemical properties. The driving factors for the nanotechnology market are the increase in demand for nanomaterials in the food and agriculture sectors to improve the safety and quality of food and increasing industrialization across emerging economies. In addition, the GDP growth of developing countries in the Asia Pacific is further acting as catalyzing factor for the growth of the market across the globe.
The global pandemic is predicted to have a significant influence on the nanotechnology end-use industries, which is estimated to be redirected during the years 2020–2021. The demand for nanotechnology in the wake of the pandemic has increased substantially in the healthcare sector, owing to nanomaterials and nanotech devices that have found a broad application in the diagnosis of COVID-19 diseases. Also, nanotechnology has the potential to inhibit virus-cell interaction, membrane fusion transcription, translation, cell internalization, and viral replication, in addition to triggering intracellular mechanisms causing irreversible damage to viruses. These feasible benefits of nanotechnology lead to a rise in the adoption of nanotechnology in the healthcare sector. However, the gradual opening of lockdowns and business shutdowns, coupled with strict government measures to mitigate the spread of COVID-19 infectious diseases is substantially affecting the market growth in the global market.
The global Nanotechnology Market is segmented on the basis of Product Type (Nano Consumer Goods, Biomedicine & Bio Nano Products, Nano Transportation, Nano Energy & Defense, Nano Textiles), on the basis of by Technology (Nano Materials, Nano Machines, Nano Factories), and on the basis of by Application (Electronics, Energy, Chemical Manufacturing, Aerospace & Defense, Healthcare, Others)
The healthcare segment dominated the market and recorded the highest number of market revenue shares in 2021. The growth of the healthcare segment is driven by the rising acceptance of nanotechnology in the drug development process along with increasing government and private investments in the healthcare sector. Furthermore, nanotechnology can also be used in identifying and diagnosing infectious diseases, which is contributing to the growth of the market. In addition, rising awareness concerning the new and advanced treatments and solutions in the healthcare sector is driving the growth of modern treatment trends, thereby nanotechnology gaining wide popularity in the healthcare industry.
Whereas, the aerospace and defense segment is projected to grow at the highest CAGR over the forecasting years. The aerospace applications for nanotechnology include high strength, reduced weight composites, enhanced electronics and displays with limited power consumption, a variety of physical sensors, multifunctional materials with embedded sensors, and large surface area materials. Thus, these advantages of nanotechnology application in the aerospace domain are expected to drive market growth. Moreover, the potential applications of nanocomposites in aircraft manufacturing to improve the mechanical, electrical, and thermal properties across the countries in the North American and Asia Pacific region is contributing to the segment growth in the impending years.
The rise in government support and funding for nanotechnology is presenting a huge impact on market growth. Nanoscience and nanotechnology are the two most important fields for today’s innovation leaders. Nanotechnology is also a key element of advanced manufacturing, which is being influenced by a broadening application across industrial countries that include Australia, Canada, Germany, France, Japan, Korea, and the United States. For instance, the BRICS countries are all set to accelerate nanotechnology promotion and nanotechnology hubs. In addition, the U.S. federal government leads the world in research and development funding for nanotechnology-related products and solutions. In addition, the United States President’s 2018 Budget provided USD 1.2 billion for the nanotechnology initiative in May 2017, aimed to support innovation and research and development in the field of nanotechnology. This sanction amount is likely to increase as the President’s Budget 2020 demanded USD 1.4 billion for the National Nanotechnology Initiative seeking sustained investment in basic research, early-stage applied research, and technology transfer efforts. This high investment leads to the development of nanomaterials, and their use in multiple application sectors, which eventually contributes to higher market growth in the region. Hence, the rising demand for nanomaterials and government funding for nanotechnology is prompting the demand for nanotechnology, which is augmenting the market growth across the globe.
North America is expected to account for the largest market size in 2021 owing to the increasing adoption rate of nanotechnology in the medical field propelling the demand for nanotechnology in this region. The presence of a huge supplier and consumer base in the region such as the U.S. and Canada is stipulating the regional market demand. The increasing number of government investments to promote nanotechnology adoption is leading to a significant rise in the GDP growth in the North American region, which is fuelling the demand for nanotechnology. Furthermore, the rising patient and healthcare practitioners and the rise in the occurrence of nanotechnology devices is a further factor that is responsible for the growth of the nanotechnology market in the region.
Some of the key market players operating in the global Nanotechnology market are:
The Beyond Market Insights research has segmented the Global Nanotechnology Market report on the basis of Product Type, Technology, Application, and Region