Nanoscience and nanotechnology encompass the study and application of nanoparticles and devices across various sectors, such as biomedical, chemical, mechanical, and material science. With the ability to manipulate matter at the nanoscale, this versatile technology finds widespread applications in different industries. It enables the development and utilization of physical, chemical, and biological systems and technologies, ranging from single atoms to 100 nanometers, leading to advancements and innovations in diverse end-use sectors.
According to Data Bridge Market Research, the Nanotechnology Market accounted for USD 7.33 billion in 2022, would rise to USD 114.54 billion by 2030 and is expected to undergo a CAGR of 41% during the forecast period 2023 to 2030.
“Growing demand for titanium nanoparticles”
Titanium nanoparticles are in high demand due to their unique properties, such as antibacterial capabilities and corrosion resistance. They find extensive applications in various industries like chemicals, medicine, aerospace, and more, appreciating to their high strength-to-weight ratio and biological compatibility. Additionally, their excellent UV radiation resistance, corrosion resistance, biocompatibility, and mechanical strength further contribute to their growing adoption in nanotechnology, driving the market growth.
What restraints the growth of the nanotechnology market?
“High cost of nanotechnology”
The high cost of nanomaterials and the associated equipment is a major obstacle to the growth of the nanotechnology market. Manufacturing nano drugs is more expensive compared to traditional medicines. Additionally, physical methods used for synthesizing nanoparticles can be costly. These cost-related factors pose challenges to market expansion, as they limit the affordability and accessibility of nanotechnology products and hinder their widespread adoption.
Segmentation: Nanotechnology Market
The nanotechnology market is segmented on the basis of type, application, and end user.
- On the basis of type, the nanotechnology market is segmented into nano composites, nano materials, nano tools, nano devices, others.
- On the basis of application, the nanotechnology market is segmented into healthcare, environment, energy, food and agriculture, information technology, and others.
- On the basis of end user industry, the nanotechnology market is segmented into electronics, cosmetics, pharmaceutical, biotechnology, others.
Regional Insights: North America dominates the Nanotechnology Market
North America dominates the nanotechnology market due to its advanced healthcare infrastructure and growing adoption of technology. The region benefits from a large number of patients and healthcare practitioners, as well as a high incidence of nanotechnology applications. These factors contribute to the market's growth in North America during the forecast period.
Asia-Pacific is poised for significant growth in nanotechnology, driven by increasing applications and investments in the field. The region's focus on nanotechnology in medical diagnosis, coupled with government funding for research and development, will contribute to the growth of the market. As a result, Asia-Pacific is expected to witness a substantial rise in nanotechnology adoption and market expansion in the coming years.
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Recent Developments in Nanotechnology Market
- In 2020, Clene Nanomedicine Inc. partnered with Tottenham Acquisition I Limited to develop therapeutic nanocatalysts using nanotechnology. Their flagship product, CNM-Au8, is currently undergoing Phase 2 and 3 clinical trials for treating neurodegenerative diseases like Parkinson's.
The Prominent Key Players Operating in the Nanotechnology Market Include:
- Honeywell International Inc (U.S.)
- DuPont (U.S.)
- 3M (U.S.)
- Sioen Industries (Germany)
- ANSELL LTD (Australia)
- Lakeland Inc (U.S.)
- AEB (U.S.)
- Eurofins Scientific (U.S.)
- Bruker (U.S.)
- Agilent Technologies, Inc. (U.S.)
- Nanosurf AG (Switzerland)
- Nanoscience Instruments, Inc (U.S.)
- Malvern Panalytical Ltd (U.K.)
Above are the key players covered in the report, to know about more and exhaustive list of nanotechnology market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Nanotechnology Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
