Innovations in technologies such as nanotechnology has high economic potential owing to the increase in number of companies which are focusing on the development, application and distribution of nanotech-based products is expected to drive nanotechnology market growth during the forecast period 2019-2025. Nanotechnology Market size is forecast to reach $ 121.80 Billion by 2025, after growing at a CAGR of 14.3% during 2020-2025.
The growth of the global nanotechnology market is driven by factors such as the rise in nanotechnology adoption in medical diagnosis & imaging and technological advances in nanotechnology devices. In addition, rising government support and R&D funding and the advent of self-powered nanotechnology devices are providing lucrative opportunities for the nanotechnology market.
The production and demand in top countries for electronics & semiconductor industry are expected to boom over the next five years. The emergence of developing nations with increasing penetration of consumer electronics fuels the market growth. As nanotechnology have wide range of applications in this sector, the market is estimated to grow at a significant rate during the forecast period. Some of the recent trends of semiconductor that has raised the demand for more semiconductors are the fabrication of artificial intelligence chips which can be used in several applications like smartphones for facial recognition, voice commands, and image-processing. China exports around 50% of the worldwide technology supply chain; hence the global tech sector is predicted to face massive disruptions because of the spread of the coronavirus and its effects on production in China. The outbreak has already valued at 12% decline in smartphone production, while smart watch production set down a drop of about 16%. Laptops, PCs and smart speakers are other products that have set down significant declines. Some more applications of nanotechnology in electronics include reducing the size of transistors used in integrated circuits. However, researchers are indeed focusing on numerous nano-electronics projects which is going to drive the nanotechnology segment in the near future.
Europe holds the major market share of Nanotechnology, due to Revolutionary in modern medicine is owing to the expanding fields such as nanotechnology and regenerative medicine. As of July 2019, the UK takes second place in the world, in terms of its number of national nanotechnology standards, with 118, only falling behind China with 158. It is also 6th in the world in terms of how many nanotechnology patents it has established, with 102 as of September this year. While the UK is currently one of the world’s major players in the nanotechnology sector, it got off to a slow start in terms of government funding and terms of strategy. Germany Nanomedicine tries for delivering research tools & clinically useful devices and its industry sales valued $16 billion in 2015, with an average of $3.8 billion investment in nanotechnology R&D every year and increase of 45% per year global funding for emerging nanotechnology. The Russian government stands out as one of the largest investors in the world in nanotechnology research. However, government spending on R&D is often ineffective and the investment needs are greater in Russia than in many other countries. Furthermore, private investment in nanotechnology is limited, probably due to the adverse investment climate in Russia. Recent temporary lockdown imposed by government of respective countries due COVID-19 pandemic has impacted the economic growth as well as industrial activities.
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Nanotechnology Market Growth Drivers:
- Growing demand for efficient and cost-effective healthcare treatment and diagnostics propels the adoption of nanomaterials in drug delivery and medical devices sector:
The use of large sized materials in drug delivery poses significant challenges, including in vivo instability, poor absorption in the body, issues with target-specific delivery, and tonic effectiveness, poor bioavailability, poor solubility, and probable adverse effects of drugs. Therefore, nanotechnology plays a significant role in advanced medicine and drug formulations. Drugs need to be protected during their transit through the body to the target, to maintain their biological and chemical properties or to stop them from damaging the parts of the body through which they travel. When a drug arrives to its target, it needs to be released at a suitable rate to be effective. This process is called encapsulation, and nanotechnology can improve both the diffusion and degradation characteristics of the encapsulation material, enabling the drug to travel efficiently to the target and to be optimally released. Nanotechnology could also potentially reduce transport costs and even the required dosages by improving shelf-life, thermo-stability and resistance to changes in the humidity of existing drugs. As a result, demand for nanotechnology is increasing for more efficient and effective drug delivery.
In addition, Nanotechnology demand is also increasing from medical devices sector, as it offers the opportunity to study and interact with cells at the molecular and cellular scales in real time, and during the earliest stages of the development of a disease. A number of nanomaterials based therapeutic and diagnostic agents have been developed for the treatment of cancer, diabetes, pain, asthma, allergy and infections. In addition, different types of research in the use of nanotechnology to treat others diseases are underway. For instance, Texas Heart Institute researchers are developing a method to apply nanotube fibers to damaged heart tissue in order to repair the electrical conductivity of the damaged tissue. In addition, North Carolina State University researchers are developing a method for delivering cardiac stem cells to damaged heart tissue to maximize the amount of stem cells delivered to an injured tissue. Therefore, development of these will further boost nanotechnology market growth.
- Initiatives of government for nano R&D and investments of technological giants propels the commercialization of next generation nanomaterials:
Various government organisations globally, are investing in nanotechnology market and its emerging applications. Government initiatives such as the U.S National Nanotechnology Initiative and the China’s Made in China 2025 initiative are supporting nanotech research which is driving nanotechnology market growth.
In 2018, National Nanotechnology Initiative received a total $1740.9 million investment from various agencies for the science, engineering, and technology research and development for nanoscale projects. In 2018, Researchers at the Institute of Chemistry under the Chinese Academy of Sciences (CAS) have developed a nanomaterial printing technology that can be used in many vital parts of the conventional printing process, including printing plates and inks. The project has so far landed $780 million dollars of investment.
In February 2020, NAWATechnologies received €13 million funding for manufacturing next-gen cleantech battery cells.
In 2018, Osaka University-led researchers developed integrated gene logic chips called gene nanochips in a joint research project with Tokyo University, Kyoto University, and Waseda University. Such self-contained nanochips can turn genes on and off within a single chip using integrated factors on the nanochips, preventing unintended crosstalk. Canada's federal and provincial governments have invested more than $640 million in nanotechnology research in the past decade.
In addition, in 2018, EU funded project supporting advanced breast cancer detection to tumours using nanotechnology. Hence, government initiatives for nano research is influencing nanotechnology market growth.
The Major Players in this Market Include
The major companies in the Nanotechnology Market include BASF SE, Gbneuhaus GmbH, Nano-C Inc., Luminex Corporation, 3M Company, Ablynx NVL, Covestro AG, Showa Denko, Cnano Technologies Limited, Onex Global Nanotechnologies S.A., Pen Inc., Zyvex Corporation, Arkema Group, Nanosys Inc., Nanophase Technologies Corporation and among other. In January 2019, BASF is presenting its high-performance insulation materials in a new application at the world’s flagship fair for architecture, materials and systems in Munich. The innovative high-performance products SLENTITE® and SLENTEX® are a new generation of super-slim aerogel-based insulation materials with outstanding material properties.
Furthermore, the outbreak of COVID-19 has created need for developing affordable and scalable detection methods, safe personal protection equipment and new effective medical solutions. Which can be achieved using Nanotechnology. Therefore, various research are ongoing to develop solutions using nanotechnology to mitigate the acute and chronic effects of COVID-19 pandemic from the detection, protection, and medication point of view. Therefore, the development of these will provide various opportunities to the nanotechnology market.
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