Global internet of nanothings (IoNT) market to grow at a CAGR of 21.89% during the period 2018-2022.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is growth of nanomedicine. Nanomedicine is the medical application of nanotechnology. Globally, nanomedicines are mainly used to treat those who have ovarian and breast cancer, elevated cholesterol, kidney-related diseases, chronic pain, menopausal symptoms, and asthma.
According to the report, one of the major drivers for this market is Increasing government support. Many governments across the world have provided support to the IoNT and nanotechnology products by supplying ample funds. A major part of the funding for nanotechnology products is from the US. The President's 2017 Budget in the US provided $1.4 billion for the National Nanotechnology Initiative (NNI). Since its inception in 2001, the NNI has obtained a cumulative total of nearly $24 billion from the US government.
Further, the report states that one of the major factors hindering the growth of this market is High implementation cost of the IoNT. The implementation cost of the IoNT is very high, and the capital investment of the IoNT can deter the growth of the global IoNT market. To adapt to the changing work environment, organizations have started developing integrated hardware and software platforms and building scalable real-time networks. However, such integration is a costly and time-consuming process. Furthermore, in areas such as the system design, customization, training, testing, and licensing of the IoNT, high investment costs are involved.