Nanotechnology Market to Garner $33.63 Billion, Globally, By 2030 at 36.4% CAGR: Allied Market Research

Rise in adoption of nanotechnology in medical diagnosis and emerging technological advancements in nanotech devices have boosted the growth of the global nanotechnology market.

PORTLAND, Ore., Aug. 25, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Nanotechnology Market By Type (Nanosensor and Nanodevice) and Application (Electronics, Energy, Chemical Manufacturing, Aerospace & Defense, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global nanotechnology industry generated $1.76 billion in 2020, and is estimated to reach $33.63 billion by 2030, growing at a CAGR of 36.4% from 2021 to 2030.

Major Determinants of the Market Growth

Rise in adoption of nanotechnology in medical diagnosis and emerging technological advancements in nanotech devices have boosted the growth of the global nanotechnology market. However, high cost of technology and issues pertaining to the deployment of nanotech devices in extreme weather conditions hinder the market growth. On the contrary, surge in government support and funding and emergence of self-powered nanotech devices are expected to open lucrative opportunities for the market players in the future.

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COVID-19 Scenario:

• The COVID-19 outbreak limited the growth of the nanotechnology market due to implementation of partial and complete lockdown. In addition, the pandemic hampered the global economy and business confidence.
• The uncertainty in the stock market, disruption of the supply chain, and rise in panic among customers. Moreover, the prolonged lockdown in European countries resulted in a major loss of business and revenue due to shutdown of manufacturing units in the region.
• However, nanotechnology-based drug delivery systems gained traction during the pandemic to overcome the limitations of mucosal administration.

The Nanosensor Segment Held the Lion's Share

By type, the nanosensor segment dominated the market in 2020, accounting for more than half of the global nanotechnology market, as they are important for monitoring physical and chemical phenomena and detecting biochemicals in cellular organelles. However, the nanodevice segment is estimated to register the highest CAGR of 38.5% during the forecast period, as it comprises of more nanoscale components essential to its operations.

The Healthcare Segment Dominated the Market

By application, the healthcare segment held the largest share in 2020, contributing to nearly one-third of the global nanotechnology market, due to better imaging and diagnostic tools enabled by nanotechnology. However, the manufacturing segment is expected to manifest the highest CAGR of 41.3% from 2021 to 2030, as nanotechnology can enable sensors to detect very small amounts of chemical vapors.

North America Held the Largest Share

By region, the market across North America held the largest share in 2020, accounting for nearly one-third of the market, due to advancements in technologies, innovations, and investments in the respective industry. However, the global nanotechnology market across Asia-Pacific is projected to portray the highest CAGR of 40.0% during the forecast period, owing to availability of high-end enhanced technologies, surge in demand for smart electronics, and growth in manufacturing industries.

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Major Market Players

• Altair Nanotechnologies Inc.
• Thermofisher Scientific
• Applied Nanotech Holdings Inc.
• Bruker Axs
• Imina Technologies Sa
• eSpin Technologies Inc.
• Kleindiek Nanotechnik GmbH
• Biosensor International
• Advanced Nano Products
• Nanoics Imaging Ltd.

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