Global Nanosensors Market - Segmented by Type (Optical, Electrochemical, Electromagnetic), Industry (Healthcare, Consumer Electronics, Automotive and Industrial, Aerospace and Defense, Power Generation), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global nanosensors market was valued at USD 90.6 million in 2017, and is expected to reach a value of USD 4,024.4 million by 2023 at a CAGR of 88.19%, during the forecast period (2018 - 2023). The scope of the report is limited to solutions offered by major players including providers of optical, electrochemical and electromagnetic nanosensors. While the regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market for nanosensors has witnessed some important innovations and developments in the field of nanotechnology such as an invention of carbon nanotubes that had a great impact on the area, and it has been the foundation for diverse directions of development. Moreover, the factors, such as advancements in nanotechnology supported by government initiatives, increasing trend of miniaturization and use of miniaturized products across various industries are driving the market growth. However, complexity in manufacturing nanosensors and reluctance of some users to use nanosensors due to conservative approach towards adopting new technologies are hindering the market growth.
Nevertheless, advanced technologies have always been the driving force of new opportunities and further development. Constant R&D on new technologies namely nanotechnology can bring market advantage for innovative companies.
Advancements in Nanotechnology Supported by Government Initiatives to drive the Market Growth
Years of investments in nanotechnology have made the world to succeed in developing nanosensors for various applications. The industries using nanosensors hold great potential for future profitability in nanosensors include robotics and the Internet-of-Things (IoT), transportation, construction and energy storage, food management; environmental monitoring; and security, surveillance, and military. Furthermore, with the rising significance of intelligent packaging, adoption of nanosensors is expected to witness a considerable increase. Nanotechnology, nano minerals and nanosensors in the agri-food sector, including feed and nutrient components, intelligent packaging and quick detection systems, can be seen as the new source of key improvements in the agricultural sector.
Nanotechnology has emerged as one of the foremost areas of focus globally owing to these advancements highly supported by the government regulations. For instance, the Cabinet Office of Japan, MEXT and METI have recognized the necessity and have dedicated divisions in the ministries focused only on nanotechnology. The U.S. government R&D initiative, the National Nanotechnology Initiative established in 2001 is still active and propelling the market in the region.
Healthcare Industry to witness a Disrupting Growth
The healthcare and the biomedical sector is the largest initial market for nanosensors owing to increasing requirement for rapid, compact, accurate and portable diagnostic sensing systems. As Urgent Care Centers (UCC) and Retail Clinics Centers (RC) have become popular as the need for convenient care continues to grow because of the long waits seen by the Emergency Departments. Growth in urgent care center and retail clinic encourages IVD firms to prioritize focus. Moreover, with the increasing rates of patients suffering from diabetes, government bodies in various countries are investing into developments of diagnostics techniques. For instance, Ministry of Health Labour and Welfare (MHLW) in Japan had granted national reimbursement for the FreeStyle Libre glucose monitoring system in August 2017. The revolutionary system was aimed to be widely available to the more than 1 million Japanese people ages six and above with diabetes. This stimulated the nanosensors adoption in the healthcare sector. However, companies providing nanosensors in medical applications have to consider molecular characteristics, toxicity, possible secondary reactions releasing any toxic side products, leachants, and the effect when these materials deteriorate. Regulatory factors affect the medical market, so companies providing products that do not require FDA clearance have better chance to succeed in this market.
North America Dominated the Market
The major factor driving the nanosensors market in North America is growing demand of nanosensors in military and homeland security as they are used for the detection of radiations and biotoxins. According to Stockholm International Peace Research Institute, North America had accounted for 41.33% of the global military expenditure, which was the largest share among all regions. They also have benefited the military by helping in the development of advanced Warfield gear, such as lighter vehicles and self-repairing tents. With the increased defense budget of the region specifically the United States, the demand for nanomaterials and components is expected to increase. The U.S. military spending dropped in 2013, it recovered from 2016 and is expected to increase in future owing to the advancement needs in military and defense sector of the region.
In addition, cost effective manufacturing due to compactness of nanosensors is set to bring about a positive transition in the nanosensors market. Also, the increasing demand for smaller and faster portable diagnostic sensing systems are the major factors driving the growth of nanotechnology in biomedical and healthcare segment in North America. All these factors contribute to the increasing demand for nanosensors in North America.
Key Developments in the Market
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