The global nanotechnology market is witnessing substantial growth and is captivating worldwide attention owing to its extensive range of uses. As nanotechnology is expanding, so is the scope for its commercial expansion. The immense range of potential products and applications gives nanotechnology its huge growth prospects. In such a scenario, a gigantic opportunity lies for industry participants to tap the fast-growing market.
The growth can be linked to rising demand across several industries including energy, medical and life sciences, aerospace, electronics and semiconductors, automotive, sensors, military and defence and product safety and anti-counterfeiting due to high magnetic, optical, catalytic, and electronic properties. The factors driving demand for nanomaterials in different end-user industries are growing investment in research and development, increasing popularity of nanomaterials in different application industries, and the excellent physio-chemical properties of nanomaterials.
The top applications of nanotechnology are electronics, energy and biomedical. Together, they represent more than 70% of the global market in nanotechnology, electronics being the largest application. The energy application captured the nanotechnology market’s second-highest share, followed by biomedical application. Nanotechnology promises to transform the way diseases are treated and detected.
Nanomedicine covers several different areas of application, including drug delivery, drugs and therapies, in- vivo imaging, in-vitro diagnostics, biomaterials, and active implants. Drug delivery is the dominant field of research in nanomedicine, contributing 76 per cent of scientific publications, followed by in vitro diagnostics with an 11 per cent contribution. Currently, cancer is one of the largest therapeutic areas in which nano-enabled products have made major contributions. Not only is nanotechnology the future, but it's also here already. It has quietly but significantly improved our lives and with the ongoing efforts of researchers around the world, nanotechnology continues to develop solutions in technology, medicines, energy and tools that benefit our daily lives.