The Nanotechnology Market is estimated to surpass $132.41billion by 2023 growing at an estimated rate of more than 19.8% during 2018 to 2023, majorly driven by the ever increasing application base of nanotechnology. The increasing emphasis on renewable and sustainable energy sector with the use of low cost materials fuels the growth of nanotechnology market.
What is Nanotechnology?
Nanotechnology refers to a wide range of technologies conducted on functional systems (physical, chemical and biological systems) at the nanometer scale (atomic, molecular, and macromolecular scale). In a broader sense, it can be said that nanotechnology is the ability that can be projected to construct items, either using the bottom-up approach or using the top-down approach, whereby top-down nanotechnology is considered to be the most well-established form of nanotechnology.
The different types of nanomaterials include nanocomposites, nanofibres, nanoceramics, nanomagnetics and others.
The major segments of the Nanotechnology Market is further discussed in this report and include the various types of nanomaterials such as nanocomposites, nanofibers, nanoceramics, nanomagnetics, nanotools and others. Therefore, the continuously increasing demand from end-user industries such as electronics & semiconductor, textile, pharmaceutical, biotechnology, aerospace, food and beverage, and many others has driven the growth of the nanotechnology market. Hence, there has been a significant rise in demand for providing factors like efficient and cost-effective healthcare treatment and diagnostics, thus, propelling the adoption of nanomaterials in drug delivery and medical devices sector.
What are the Major Applications of Nanotechnology?
Nanotechnology is used in various applications and the products that are being produced currently with nanotechnology techniques are used in applications like medicine and healthcare diagnosis, environment, energy, Information & Communication Technologies (ICT) and Environmental Health and Safety of Nanotechnology (Nano-EHS). With more than 20 years of assiduous research on nano science and more than a decade of focused research and development on nano technology, the usage of nano materials has drawn the attention for several commercial applications in various industries in the early 2000s. The nanotechnology prevailing today harnesses current progress in materials science, physics, chemistry and biotechnology to create novel materials that have unique properties. The comprehensive monitoring, control, construction, repair, defense, and improvement of the human biological systems, starting from the molecular level can be achieved using engineered nano devices and nanostructures.