WELLESLEY, Mass., Aug. 16, 2018 (GLOBE NEWSWIRE) -- With vast applications in end-user segments, including microelectronics, healthcare and life sciences, optoelectronics, information technology, process industry and other miscellaneous users, the global market for nanodevices and nanomachines is expected to possess significant growth potential in the coming years, according to a new report from BCC Research.
The total market for all nanomachine types was worth $670.0 million in 2017, and is expected to grow to $736.1 million in 2018. From 2018 to 2023, the market for nanodevices and nanomachines is expected to grow at a compound annual growth rate (CAGR) of 11.6%, reaching nearly $1.3 billion in 2023. By 2028, the market is anticipated to hit $2.7 billion, according to the recently published report Nanodevices and Nanomachines: The Global Market.
Research Highlights
- Nanosensors, particularly scanning probe microscopes, comprise the largest product segment, accounting for more than 75% of the market for nanodevices from 2017 to 2022. Nanotools currently comprise the second-largest product segment, but this is expected to fall into third place behind nanoscale computing devices by 2028.
- The U.S. had a 38.6% share of the global nanomachines market in 2017, representing the largest regional market. By 2028, however, the U.S. is projected to drop into second place behind Asia-Pacific countries (China in particular).
- Healthcare will be one of the biggest beneficiaries of developments in nanomachines. In addition to the use of nanomanipulators, nanosensors and nano-HPLC in medical research, nanosensors such as Nanomix’s carbon nanotube-based eLab platform reduce the time to diagnosis and improve patient outcomes.
“The long-term market prospects for nanomachine development are favorable, barring another major global financial-economic crisis,” said BCC Research analyst Andrew McWilliams. “A growing awareness of the need for some regulation of nanomachines should not offset the favorable impact of large government and private investments in developing new nanotechnology applications.”
Strong Government Support Aids Nanotechnology Development
At least 60 national governments, as well as the E.U., are actively supporting nanotechnology research and commercialization through the budgets of government-run research institutions, as well as financial support and subsidies to the private sector. Governments as a group invest approximately $10 billion annually in nanotechnology research. The U.S. government is believed to be the largest public-sector investor in nanotechnology research, with $1.4 billion in fiscal 2017. Other major governmental investors in nanotechnology include the E.U. and its member states, as well as China, Japan and Russia.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.