Nanotools Market - Forecasts from 2023 to 2028

Nanotools Market - Forecasts from 2023 to 2028

The nanotools market is estimated to grow at a compound annual growth rate (CAGR) of 12.77% over the forecast period to reach a market size of US$27.08 billion in 2028, from US$11.67 billion in 2021. The use of nanotools has been increasing in the healthcare sector, and nanotools are being seen as tools having great potential in the diagnosis, treatment, and monitoring of various diseases, including cancer. This is anticipated to boost the growth of the nanotools market during the forecast period. Furthermore, a considerable demand for minimally invasive surgeries has been seen over the years, and the demand is further projected to grow in the coming years, which is expected to surge the demand for nanotools during the forecast period. Moreover, the growth in the end-use industries, including biotechnology, mining, electronics and semiconductor, and metallurgy, among others, is leading to an increased demand for nanotools. As these industries have been advancing, the use of nanotools has been becoming more prominent, and hence the adoption of nanotools is anticipated to increase in the coming years.

The COVID-19 pandemic had a negative impact on the global nanotools market. Lockdowns were implemented during the peak of the coronavirus outbreak, and as a result, the supply chain was severely disturbed, which resulted in a decline in the market growth. The operations of the end-use industries of nanotools such as electronics and semiconductors, renewable energy, mining, and metallurgy, among others, were badly impacted. For instance, according to JEITA, the total global production by the electronics and IT industries increased by just 2% in 2020, while the industry had been growing at a healthy pace before the pandemic hit. Such slowdowns in the end-use industries harmed the nanotools market as well.

Growing demand for minimally invasive surgeries

The demand for minimally invasive surgeries has been increasing, and as nanotools are utilized in them, the demand for nanotools is expected to surge with the further projected rise in minimally invasive surgeries in the coming years. According to an article published by the Journal of the Society of Laparoscopic and Robotic Surgeons in US NLM, NIH in 2020, a study conducted for the time period from January 2003 to December 2019 in the U.S., an increase in the representation of minimally invasive surgeries by the general surgery residents was reported. For cholecystectomy, it increased from 88% to 94%, for inguinal hernia repair: 20% to 47%, for appendectomy: 38% to 93%, for colectomy 8% to 43%, for gastrectomy 43% to 84%, and for Nissen 71% to 91%. Cosmetic procedures are also moving towards the minimally invasive technique, which is expected to augment the nanotools market further during the forecast period. According to the Plastic Surgery Statistics Report by the American Society of Plastic Surgeons, the number of minimally invasive cosmetic procedures for Botulinum Toxin Type A (Botox, Dysport, Xeomin) in the U.S. has increased from 786,911 in 2000 to 4,401,536 in 2020. The total cosmetic minimally invasive procedures reached 15,750,363 in the U.S. in 2020, increasing from 4,847,561 in 2000.

Growing use in the electronics industry

With the advancements in the electronics and semiconductor industry, the use of nanotools has been increasing, which is anticipated to boost the growth of the nanotools market during the assessment period. According to data from Japan Electronics and Information Technology (JEITA), the production by the global electronics and IT industries has increased from $2,560 billion in 2015 to $303 billion in 2020. Also, JEITA projects that the production by the global electronics and IT industries will increase to $3,540 billion in 2022. Furthermore, the production of semiconductors is projected to grow from $412.300 billion in 2019 to 601.500 billion in 2022.

North America and Asia Pacific account for the majority of the market share.

Geographically, the North American region is anticipated to hold a significant market share owing to the rising demand for minimally invasive surgeries in the region, especially in the United States. Also, the region has a technologically advanced healthcare system. Hence has a higher tendency to adopt and expand the use of nanotools in the healthcare sector, which is one of the significant reasons for the large market share of the North American region. The Asia Pacific region is anticipated to witness substantial growth due to the growing expenditure in the healthcare sector and the increasing use of nanotools in the electronics and semiconductor industry.

Market Segmentation:

By Product Type
Nanolithography
Microscopes
Nano-Manipulators
Nano Machining Tools

By End-User Industry

Electronics and Semiconductor
Renewable Energy
Mining
Metallurgy
Healthcare
Biotechnology
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
UK
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Others