Nanosensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Nanosensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The nanosensor market was valued at USD 441.91 million in 2020 and is expected to reach USD 8426.45 million by 2026, at a CAGR of 63.45% over the forecast period 2021 - 2026. Sensors applications have been popular across a range of industries globally for detection and monitoring the process parameters. The nanosensors also act in the same way differentiating with just a factor that the use of nanomaterial in the manufacturing.

Key Highlights

• The market for nanosensors has witnessed some important innovations and developments in the field of nanotechnology, such as the invention of carbon nanotubes that had a great impact on the area, and it has been the foundation for diverse directions of development.
• The advancements in nanotechnology supported by government initiatives are driving market growth. Initiatives such as Nanotechnology Signature Initiatives highlight critical areas and define the vision for accelerating nanoscale science and technology advancement to address needs and exploit opportunities from research through commercialization.
• Moreover, the increasing trend of miniaturization and the use of miniaturized products across various industries are driving the market growth. However, the complexity in manufacturing nanosensors and the reluctance of some users to use nanosensors due to a conservative approach towards adopting new technologies are hindering 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.

Key Market TrendsHealthcare Industry to Show Significant Growth

• Smart pills refer to nano-level electronic devices that are modeled and designed like pharmaceutical pills but perform more sophisticated functions such as sensing, imaging, and drug delivery. Nanotechnology has previously helped the development of various types of smart pills, such as the PillCam, capsules with mini-video cameras, and dose sensing pills.
• Additionally, The nanomedicine approach is used in the treatment of skin cancer, which enables the efficient delivery of drugs and other therapeutic treatments to specific tumor sites and target cells with low toxic side effects. Nanomedicine is being used to develop a new method for detecting cancer cells in the bloodstream, called NanoFlares. NanoFlares are particles designed to bind to genetic targets in cancer cells.
• Abnormal ascorbic acid, dopamine, and uric acid levels will cause certain diseases and illnesses, such as mental illness, Parkinson's disease, hyperuricemia, and leukemia. Therefore, it is very important to establish a sensitive and fast method for simultaneous detection. Methods with high sensitivity, good accuracy, and fast response are increasingly important for the simultaneous detection of ascorbic acid, dopamine, and uric acid. Using a simple and sensitive electrochemical sensor based on glassy carbon electrodes modified with a graphene polyvinylpyrrolidone (PVP) composite film (PVPGR/GCE) was used to detect ascorbic acid, dopamine, and uric acid simultaneously.
• In 2020, a university conducted research and presented results and prototypes for the treatment of patients whose blood sugar levels are abnormally high. The project High-tech sensor technology for the challenges of demographic change in Saxony, based on chair electrical measurement and sensor technology, aims to develop sensor mats to support the treatment of pressure ulcers in patients with diabetes.
• However, companies providing nanosensors in medical applications have to consider molecular characteristics, toxicity, possible secondary reactions releasing any toxic side products, merchants, and their effect when these materials deteriorate. Regulatory factors affect the medical market, so companies providing products that do not require FDA clearance have a better chance to succeed in this market.

North America to Hold the Largest Market Share

• The major factor driving the nanosensors market in North America is a growing demand for nanosensors in the military and homeland security, as they are used for the detection of radiations and biotoxins. According to the Stockholm International Peace Research Institute, North America accounted for 41.33% of the global military expenditure in 2018, 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.
• In addition, cost-effective manufacturing due to the compactness of nanosensors is set to bring about a positive transition in the nanosensors market. Moreover, the increasing demand for smaller and faster portable diagnostic sensing systems are the major factors driving the growth of nanotechnology in the biomedical and healthcare segment in North America. All these factors contribute to the increasing demand for nanosensors in North America.

Competitive Landscape

The nanosensors market is consolidated, with major players occupying the market demand with their advanced product offerings. Companies such as Omron, Texas Instruments are expected to invest heavily into the technology to maintain the competitive edge that they are currently witnessing.

• Aug 2021 - Omron launches the VTS10 Series PCB Inspection System, the industry's first imaging and artificial intelligence technology that automates the electronic substrate inspection process, eliminating the need for specialized skills to meet the needs of fifth-generation mobile communications, electric vehicles, and autonomous driving. The company's new proposal aims to maintain and improve quality and safety.
• Jul 2021 - Omron's contribution to reducing the carbon footprint in society by improving energy efficiency and suppressing the heat, the company introduced the G9KA low-temperature high power PCB relay, which improves the power generation efficiency of PV systems by reducing energy losses generated by air conditioners, electricity, and solar systems.
• Sep 2021 - Texas Instrument today announced the launch of a technology that brings the power of Gallium Nitride (GaN) technology to Delta Electronics' energy-efficient server power supplies for data centers. GaN and C2000 microcontrollers, in conjunction with Delta Electronics, provide 80% higher power density for data center applications, saving up to 1 megawatt per data center, which is equals 800 households.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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