Technavio analysts forecast the global nanosensors market to grow at an outstanding CAGR of almost 93% during the forecast period, according to their latest report.
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Technavio has published a new report on the global nanosensors market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global nanosensors market for 2017-2021. To calculate the market size, the report considers the investment made by different companies, organizations, and other institutions in the development of nanosensors.
The rapid growth in the global nanosensors market can be attributed to the high demand for nanosensors in the healthcare and defense industries. Technological advances in the healthcare industry and the rise in the demand for sophisticated healthcare services such as precision diagnostics will fuel the demand for nanosensors during the forecast period.
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Technavio hardware and semiconductor analysts highlight the following three factors that are contributing to the growth of the global nanosensors market:
Rise in demand for sophistication in healthcare
Technological advances have triggered the demand for sophistication in the healthcare industry. Healthcare companies are looking forward to developing efficient and accurate diagnostics systems using nanotechnology. The use of nanotechnology, especially nanosensors in healthcare diagnostics, facilitates speeding up of the diagnostics process, thereby complementing the primary goal of diagnostics to identify a medical problem in the shortest span of time.
Chetan Mohan, a lead sensors research analyst at Technavio, says, “A major advantage of using nanosensors for healthcare diagnostics is that they are composed of carbon nanotubes, which are 100,000 times smaller than a strand of hair. This makes it highly convenient for these sensors to be implanted into the body without causing any inconvenience to the patient.”
Rise in adoption of nanotechnology
The rise in the demand for miniaturization of electronic products, coupled with the increased consumer demand for smaller and more powerful devices at affordable prices, has made nanotechnology popular in a number of industries. Both private and public sectors are investing heavily in R&D to tap the potential benefits of nanotechnology.
“Nanotechnology has the ability to influence the atoms, with an objective to enhance their core properties and characteristics. The technology makes use of nanoscience to build an ecosystem of nanotechnology,” adds Chetan.
Availability of affordable nanosensors
Advances in nanotechnology and innovations in material sciences have led to the proliferation of different types of nanodevices and sensors, such as cameras, scalar sensors, phones, and processors. These have led to the increased availability and affordability of nanosensors for all end-user industries. Nanosensors are in high demand due to their advantages such as low power consumption and price.
Nanosensors enhance productivity. The adoption of these sensors in industries to facilitate automation of several processes is on the rise. The use of these sensors reduces the need for manual labor and the time required for decision-making. Nanosensors also generate data collected in the Internet framework, which is sent to IT systems for data analytics. The results of this analytics play a key role in making successful business cases through process improvements.
Top vendors:
- Airbus and University of Bristol
- Massachusetts Institute of Technology (MIT)
- Nanowear
- OMRON
- Optics11
- Semenov Institute of Chemical Physics (Russian Academy of Sciences) and Moscow Institute of Physics and Technology
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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