Nanosensors Market to See Exponential Growth with Increasing Penetration across Various Verticals
02 Feb 2018 • by Natalie Aster
LONDON – Nanosensors are any biological, surgical, chemical or sensory points used to transmit information about nanoparticles to the macroscopic world. They are most extensively used in the healthcare and biomedical sectors, as well as applied in the manufacture of other nanoproducts, for instance, nanorobots. Moreover, nanosensors have revolutionised the semiconductor industry and are used to evaluate and better understand various nanosystems.
Global Nanosensors Market to Enjoy Exponential Growth during 2018-2024
In 2016, the world’s nanosensors market crossed the value of USD 5.5 billion. It is set to amount to USD 85 billion by late 2024, exhibiting exponential growth at a 68.7%.
The key growth driver of the nanosensors market is the elevating demand for sophistication in healthcare. Other important growth engines include low cost, beneficial properties like (energy efficiency, compact size, eco-friendliness and bulk manufacturing capabilities) and introduction of new applications. Besides, ongoing technological advancements and uptake in R&D are expected to create new lucrative growth opportunities for the companies active in the world’s nanosensors market.
However, the nanosensors market also faces a number of challenges, for example, limited availability if sensors that support consumer electronics.
North America Takes Lead in Global Nanosensors Market
Geographically, the dominant position is currently held by North America, this regional market is forecast to maintain its top position in the near future. Robust growth of the North American nanosensors market can be attributed to the unprecedented uptake in the adoption of nanosensors in different industries (including healthcare, automotive, etc,) in this region. Moreover, the penetration of the Internet of nano things (IoNT) in the healthcare field is increasing at a swift pace in the region owing to favourable federal government initiatives to reduce healthcare expenses and enable remote patient monitoring, this also gives a positive impetus to the regional nanosensors market growth.
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