Nanosensors, the sensors that are built on a nanoscale and gather data on nanoscale or the sensors that are built using nanoscale components, have made remarkable development in terms of technological advancement, effectiveness, sensitivity, and time of response in just a short period of time. Nanosensors have witnessed tremendous progress in areas such as biomedicine and healthcare and their improvements in terms of cost, size, increased reliability, and reduced power consumption are constantly broadening growth opportunities for their future growth.
A recent market research report published by Transparency Market Research states that the global market for nanosensors will exhibit an unprecedented CAGR of 80.7% over the period between 2015 and 2021, rising to a market worth a revenue opportunity of US$1,500.9 mn by 2021.
In this account of the global nanosensors market, TMR analysts highlight some of the crucial aspects associated with the market’s present and potential future growth dynamics:
What are the key factors that will support the expansion of the market at such as massive scale?
The fact that effective detection of biological species, chemicals, and other materials of concern is central to a vast number of sectors in areas such as healthcare, life sciences, defense, military, and security, is the key to the constant rise in research and development activities taking place in the area of nanosensors. With the rising effectiveness and sensitivity of nanosensors, devices and systems incorporating them have started becoming more commonplace in a number of industries. From early applications mostly revolving around chemical sensing, the nanosensors market has expanded to areas such as biomedicine, aerospace, military, home security, automotive, environmental, sports, food, and auto parts industries.
How is the market’s intense focus on R&D affecting its overall growth dynamics?
The demand for nanosensors in home security and medical fields has witnessed immense growth over the past few years and is expected to remain strong in the next few years as well.
The global nanosensors market, though still at a nascent stage, is characterized by innovation and technological upgradation. These innovations not only improve the capabilities of the nanosensor devices but minimize the average time for detection and diagnosis. Thus the intensive research and development activities in developed countries are also a crucial factor boosting the growth of the nanosensors market. In addition, the rising scope for government support and research funding in emerging economies is sure to propel the global market.
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However, there are very few sensors that are currently available for the support of consumer electronics. Moreover, the use of nanosensors in surveillance devices violates some of the security and privacy norms, which has had an adverse impact on the growth of the global nanosensors market.
In terms of geography, how are growth opportunities distributed?
The rising affordability of nanosensors has emerged as a key growth driver in applications across emerging countries and poised to support the growth of the global market in the coming years. Backed by government support and research funding, several industries in emerging economies across regions such as Asia Pacific, Latin America, and Africa are now establishing themselves as promising regional markets for Nanosensors. Moreover, the development of newer applications for technologies that utilize microtechnology and nanotechnology are also acting as key forces steering the global nanosensors market towards a healthy growth path in these regions.
While emerging economies are promising markets for nanosensors, the global nanosensors market achieves much of its development in terms of technological advancements, R&D activities, and early adoption across a number of industries in region such as North America and Europe. In 2014, the market for nanosensors in North America accounted for over 39% of the overall market. The region is also expected to remain one of the key contributors of growth opportunities to the global market and exhibit a staggering 81.2% CAGR over the period between 2015 and 2021.