Nanosensors Market Size & Share, by Type (Optical, Electrochemical, Electromechanical Sensor); Application (Electronics, Chemical Manufacturing, Aerospace & Defense, Energy, Healthcare, Automobiles) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 3083
  • Published Date: Feb 10, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Nanosensors Market size is poised to cross USD 8.5 Billion by the end of 2033, growing at a CAGR of 12% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of nanosensors market was over USD 0.5 Billion. The growth of the market is primarily attributed to the enlarging scope of the health sector globally, and the rising need for a reduction of average detection and diagnosis time of sensors is also expected to serve as a growth driver for the market shortly. According to the World Bank, the total health expenditure amounted to 9.83% of the world’s total GDP share in 2019. The percentage rose from 9.7% of the global GDP in 2018. Moreover, an escalating trend of usage of miniaturized products across the world is evaluated to offer abundant opportunities for market expansion in the forecast period.

Nanosensors are small chemical, and biological sensors capable of detecting and detecting nanoparticles. Given its ability to communicate information about nanoparticles, the nanosensor industry is gaining more and more attention. Nano-sensors typically measure between a nanometer and 100 nanometers. Furthermore, the rising utilization of nanosensors in various sectors such as forensics, cancer detection, military and security, aerospace, and others, increasing demand for premium quality products, affordability of nanosensors, technological advancements coupled with development and launch of innovative products by key manufacturers are anticipated to drive global nanosensors market growth over the forecast period. For Instance, in September 2021, Honeywell International Inc. announced the latest technologically advanced robots designed to aid warehouses and distribution centers automate the manual pallet offloading process, reducing operational risks of potential injuries and labor shortages.


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Nanosensors Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Prevalence of Skin Cancer Worldwide - For instance, nearly 9,400 people get affected by skin cancer every day in the United States, and over 2 people die of skin cancer each hour. A nanomedicine application is used to treat skin cancer. In this way, medications and other medicinal treatments can be administered efficiently to specific tumor areas and target cells with minimal side effects. Nanomedicine is used to determine a new method of detecting cancerous cells in the blood, called Nano Flares. Thus, the rising utilization of nanosensors in medicines for the treatment of skin cancers is expected to drive market growth during the forecast period.
  • Rapid Expansion of the Electronics Devices Sector Worldwide - It was observed that the global electronic devices market accounted for USD 2.8 Trillion in the year 2020. India's share in the electronics devices sector rose by 3.5% in 2019 up from 1.2% in 2012.
  • Surge In Number of Laboratory Tests Conducted in Medical Settings - As per the centers for disease control and prevention, nearly 14 billion laboratory tests are carried out every year. These tests play an important role in taking out 70% of medical decisions. 
  • Rising Spending on Research and Development Activities – According to World Bank data, global expenditure on research and development accounted for 2.63% of total GDP in the year 2020, up from 2.2% in the year 2018.
  • Increasing Personal Disposable Income- As per the data by the Bureau of Economic Analysis, disposable personal income grew to USD 37.6 billion (0.2%) in July 2022, whereas personal consumption spending rose by USD 47 billion (0.2%). 

Challenges

  • High Costs Associated with Hi-Tech Nanosensors - The commercial success of nanosensors was already severely impacted by the lack of understanding about the health consequences of nanomaterials and the high costs of certain fresh ingredients. As per recent data, produce nanosensors with a total yielding capacity of 1 million units per year for less than USD 5.2 each, and conduct client demos.
  • Issues Regarding the Deployment of Nanodevices in Unfavorable Conditions
  • Complexities in the Development of the Product

Nanosensors Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

12%

Base Year Market Size (2022)

~ USD 0.5 Billion

Forecast Year Market Size (2033)

~ USD 8.5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Nanosensors Segmentation

Application (Electronics, Chemical Manufacturing, Aerospace & Defense, Energy, Healthcare, Automobiles)

The global nanosensors market is segmented and analyzed for demand and supply by application into electronics, chemical manufacturing, aerospace & defense, energy, healthcare, and automobile. Among these segments, the automobile segment is anticipated to capture the largest market size in the global nanosensors market owing to the growing adoption and increasing sales of automatic vehicles worldwide. For instance, the number of Tesla vehicles sold in the United States in 2018 was nearly 1,95,500, up 275% from 47,000 units sold in 2017. The nanotechnology applied in automobiles enhances safety and gives better user performance. Moreover, increasing purchasing power and desire for a luxury lifestyle are expected to augment segment growth over the forecast period.

Our in-depth analysis of the global nanosensors Market includes the following segments:

          By Type

  • Optical
  • Electrochemical
  • Electromechanical Sensor

          By Application

  • Electronics
  • Chemical Manufacturing
  • Aerospace & Defense
  • Energy
  • Healthcare
  • Automobiles

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Nanosensors Industry - Regional Synopsis

North America Market Forecast

The North America nanosensors Market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, backed by increasing demand for nanosensors for homeland security and military purposes, growing innovations to develop advanced Warfield gear and rising demand for portable diagnosis systems in the United States. Along with these, the surge in medical spending and the presence of key market players are also projected to boost the market growth in the region. According to the Organization for Economic Co-operation and Development (OECD), the United States accounted for the highest health spending in 2019. The amount totaled an estimated value of USD 11,072/per capita.  Further, the increasing prevalence of diabetes in the region, which in turn is foreseen to bring a hike in the demand for effective disease detection techniques. This is also considered to result in the market growth in North America in the coming years.

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Companies Dominating the Nanosensors Landscape

top-features-companies
    • Honeywell International Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • OMRON Corporation
    • Lockheed Martin Corporation
    • Samsung Electronics Co., Ltd.
    • Texas Instruments Incorporated
    • Thermo Fisher Scientific Inc.
    • Microtech Scientific Inc.
    • Agilent Technologies, Inc.
    • Altair Nanotechnologies, Inc.
    • Kleindiek Nanotechnik GmbH

In the News

  • Honeywell International Inc., announced a collaboration with leading healthcare providers by offering sensors and advanced digital technology aiming to improve patient outcomes.

  • OMRON Corporation., The B5WC Color Sensor from OMRON Corporation, which also detects minute color variations and changes worldwide, was made available for industrial embedding on November 1st, 2022, the company stated today. Using colors to track the state of the oil, this color sensor continuously tracks oil degradation in hydraulic machinery used in industrial technology.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 3083
  • Published Date: Feb 10, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing utilization of nanosensors in various applications, rising disposable income, advancement in nanotechnology are the major factors driving the growth of the nanosensors market.

The market is anticipated to attain a CAGR of 12% over the forecast period, i.e., 2023-2033.

High costs associated with hi-tech nanosensors and complexities in development of product are the challenges affecting the market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Honeywell International Inc., OMRON Corporation, Lockheed Martin Corporation, Samsung Electronics Co., Ltd., Texas Instruments Incorporated, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, application and, by region.

The Automobiles segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Nanosensors Market Report Scope
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