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 |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
11.5% |
|
Base Year Market Size (2024) |
USD 637.1 million |
|
Forecast Year Market Size (2037) |
USD 2.62 billion |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of nanosensors is evaluated at USD 759.72 million.
The nanosensors market size was valued at USD 637.1 million in 2024 and is set to exceed USD 2.62 billion by 2037, expanding at over 11.5% CAGR during the forecast period i.e., between 2025-2037. Increasing utilization of nanosensors in various applications, rising disposable income, advancement in nanotechnology will boost the market growth.
North America industry is poised to account for largest revenue share by 2037, 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.
The major players in the market are Honeywell International Inc., 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
