From being a US$26.9-mn market in 2014 to exceeding US$1,500.9 mn by 2021, global nanosensors market are poised to witness unprecedented growth. This translates to a CAGR of 80.7% between 2015 and 2021, says a latest report by Transparency Market Research. While there are several existing and emerging uses of nanosensors, with healthcare and biomedical being the most remunerative, these miniature devices are also seeing an escalating use in military and homeland security applications.
Nanosensor manufacturing has attracted interest primarily because manufacturing them is cost effective. However, the mass-production of nanowire sensors is still regarded as being difficult because there is a dearth of equipment that can precisely and rapidly assemble these extremely tiny wires on a given surface. This difficulty could soon be overcome with the research community developing techniques to precisely place nanowires on to miniscule sensors.
On the demand side, nanosensors are compact and efficient, making their integration into various electronics devices and systems seamless. This factor will naturally cause the demand for nanosensors to spike dramatically in the coming years.
North America Spearheads Innovation in Nanosensor Technology, Leads Global Nanosensor Market in Revenue Generation
The United States is a hotbed of innovation in nanosensor technology. In the United States, and subsequently in North America, the high demand for nanosensors in the biomedical and healthcare industries is proving to be a game changer. There is a growing acceptance of nanosensors essentially because of their multiple desirable attributes such as low power consumption, low cost, compactness, and reliable performance. All of these factors collectively make nanosensors a veritable value addition to advanced systems and devices.
According to the TMR report discussed previously, the key factor driving the growth of the nanosensors market in North America is the escalating demand for portable diagnostic devices. So much so, that the biomedical and healthcare industries form the largest application segment in the nanosensors market. As portable diagnostic devices become more affordable, and their demand consequently increases, the positive impact of this trend will be felt by companies in the global nanosensors market.
In terms of revenue, the North America nanosensors market is expected to register a CAGR of 81.2% between 2015 and 2021. This growth rate is higher than that of the global market. Market analysts also predict exceptionally strong revenue growth in the Asia Pacific nanosensors market, with India being an especially lucrative region.
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Proliferation of Lab-on-a-chip Devices Creates Fertile Ground for Nanosensor Companies in Biomedical and Healthcare Industries
Based on the type of application, the global nanosensors market can be segmented into homeland defense and military, automotive and aerospace, biomedical and healthcare, and others. Of these, biomedical and healthcare lead the global nanosensor market. Industry veterans have touted nanosensors as the future of diagnostics, and with good reason. Nanosensors can potentially interact with cells at the molecular level, and this creates a virtually endless opportunity for using nanosensors in discovering, diagnosing, and treating various diseases and conditions.
The demand for home-use diagnostic tests that offer instant results is rising substantially, creating a veritable growth opportunity for companies in the global nanosensors market. Companies that are presently at the forefront of the global nanosensors market include: Texas Instruments Inc, Lockheed Martin Corporation, OMRON Corporation, Honeywell International, Inc., Oxonica, and Samsung Electronics Co. Ltd.
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