According to the latest report published by GMI Research, the accelerating demand from the healthcare sector will drive nanosensors market growth to 82.9% CAGR between 2020 and 2027. The global nanosensors market is anticipated to touch USD 53.1 Billion in 2027.
Dublin, Ireland – June 4, 2020 /MarketersMedia/ —
Accelerating demand of nanosensors from the healthcare sector will encourage the nanosensor market to grow at a whopping CAGR of 82.9% between 2020 and 2027. The nanosensor market is anticipated to touch USD 53.1 Billion in 2027. Nanosensors refer to the nanoscale devices having a size ranging from 10 to 100 nanometer. These sensors are used to detect the presence of molecules or nanoparticles of similar size. The nanosensors analyse the data and information to describe the behavior and features of nanoparticles.
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The significant factors responsible for the strong demand of the market include the accelerating demand from the healthcare sector, continuous advancement in nanotechnology owing to the favorable government initiatives, and the expanding usage of miniaturized products across numerous end-user industries. The remarkable features of nanometers, such as saves energy, highly cost-effective, and self-monitoring, followed by the growing investments by the nanosensors manufacturers to develop advanced technologies, will create innumerable growth opportunities in the market over the coming years. On the other end of the spectrum, the complex manufacturing process of nanosensors is likely to have a negative impact on the market.
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The electrochemical nanosensor segment captured the maximum share in 2019 and will continue to dominate the market during the forecast period. This is attributed to the growing usage of these nanosensors across different industries, such as healthcare and defense. These sensors offer exceptional advantages, including high sensitivities and short sensor response times, which will attract many customers to opt for these sensors.
The healthcare segment is anticipated to lead the market throughout the forecast period owing to the rising requirement for portable, compact, and accurate diagnostic sensing systems for early-stage diagnosis patients. Simultaneously, the increasing incidence of diabetes at the global level is directly surging the demand for nanosensors as a result of its ability to accurately measure the blood glucose level. According to the World Health Organization, the number of deaths in 2016 was estimated to be 1.6 million which created a demand for early diagnosis of diabetic patients and regular monitoring of their blood glucose level.
North America region held the largest share in the market in 2019. The continuous technological advancements, especially in the U.S and Canada derived by the large presence of leading manufacturers in this region and the accelerating usage of nan sensors in defense & military and healthcare applications, are the key drivers contributing to the growth of the market in this region. On the other hand, the Asia-Pacific region is anticipated to grow at the higher CAGR during the forecast period owing to the growing usage of nanosensors among various end-user industries, especially in automotive sector.
Various notable players in the market include OMRON Corporation, Analog Devices Inc., Lockheed Martin Corporation, Texas Instruments Inc., Honeywell International Inc., Agilent Technologies Inc., Medtronic plc, Universal Biosensors Inc., F. Hoffman-La Roche Ltd.,s and Bruker Corporation.
The global Nanosensors market has been segmented based on type and application. Based on the product type, the global nanosensors market has been segmented into Electrochemical Nanosensor, Optical Nanosensor, and Electromagnetic Nanosensor. On the basis of application, the market has been segmented into Healthcare, Defense & Military, Automotive, Consumer Electronics, Food& Beverages, and Others.
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