The nanotools market is evaluated at US$9.773 billion for the year 2020 and is expected to grow at a CAGR of 12.84% to reach the market size of US$22.764 billion by the year 2027.
The use of nanotools has been increasing in the healthcare sector, and nanotools are being seen as tools having great potential in the diagnosis, treatment, and monitoring of various diseases, including cancer. This is anticipated to boost the growth of the nanotools market during the forecast period. Furthermore, a considerable demand for minimally invasive surgeries has been seen over the years, and the demand is further projected to grow in the coming years, which is expected to surge the demand for nanotools during the forecast period. Moreover, the growth in the end-use industries, including biotechnology, mining, electronics and semiconductor, and metallurgy, among others, is leading to an increased demand for nanotools. As the industries have been advancing, the use of nanotools has been becoming more prominent, and hence the adoption of nanotools is anticipated to increase in the coming years.
The COVID-19 pandemic had a negative impact on the global nanotools market. Lockdowns were implemented during the peak of the coronavirus outbreak, and as a result, the supply chain was severely disturbed, which resulted in a decline in the market growth. The operations of the end-use industries of nanotools such as electronics and semiconductors, renewable energy, mining, and metallurgy, among others, were badly impacted. For instance, according to JEITA, the total global production by the electronics and IT industries increased by just 2% in 2020, while the industry had been growing at a healthy pace before the pandemic hit. Such slowdowns in the end-use industries harmed the nanotools market as well.
Growing demand for minimally invasive surgeries
The demand for minimally invasive surgeries has been increasing, and as nanotools are utilized in it, the demand for nanotools is expected to surge with the further projected rise in minimally invasive surgeries in the coming years. According to an article published by the Journal of the Society of Laparoscopic and Robotic Surgeons in US NLM, NIH in 2020, a study conducted for the time period from January 2003 to December 2019 in the U.S., an increase in the representation of minimally invasive surgeries by the general surgery residents was reported. For cholecystectomy, it increased from 88% to 94%, for inguinal hernia repair: 20% to 47%, for appendectomy: 38% to 93%, for colectomy 8% to 43%, for gastrectomy 43% to 84%, and for Nissen 71% to 91%. The cosmetic procedures are also moving towards the minimally invasive technique, which is expected to augment the nanotools market further during the forecast period. According to the Plastic Surgery Statistics Report by the American Society of Plastic Surgeons, the number of minimally invasive cosmetic procedures for Botulinum Toxin Type A (Botox, Dysport, Xeomin) in the U.S. has increased from 786,911 in 2000 to 4,401,536 in 2020. The total cosmetic minimally invasive procedures reached 15,750,363 in the U.S. in 2020, increasing from 4,847,561 in 2000.
Growing use in the electronics industry
With the advancements in the electronics and semiconductor industry, the use of nanotools has been increasing, which is anticipated to boost the growth of the nanotools market during the assessment period. According to data from Japan Electronics and Information Technology (JEITA), the production by the global electronics and IT industries has increased from $2,560 billion in 2015 to $303 billion in 2020. Also, JEITA projects that the production by the global electronics and IT industries will increase to $3,540 billion in 2022. Furthermore, the production of semiconductors is projected to grow from $412.300 billion in 2019 to 601.500 billion in 2022.
North America to have a market share
Geographically, the North American region is anticipated to hold a significant market share owing to the rising demand for minimally invasive surgeries in the region, especially in the United States. Also, the region has a technologically advanced healthcare system. It hence has a higher tendency to adopt and expand the use of nanotools in the healthcare sector, which is one of the significant reasons for the large market share of the North American region. The Asia Pacific region is anticipated to witness substantial growth due to the growing expenditure in the healthcare sector and the increasing use of nanotools in the electronics and semiconductor industry.
|Market size value in 2020||US$9.773 billion|
|Market size value in 2027||US$22.764 billion|
|Growth Rate||CAGR of 12.84% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product Type, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Unidym, Inc., Raith GmbH, Zyvex Corporation, Applied Nanotools, Nanophase Technologies Corporation, Nanosys, Inc., Hitachi High Technology Corporation (SII NanoTechnology Inc.), Altair Nanotechnologies Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the nanotools market?
A1. The nanotools market is expected to grow at a CAGR of 12.84% over the forecast period.
Q2. What will be the nanotools market size by 2027?
A2. The global nanotools market is expected to reach a market size of US$22.764 billion by 2027.
Q3. What is the size of the global nanotools market?
A3. Nanotools Market was valued at US$9.773 billion in 2020.
Q4. What factors are anticipated to drive the nanotools market growth?
A4. Huge demand for minimally invasive surgeries is being seen over the years and the demand is further projected to grow in the coming years, which is expected to surge the demand for nanotools.
Q5. Which region holds the largest market share in the nanotools market?
A5. Geographically, the North American region is anticipated to hold a significant share in the nanotools market owing to the rising demand for minimally invasive surgeries in the region.
Nanophase Technologies Corporation
Hitachi High Technology Corporation (SII NanoTechnology Inc.)
Altair Nanotechnologies Inc.
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