The global nanosensors market is expected to be driven by growing demand in application industries over the forecast period. Modern trends in medical industry and growing demand for sophistication in healthcare are expected to drive the nanosensors market. Technological innovations and upgrading to enhance nanosensors capabilities and reduce the average time for detection & diagnosis are expected to serve as key drivers for the nanosensors market. The ability of nanosensors to interact with tissues & cells at molecular level serves as a key growth factor for the market. However, the risk of failure of nanosensors and the conservative approach of the end-consumers to adopt new technologies may deter market penetration and challenge nanosensors market growth.
Increasing affordability of nanosensors due to rising demand for optimum quality & cost-efficient products in the emerging geographical areas is expected to supplement demand over the coming years. Nanosensors exhibit features such as compact size, low cost, reduced power consumption, and increased reliability, which is further expected to broaden opportunities in the nanosensors market. Furthermore, growth of the nanosensors industry also favorably supports growth of other industries in the value chain such as design services, fabrication facilities, software design, and specialty fabrication equipment industry.
The nanosensors market has product types such as optical nanosensors, mechanical/vibrational nanosensors, and electromagnetic nanosensors. Recent developments in the nanosensors market for electromagnetic nanosensors have led to the evolution of modern electronic nano components such as nanobatteries, nanoantennas, logical circuitry in nanoscale, and nanomemories. Nanosensors find application in aerospace, biomedical, home security, military, environmental, automotive, food, sports, and auto parts industries. In the automotive & transportation industry, nanosensors enable to improve redundancy, enhance ergonomics, and improve environmental and fuel use in cars as well as planes. Demand for nanosensors in medical and home security is expected to witness sharp growth over the forecast period. In military and homeland security fields, nanosensors are used for detecting biotoxins such as smallpox and anthrax. Nanosensors in biomedical sector facilitate detection of diseases such as cancer or heart diseases or even radioactive substances.
North America is expected to hold a major market share in the global nanosensors market due to the presence of an invigorating aerospace industry and growing innovations in medical industry of the region. Key players in the nanosensors market include Altair Nanotechnologies Inc., Agilent Technologies Inc., Dionex Corporation, Lockheed Martin Corporation, Evident Technologies Inc., Nanodevices Inc. and Micro-Tech Scientific Inc. In January 2014 Lockheed Martin Corporation, a software provider for air traffic management system, entered a joint program with Federation Aviation Administration (FAA) to provide sensor technology for NextGen Air Transportation System to ensure air safety. Market players are focusing on joint ventures to enhance capabilities and improvement.
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