Nanobots Market – Industry Overview:
The global nanobots market valuation is anticipated to touch USD 100 Bn. by 2023, as per a new report by Market Research Future (MRFR). It is expected to expand in size at a CAGR close to 21% from 2017 to 2023 (forecast period). Nanobots are capitalizing on the growing nanotechnology to minimize human errors. Its prominence in the healthcare sector has been noteworthy, with many reputed hospitals adopting it for diagnosis and treatment.
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Drivers and Restraints:
Developments in nanotechnology coupled with demand for minimally invasive procedures are expected to drive market growth over the forecast period. Nanobots possess potential in the medical sector for destroying cancerous cells at the genetic level. Rising support for nanomedicine by various nations and the increasing geriatric population are factors which can augur market demand. Utilization of nanobots in theranostics can be beneficial for the market in the near future. Increase in miniaturization and demand for automation across various sectors are anticipated to fuel market growth. Training of new personnel to use nanobots can restrain market growth in the coming years.
Industry Developments:
Nanomotors are miniature engines designed to ensure the efficiency of nanorobots. According to an article in Advanced Materials, nanomotors are available in various shapes, with the corkscrew nanomotor used to traverse between living cells without causing any damages. Fabrication of these devices using silica have shown a marginal success rate with further experimentation required for commoditization.
Biodegradable nanobots are being developed to minimize any possible damage to living tissues. According to research conducted by the Chinese University of Hong Kong and the Manchester University (U.K.), these bots can be used in detecting cancerous cells and targeted drug delivery. These bots, made from spirulina algae, can capture images of the tissue using a combination of magnetic resonance imaging (MRI) and the algae’s luminescence. These bots display a high success rate in murine models, and further experimentation is being conducted to test their compatibility in humans.
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Segmentation Analysis:
The nanobots market is segmented on the basis of type, application, and region. By type, the market is divided into microbivore nanorobots, clottocyte nanorobots, cellular repair nanorobots, respirocyte nanorobots, and others. ‘Others’ include bacteria powered robots and nanoswimmers.
Major market applications include mechanical, biomedical, nano medicine, and others. The nanomedicine segment is touted to be lucrative owing to various developments in nanotechnology to combat chronic diseases. Prevalence of various cancers and demand for customized medicine to tackle the same are anticipated to fuel the segment growth.
Regional Analysis:
Regions covered in the market report include North America, Asia Pacific (APAC), Middle East & Africa (MEA), and Europe.
The North America market is touted to reach a valuation of USD 73 Bn. by 2023, growing at a 12.2% CAGR during the forecast period. Presence of various nanotechnology companies, well-developed healthcare infrastructure, and government initiatives to create patient awareness are factors driving the market. The U.S. is anticipated to contribute to market revenue owing to rise in cardiovascular diseases and the rising elderly populace.
Europe follows North America as the second biggest market. Presence of chronic diseases and the burgeoning population are factors expected to augur the Europe nanobots market. Establishment of organizations to develop standards pertaining to nanotechnology can augment market growth. In 2018, DNA-Robotics, an organization comprising 12 European companies, has outlined steps to expedite production of nanobots on a large scale. These standards can help scale the market exponentially in the coming years.
The APAC market is projected to grow at a robust pace over the forecast period due to countries such as India. Heavy investments by reputed players in India due to the large patient pool, changing healthcare infrastructure, and implementation of latest technologies can augment market demand in the coming years. Awareness of nanobots in Japan and China is anticipated to play an influential role in regional growth.
The MEA market is anticipated to exhibit a steady growth rate till 2023. Success of nano swimmers is encouraging the implementation of nanobots in biomedicine. Need for delivering higher drug payloads is expected to drive market demand in the coming years.
Nanobots Market – Competition Analysis:
Industry stalwarts include Zymergen Inc.; Ginkgo Bioworks; Synthace Limited; Xidex Corp.; and AZoNano. The market is highly competitive in nature with product innovation and development as the core strategy for sustaining the market position.
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