Nanosensors are extremely small devices that help to detect and respond to physical stimuli such as acoustics, chemical or biological substances and electromagnetic or thermal signals. Factors such as growing demand of nanosensors in homeland security and military and cost effective manufacturing due to compactness of nanosensors are the key drivers of the global nanosensors market. However, factors such as difficulty in mass production of nanosensors are restraining the growth of this market.
In 2014, North America held the largest market share of 39% in terms of revenue followed by Europe and Asia Pacific. In 2014 Europe held a market share of 26%. This trend is expected to be the same during the forecast period from 2015 to 2021. It is estimated that North America would be the largest market for nanosensors by 2021, followed by Europe.
The global nanosensors market was valued at USD 26.9 million in 2014 and is estimated to reach USD 1,500.9 million by 2021 in terms of revenue. The market in terms of revenue is projected to grow at a CAGR of 80.7 % from 2015 to 2021.
By product type, the global nanosensors market has been segmented into optical, electrochemical and electromagnetic nanosensors. Electrochemical nanosensors held the largest revenue market share in 2014. Technological innovation followed by increase in investments in research and development is acting as a driving factor in the growth of the electrochemical nanosensors market. The application of nanosensors in biomedical and healthcare sector held the largest market share in 2014. Growing demand for smaller and faster portable diagnostic sensing systems are the main drivers responsible for the growth of biomedical and healthcare segment.