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In 2007, the total nanotech market was $1.7 billion.
In just five years, the global market for nanomedical technology could more than double its revenue to $3.8 billion. The market also has the potential to explode to $9.4 billion in 2018. These figures come from a study by BCC Research (Wellesley, MA).
The report, called Global Markets for Nanoscale Materials and Devices, separates the market into nanoparticles, other nanostructure materials, and nanotools or nanodevices. In 2007, these applications generated $1.7 billion.
Nanoparticles, including applications such as nanotubes, hold 96% of the market. Their share was worth $1.6 billion in 2007. The segment is expected to hit $1.8 billion this year and $3.4 billion in 2013. The report speculates that nanoparticles could reach $7.9 billion in revenue in 2018, but drop to 85% of the market.
Nanostructure materials only make up 2% of the market but are the fastest-growing sector. They are expected to jump from $45.1 million this year to $304.7 million in 2013 and could grow to $1.1 billion in 2018.
Nanotools and nanodevices encompass the smallest part of the nanomedical market. According to the study, the sector should generate $34.2 million this year and could possibly reach $287.5 million in 2018.
The report examines how nanotechnology is used around the world in medical research, drugs, diagnostics, devices, and imaging.
Nanomedical devices are just a sliver of the market now, but the report expects them to make significant gains in market share by 2018.
Nanomedical devices should increase from 5.6% of the market in 2007 to 20.5% in 2018, the report predicts. Nanopharmaceutical applications account for almost 90% of the nanomedical market now, but they could comprise just 50% of the market in 2018. Medical research applications should see growth from 2.6 to 16.7% of the market for the same time period.
The report can be obtained from BCC Research’s Web site at www.bccresearch.com.