Robotics have come a long way in the development of nanobots which have a vast scope of potential across various fields. The Global Nanobot Market is in its nascent stages, and Market Research Future (MRFR) has employed exhaustive research methodologies to reveal that the global nanobot market is set to grow at an astounding CAGR of 21% during the forecast period of 2017 to 2023. The swift advancement of nanobots is expected to increase market growth which was recorded as USD 74 Bn in 2016 to surpass the USD 100 Bn mark by the end of 2023.
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Increasing application for nanobots in the healthcare and their incredible ability to drastically cut down on human errors to offer precision is one of the key drivers of market growth. The growing demand for highly advanced, reliable medical technology is expected to impact the demand for nanobots positively. Although at present, there is a lack in skilled professionals with understanding on use of nanobots, the growing awareness is expected to favor the market.
Growing demand and popularity of nanomedicine and the abundant potential this field of medicine offers is expected to facilitate exponential growth of the market. Cost of training medical professionals to use this technology may restrain the market, but its ability to minimize morbidity rates and offer effective treatment will likely offer market expansion opportunities. R&D investments in nanobots are rising and are expected to provide the market with ample opportunity for growth.
Nanobots Market – Key Players
Some of the key players in this market are:
- Xidex Corp. (Texas)
- Zymergen Inc. (U.S)
- Synthace Limited (U.K)
- Ginkgo Bioworks (U.S)
- Advanced Diamond Technologies (U.S)
- Advanced Nano Products Co Limited (South Korea)
Nanobots Market – Segmentation
The Global Nanobots Market, in MRFRs report is segmented on the basis of application, type, and region. Based on application, the market is segmented to include mechanical, biomedical, nanomedicine, and other applications. Nanomedicine is one of the most common applications of nanobots and the segment accounts for close to 60% of the market share.
By type, the market is divided into cellular repair nanorobots, microbivore nanorobots, clottocyte nanorobots, respirocyte nanorobots, bacteria powered robots, and nanoswimmers.
Global division of the market has been done and the global nanobots market is represented by North America, Europe, Asia-Pacific, and the Middle East & Africa.
Nanobots Market – Regional Analysis
The Americas dominate the global nanobots market owing to the presence of large number of companies in countries like United States. Increasing prevalence of various types of acute and chronic diseases also propel the need of the development of the novel and effective diagnostic methodologies and treatment methods. Continuous development in the advanced robotics research has also impacted on the growth of the nanobots market. Europe accounts for the second largest market for the nanobots, which is followed by Asia Pacific.
European region has captured a significant share in the Global Nanobots Market owing to the large patient pool and developing healthcare infrastructure, and increased government support for the research and development in the heathcare sector. Asia Pacific is the fastest growing market owing to the huge population base, increasing prevalence of cardiovascular diseases, increased carncer cases, rapidly developing economies and presence of huge opportunity for the growth of the market. The Middle East & Africa has the least market share due to the presence of the poor economies in Africa region.
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