1.2 Nanotechnology: market growth and regional initiatives  (Page 3/8)

The global nanotechnology market has been examined in great detail by a range of academic and commercial organisations. A particularly detailed and comprehensive ongoing study by Lux Research Corporation (2004, 2006, and 2008) provides a useful breakdown of existing activity together with projections of future trends. This work presents growth in nanotechnology manufacturing as a sector towards a global value of some $2.6 trillion dollars by 2014. This is broadly equivalent to the current size of the ICT sector and ten times larger than Biotechnology.

Regional

Countries across the world, including China, Japan, and several European countries, have made nanotechnology leadership and a national priority, working to catch up with the lead established by the United Sates in the field. Even developing countries in areas like Africa, South America, and Malaysia have established government-funded nanotechnology programs and research centres (Cientifica 2006).

Regionally, the U.S. is forecast to remain the largest nanomaterials market due to its large, technologically advanced economy and is top 4 in ranked positions in most major nanomaterials areas, including electronics, consumer goods, pharmaceuticals, and construction materials. (Europe is currently competitive with 31% on the materials market, however there is a clear gap in government spending). The report indicates that Japan is the leading nanomaterials investor in R&D on a per capita basis (Freedonia Group, 2003).

Previous sections have outlined the breadth and growth potential of market sectors in nanotechnology. The transformational nature of endeavour in the field can support establishment of clusters spanning numerous sectors. An example of this is the development of a nanotechnology cluster in the State of Texas. [link] highlights leading firms within the cluster from a range of sectors.

Bio-nano life science

It is projected that by 2014 Healthcare and life sciences applications will finally become established as nano-enabled pharmaceuticals and medical devices emerge from lengthy human trials (Lux Research 2004). Within the sector pharmaceuticals alone will represent an annual global market worth ~ $180 billion (Hobson 2009).

Available research shows that using 2003 figures the biomedical / life science industry was the largest sector involved in the R&D, manufacture, sale and use of nanotechnology. In 2003, four of the five top assignees for nanotechnology patents in 2003 were electronics companies, although the field of chemistry (molecular biology and microbiology) had the greatest number of nanotechnology patents both in 2003 and in previous years (Freedonia Group, 2003).