LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global nanomagnetic market is projected to grow to USD 9.52 billion by 2021, at a CAGR of close to 3% over the forecast period.
This research report titled ‘Global Nanomagnetic Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Nanomagnetics are nano-sized components that exhibit magnetic properties. Increasing level of investments by government and technology firms towards the improvement of nanotechnology and related devices is acting as a key driving factor for the growth of the global nanomagnetic market.|
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Based on application, the report categorizes the global nanomagnetic market into the following segments:
- Medical and genetics
- Data storage
The top three revenue-generating application segments in the global nanomagnetic market are discussed below:
Medical and genetics
“Medical and genetics sector is the largest segment of the nanomagnetic market, generating over 47% of the overall revenue. The need for compact and portable diagnostic sensing systems that provide quick, accurate, and useful vital statistics has led to the increased adoption of nanomagnetic in this segment,” says Sunil Kumar Sing, a lead analyst at Technavio for semiconductor equipment research.
The advent of nanotechnology in the healthcare sector has simplified the diagnosis and treatment of several diseases and medical conditions that were previously difficult to diagnose. However, the healthcare sector has laid down strict guidelines for the implementation of nanoparticles for medical and genetics applications, which is bringing in increased investments for thorough R&D of these products.
Many research studies are currently focusing towards the development and implementation of nanomagnetic materials for electronic data storage, which is paving the way for the miniaturization of data storage devices. For instance, FEMTOTERABYTE, a collaboration project between many research centers and European universities is aiming to combine nanomagnetism, nanochemistry, and nanophotonics to create an entirely new unit for data storage. Such projects receive investments from many sectors, which is acting as a major factor driving the growth of this market segment.
Magnetic sensors are popularly used in medical devices, portable electronics, and transport technology due to their wide array of applications. Currently, manufacturers in the nanomagnetic market are focused on the development of highly sensitive magnetic tunnel junction nanoscale sensors, with controlled and customized linear range, which can provide the necessary features for spatially resolved detection of magnetic signals.
“The nanomagnetic material’s properties in various devices are adjusted for high sensitivity features at nanometric sizes. The contribution from this segment towards the global market is expected to be around USD 1.5 billion by 2021,” says Sunil.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Nano Magnetics
- Quantum Design
- NanoMagnetics Instruments
- Liquids Research
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