The nanorobotics market is expected to grow from USD 4.9 billion in 2018 to USD 8.3 billion by 2023, at a CAGR of 11.1%. Factors such as increasing government support and level of investment in nanorobotics, growing advancements in molecular robots, and rising focus on nanotechnology and regenerative medicine are driving the growth of the nanorobotics market.
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Europe was among the earliest regions to recognize the potential of nanorobotics; therefore, a high level of public and private funding contributes to the high growth of nanorobotics in Europe. The market in Europe is closely followed by APAC, in terms of CAGR, thereby making it grow at the second-highest rate in the overall nanorobotics market, by region. The players in all the regions are adopting strategies of product launches, acquisitions, expansions, agreements, collaborations, and joint ventures to expand their global presence and increase their share in the nanorobotics market.
The nanorobotics market for magnetically guided type is expected to grow at the highest CAGR during the forecast period. By type, the nanorobotics market has been segmented into nanomanipulator, bio-nanorobotics, magnetically guided, and bacteria-based. This is attributed to the ease of use of magnetically guided nanorobotics systems as compared with other nanorobotic types. The market for nanomanipulator is expected to account for the largest share of the overall nanorobotics market in 2018. In nanorobotics, nanomanipulators are mainly used to manipulate atoms and molecules and were among the first nanorobotic systems to be commercially available.
By application, the nanorobotics market has been segmented into nanomedicine, biomedical, mechanical, and others, which include space and oil and gas. Nanorobotics is widely used in nanomedicine owning to its healthcare characteristics. Nanomedicine is expected to account for the largest share of the overall nanorobotics market, by application, in 2018.
The large share of this application attributes to the large level of commercialization in the healthcare sector for drug delivery, biomaterial, in vivo imaging, in vitro diagnostic, active implants, and drug therapy. The market for mechanical applications is expected to grow at the highest CAGR during 2018–2023. Mechanical nanorobotics system, an advanced step of nanotechnology, is flexible enough to be manipulated in various ways. Also, mechanical nanorobots can be built on any type of nanorobotics systems, such as bio-nanorobotics, magnetically guided, and bacteria-based.
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By region, the nanorobotics market has been classified into the Americas, Europe, APAC, and RoW. The market in Europe is expected to grow at the highest CAGR during the forecast period. The high growth of the market in this region can be attributed to the increasing aging population and rising governmental healthcare expenditure in Europe.