The possible applications of nanotechnology are boundless. Propelled by the growing demand for sustainable materials, environmental remediation, faster electronics, and innovative therapies, nanotechnology could transform numerous industries.
With the potential impact of nanotechnology expected to vary significantly across different sectors, the healthcare and technology sectors are currently at the forefront of innovation witnessing rapid commercialization, according to GlobalData.
The company’s latest report “Nanotechnology” reveals that in healthcare, nanotechnology has already begun transforming diagnostics, drug delivery, and medical imaging. In the technology sector, nanotechnology is enhancing the performance of electronic devices, helping to push forward the next era of advanced computing.
Isabel Al-Dhahir, principal analyst: thematic intelligence at GlobalData, comments: “Nanotechnology’s commercialization varies greatly by sector due to a combination of factors. The first is the level of investment in research and development (R&D) in each sector. Industries such as technology and healthcare have seen faster commercialization due to high investment.
“The complexity and regulatory hurdles associated with bringing nanotechnology products to market and mixed consumer perception of nanotechnology products in food and consumer goods can also impact commercialisation rates.”
A necessary but challenging procedure on the route to commercialisation is the gaining of regulatory approvals. For nanotechnology companies aiming to sell internationally, commercialisation is further complicated by regional divergence in regulation and unclear frameworks.
Al-Dhahir adds: “The rapid pace of technological advancements in nanotechnology has outpaced the development of regulatory frameworks, leaving gaps in oversight and enforcement. Furthermore, nanotechnology’s potential risks and benefits are still being studied, making it challenging for regulators to establish appropriate guidelines without sufficient scientific evidence. The lack of clarity and consistency has created a complex and uncertain landscape for both industry stakeholders and policymakers.”
Despite unclear regulation, nanotechnology is a strong area of investment for many governments. Countries like the US, China, and members of the EU are heavily investing in nanotechnology to secure a competitive edge in the global market, drive economic growth, and address critical societal challenges.
Following the development of the National Nanotechnology Initiative in 2000, the US has been consistently investing in nanotechnology, with the total proposed investment reaching $2,2-billion in 2024. The Department of Health and Human Services received the largest share of the funding, followed by the Department of Energy. Similarly, China has invested in nanotechnology research for more than two decades and is considered a world leader in the field. China has made nanotechnology a major area of its 13th Five-Year Plan.
“Despite the challenges, nanotechnology has already made a substantial impact on the healthcare and the semiconductor industry,” Al-Dhahir adds. “Its potential to deliver more efficient, sustainable, and high-performance solutions will lead to greater permeation in additional sectors.”