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Nanotechnology is a rapidly growing technology with potential applications in many sectors of global economy, namely healthcare, cosmetics, energy, and agriculture among others. The technology is revolutionizing every industry, while tremendously attracting worldwide attention.
Owing to its wide range of uses, the global nanotechnology market is expected to grow at a CAGR of around 17% during the forecasted period of 2018-2024. Thus, there lies a great opportunity for industry participants to tap the fast growing market, which would garner huge revenue on the back of commercialization of the technology.
In 2017, the global nanotechnology market has shown impressive growth owing to factors, like increase in government and private sector funding for R&D, partnerships & strategic alliances between countries, and increased in demand for smaller and more powerful devices at affordable prices.
At present, the healthcare industry is one of the largest sectors where nanotechnology has made major breakthrough with its application for the diagnosis and treatment of chronic diseases like cancer, heart ailments, etc. Further, significant developments are also being done in other sectors like electronics, agriculture, and energy.