The coronavirus (COVID-19) outbreak has massively impacted the health of people. Its impact on global economy and businesses is considerably high, entailing deep economic and negative social impacts, which, in turn, leads to geopolitical repercussions. Consequently, this global emergency necessitates a response to the COVID-19 pandemic in terms of science and technology, wherein nanotechnology approaches are anticipated to serve as advanced solutions to the global crisis. The nanotechnology market before COVID-19 pandemic was expected to witness a steady growth with increase in research and developments for the application of nanotechnology in various fields of science & technology such as manufacturing, 3D printing, medicine, and advanced materials. However, the pandemic outbreak promoted the investments and development of nanotechnology market, owing to huge potential of nanotechnology in the advancement of science and technology.
The nanotechnology market is projected to flourish in the coming years post recovery from the COVID-19 pandemic. Furthermore, many a nanotechnology-based products are anticipated to be commercialized with appropriate safety concerns. Other advanced technologies such as artificial intelligence, big data analytics, and machine learning are expected to enhance the development of nanotechnology market. The medical & healthcare segment is projected to exhibit fastest growth in the nanotechnology market in the upcoming years, due to the introduction of innovative drugs and their delivery systems. Moreover, the nanotechnology market is expected to prosper by the end of the year 2021, and is anticipated to be accelerating at an exponential growth rate in the coming future.
Impact of COVID-19 on several industries associated nanotechnology market
Nanotechnology offers potential opportunities for the medical & healthcare sector. This is attributed to the fact that nanotechnology is widely applicable in diagnosis, imaging, or the delivery of drugs, thereby helping medical professionals to treat various diseases. In addition, it enables controlled release of drugs, resulting in improved outcomes for patients owing to reduced toxicity, more efficient delivery of therapeutic molecules, and a prolonged effectivity of drugs within the body. Medical professionals are taking advantage of these features to develop and treat the COVID-19-infected patients.
In addition, the pharmaceutical nanotechnology market emphasizes on the development of nanostructures that promote innovative drug delivery systems as therapeutic alternatives to different pathologies. The market provides a fine-tuned diagnosis and focused treatment of any disease at a molecular level. Some of the leading pharmaceutical industry players that demonstrated exemplary performance in developing and commercializing nanomedicines are Bausch Health Companies Inc., Celgene Corp., Hoffmann-La Roche Ltd., Eisai Co Ltd., Pfizer Inc., Sanofi, and Teva Pharmaceutical Industries Ltd. Some of these companies such as Sanofi, Hoffmann-La Roche Ltd., and Pfizer Inc. are proactively developing vaccine for COVID-19.
Nanotechnology exhibits high potential in the semiconductor and electronics industry. It has the capability to improve the performance of components and devices, while reducing their weight and power consumption. The emergence of COVID-19 pandemic has expedited the development of nano-electronics, especially biosensors, pacemakers, and breathe analyzers. Moreover, fuel cells or batteries are developed that use carbon nanotubes as cathode, particularly for power medical implants. Furthermore, graphene is used to develop flexible touchscreens, which, in turn, can be used for healthcare systems and wearables such as fitness bands.
In addition, advanced materials are expected to offer remunerative opportunities for the expansion nanotechnology market growth post-COVID-19 pandemic. For instance, antiviral nanocoatings are gaining momentum during the pandemic, especially in hospitals and clinical areas, wherein a sterile environment is vital to prevent virus from spreading. Some nanomaterial-based coating sprays are developed for clinical and personal settings, which last for five years approximately. Moreover, nanomaterial smartphone coatings are available in the market that use copper to inhibit the growth of the viruses, and it is important as smartphones are frequently touched. Several polymer-based coatings are available in the market that consist of metals possessing anti-virus properties, helping to slow down the spread of viruses. Consequently, the advanced materials industry is expected to propel exponentially post-COVID-19 pandemic.
Expectations from the nanotechnology market
The COVID-19 pandemic has infected millions of people globally with no clear signs of subsidizing, owing to the long incubation period, high prevalence, and lack of established treatments or vaccines. Nanotechnology plays a crucial role in formulating the vaccine for COVID-19, as severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2) has nanometric dimensions with a core-shell nanostructure, and is regarded as a functional nanomaterial. Hence, nanotechnology is expected to benefit modern vaccine designs, as nanomaterials are highly effective for antigen delivery as adjuvants and as mimics of viral structures.
Furthermore, nanotechnology is a key element of advanced manufacturing, which is being pursued by a widening circle of industrial countries such as Australia, Canada, China, France, Germany, Japan, the Republic of Korea, and the U.S. For instance, the Brazil, Russian Federation, India, China, and South Africa (BRICS) are all striving to become nanotechnology hubs. In addition, the United States Federal Government leads the world in nanotechnology R&D funding. The National Nanotechnology Initiative (NNI), the federal government’s R&D program that coordinates multiagency efforts in nanotech science, allocates over $1 billion annually to 14 agencies. Since its inception in 2000, it has been largely regarded a success. NNI has already made valuable contributions to the development of nanotechnology. With NNI funding, researchers have been working on gold nano shells that can target the destruction of malignant cancer cells, low-cost hybrid solar cells, quantum dots that ensure faster computing, and nanoscale iron particles that can reduce the costs of cleaning up contaminated groundwater. Thus, increase in such initiatives form government organizations toward nanotechnology is anticipated to provide lucrative opportunities for the market expansion globally.
Nanodevices is the rapidly growing segment in the nanotechnology market in the upcoming years. Rise in trend of automation and surge in adoption of robotics have resulted in introduction of nanodevices. A nanodevice or nanomachine is defined as nanoscale automation device, with at least one overall dimension in the nanoscale, or comprising more nanoscale components essential to its operations. It includes nanomanipulator, nanomechanical test instruments, and nanoscale infrared spectrometers. These devices are expected to have an enormous impact on the ability to enhance energy conversion, pollution control, food production, and human health longevity.
Furthermore, nanotechnology is finding application in traditional energy sources and is enhancing alternative energy approaches to help meet the world’s increasing energy demands. Scientists are searching ways to develop clean, affordable, and renewable energy sources, along with means to reduce energy consumption and lessen toxicity burdens on the environment. For instance, nanotechnology is improving the efficiency of fuel production from raw petroleum materials through better catalysis. It is further enabling reduced fuel consumption in vehicles and power plants through higher efficiency combustion and decreased friction. In addition, nanotechnology is being applied for oil & gas extraction throughout the energy industry vertical. Moreover, nanotechnology can be incorporated into solar panels to generate electricity more efficiently, thus promising inexpensive solar power in the future. Nanostructured solar cells could be cheaper to manufacture and easier to install, since they can use print-like manufacturing processes and can be made in flexible rolls rather than discrete panels.
The nanotechnology market is anticipated to generate lucrative opportunities in the aerospace and defense sector. For instance, the Institute for Soldier Nanotechnologies (ISN) is involved in the business of developing and taking advantage of nanotechnology to help soldiers survive in battle conditions. A nano battle suit is being developed that could be as thin as spandex and will be equipped with health monitors and communications equipment. Nanomaterials can further provide strength that surpasses currently available materials, providing bullet shielding that is much more effective. These jumpsuit style outfits might even be able to react to and stop biological and chemical attacks. This protection and these devices would be integrated into one suit that would be more efficient and lightweight than current packs. In addition, it holds the key to make space flight more practical. Advancements in nanomaterials make lightweight spacecraft and a cable for the space elevator possible. By significantly reducing the amount of rocket fuel required, these advances could lower the cost of reaching orbit and traveling in space.
Post COVID-19 scenario
The COVID-19 pandemic has an unprecedented health impact and is a social crisis, affecting various aspects of society. The use of nanotechnology offers new opportunities for the development of novel strategies for prevention, diagnosis, and treatment of COVID-19 and other viral infections. The development of nanomaterials addresses various pandemic challenges by introducing various products such as personal protective equipment, disinfectants, nano-carrier systems, and diagnostic systems for treatments and vaccine challenges. Hence, the nanotechnology market is projected to recover with the commercialization of developed products by the end of year 2021.
Post COVID-19 pandemic, the clothing segment of nanotechnology market is anticipated to propel rapidly in the coming years. This is attributed to the fact that nanoparticles are increasingly used along with fibers to improve the surface characteristics of clothes, including microbicidal, antistatic or UV protection, waterproof, dirt-resistant, stain-resistant, color durability, odor-resistant, wrinkle-resistant, and improved thermal properties. Consequently, nanotechnology clothing is expected to witness increased adoption in the medical industry to deal with various types of microorganisms.
For instance, in March 2020, a South China-based company, Anxin introduced anti-bacterial, reusable nano-silver masks to meet the exponentially increasing demand for face masks post-COVID-19 outbreak. This newly developed mask is capable of releasing irons continuously that inhibit the growth of bacteria and viruses. Furthermore, new products are expected to be launched, which incorporates wearable technology and nanotechnology for efficient performance in the coming years.
Recent news in the nanotechnology market during pandemic
Although key market players are impacted by the COVID-19 outbreak, the nanotechnology market has relatively lesser impact as compared to other markets. The pandemic improved the cash flow in the market to develop vaccines, nanodevices, and nanomaterials for different applications. For instance, in May 2020, Bill Gates partnered with the Department of Defense and DARPA to develop new DNA nanotech COVID-19 vaccine, which is being rushed into production. Furthermore, in August 2020, a California-based genetic medicine company called Ligandal announced the development of target and personalized therapies using nanotechnology that exhibit positive laboratory studies. The therapy demonstrates the effectiveness of its synthetic peptide, SARS-BLOCK as a combination treatment and vaccine to COVID-19. Hence, many companies are investing heavily in nanotechnology models to reduce the impact of the situation and to gain profit from the pandemic situation.
Interpreting, configurating and blending matter at the atomic as well as molecular scale is known as nanotechnology.
With the promise to be helpful to society in more than one way, nanotechnology is on its continual effort to perk up and transform an end number of industry sectors.
The rapidly growing list of the advantages and applications it offers has actually triggered the scientists to work on it yet more and come up with new wonders altogether.Impact on medical science-Gone are those days when dealing with cardiovascular diseases was by far a gigantic task.
The scientists created an advanced pacemaker that perks up the heart’s ability to thrust blood quite proficiently and saves energy as well.
On the other hand, putting pacemakers up with the capacity to work at par with the lungs would certainly stow less stress on the muscle.Impact on society-Well, what can be better than utilizing the immense potential of nanotechnology in regard to solar power?
Coating the silicon cell with nickel has brought forth propitious results indeed.
