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Global Nanomagnetics Materials and Devices Market worth USD 10.39 Billion and CAGR 4.4% by 2021
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Nanomagnetics is the advancement in nanotechnology largely used to store the data in compact form. Nanomagnetics is different from conventional magnetic systems but posses some of the magnetic properties due to the effects of nanostructuring. Nanostructured magnetic materials and devices are different from conventional magnetic systems. Nanomagnetics is largely used in the healthcare industry such as drug delivery devices and diagnosis of diseases like cancer etc.
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The nanomagnetics materials and devices market are mainly driven by emerging medical industry. The tremendous growth in diagnostics and biotechnology sector is the key factors responsible to boost the demand of nanomagnetics materials and devices in the medical industry. Though, lack of awareness regarding nanotechnology in developing countries may hamper the growth of this market. Moreover, technological advancement in nanotechnology may open the growth opportunities for the nanomagnetics materials and devices market within the forecast period.
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The nanomagnetics materials and devices market are segmented on the basis of different applications such as sensors, separation, imaging, data storage, medical & genetics and others. Data storage and medical and genetics application segment together acquired the major share of the total market due to exponential technological advancement. Growing need for enterprise mobility due to advantages such as high operation speed and high work efficiency supports the demand of data storage devices. The increasing development of the consumerization of technology is another important factor for driving the nanomagnetics materials and devices market. Thin film products acquired higher percentage share in the global market due to their application in storage media. Thin films are followed by particulate products with higher demand in diagnostic and other biotechnology applications.
The nanomagnetics materials and devices market was dominated by North America with the major share of the total market in 2015. North America was followed by Asia Pacific owing to the increasing adoption of nanotechnology in the region. Japan was the leading contributor to the growth of the nanomagnetics materials and devices market. However, Latin America and Middle East & Africa are also expected to exhibit significant growth over the forecast period.
Some of the key players in the market include the Fujitsu Laboratories, Ltd., IBM Corp., Liquids Research Ltd., Quantum Design, Bayer Schering Pharma AG, and others.
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