Nano Magnetics Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Nano Magnetics Market is segmented By Product Type (Sensors, Imaging, Data Storage, Medical and Genetics), By End-user (Healthcare Industry, Manufacturing Industry, Electronics Industry, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Nano Magnetics Market Overview

Global Nano Magnetics Market is expected to reach a CAGR of 2.7% during the forecast period (2024-2031). 

Nano Magnetics is different from conventional magnetic systems but possesses magnetic properties owing to the nano-structural alignment of particles. Nanomagnets exhibit instantaneous magnetic behavior at zero applied magnetic fields. The small size of nanomagnets avoids the formation of magnetic domains.In particular low temperatures, nanomagnets exhibit quantum behavior which is widely used for high-resolution imaging purposes in the characterization of materials and cellular imaging in healthcare sectors.

Nano Magnetics Market Summary

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Nano Magnetics Market Dynamics

Increasing demand for nanotechnology, the need for energy-efficient devices, and the growth of the medical industry are the key factors responsible for boosting the Nano magnetics market.The growing global energy demand is posing a significant problem for the governments of the world in managing energy consumption and power generation rates.

According to the BP Statistical Review of World Energy 2018, the global energy demand grew by 2.2% in 2017 compared to 1.2% in 2016, the fastest growth observed in the past four years. Furthermore, global power generation increased by 2.2% in 2017.Owing to the rapidly growing primary energy consumption by the countries of the world, the need for developing energy-efficient devices is rising, and this is expected to drive the global Nano magnetics market in the future.High investment requirements for R&D of nanomagnetic devices, high prices, a shortage of knowledge of advanced manufacturing processes of nanomagnetic devices, and availability of skilled labor and engineers are the crucial aspects that are hampering the global nano magnetics market.

The development and manufacturing of nanomagnetic devices require the involvement of skilled labor and engineers who are familiar with complex manufacturing processes.The unavailability of skilled labor who are well acquainted in working with sophisticated machines used in the manufacturing processes of Nanomagnetic devices will pose a significant problem to the company.

According to Korn Ferry’s Global Talent Crunch study, the manufacturing industry will face a deficit crisis of 7.9 million skilled workers by 2030. Thus, the shortage of skilled labor is a major restraining factor that might impede the growth of the global nano magnetics market.

Nano Magnetics Market Segmentation Analysis

The Global Nano Magnetics Market is segmented by type of product, application, and geography.Based on the type of product, the market is segmented as Sensors, Imaging, Data Storage, medical and genetics, and others. The medical and genetics sector is the dominant segment of the global Nano Magnetics Market owing to the increasing applications in the Healthcare Industry.

Advancements in the biomedical industry have led to the development of Nanoscale diagnostic devices which help in sensing the vital statistics of the body at an accurate level. Nano magnetics are widely adopted in peripheral artery diseases and surgical procedures.Nanomagnetic devices are also used in drug delivery systems and the diagnosis of devices like cancer.

 According to the World trade statistical review conducted by the World Trade Organization (WTO), the global medical technology market in 2017 was worth USD 430 billion, and this is growing at an annual rate of 4.2% per year.The global spending on biomedical technology research and development in 2017 was about USD 28 billion. Because the global biomedical industry is growing at a rapid pace, the medical and genetics segment is anticipated to dominate the global Nano magnetics market in the future.

Global Nano Magnetics Market Geographical Share

The Global Nano Magnetics Market is segmented into North America, South America, Europe, Asia – Pacific, and the Rest of the World (ROW).The North American region is further segmented into – the US, Canada, and Mexico. The U.S is the dominant segment in the North American nanofibers market owing to a rapidly growing American biomedical industry and rapid technological advancements in these regions.

According to the department of commerce, the government of the USA, the US is the worldwide leader in the biomedical industry with a market value of USD 156 billion and represented 40% of the global biomedical industry in 2017.This high growth rate of the biomedical industry is coupled with high adoption rates for advanced treatment methods where Nano magnetics finds its potential use in the areas of advanced medical diagnosis, drug delivery, and cellular imaging.Owing to these factors, the North American region is expected to dominate the global nano genetics market in the future.

Nano Magnetics Market Companies and Competitive Landscape

Some of the major players in this market like IBM Corporation, Fujitsu Limited, Nanomagnetics Instruments, Hitachi Metals America Limited, Honeywell International Inc. incorporate competitive strategies like mergers and acquisitions to improve their market competitiveness. For instance, in January 2018, Hitachi Healthcare Americas Corporation, a wholly-owned subsidiary of Hitachi Ltd acquired VidiStar LLC intending to expand its business in clinical reporting and analytics for diagnostic imaging.

The major players in this market incorporate competitive strategies like New product launches and expansion of facilities to improve their competitiveness in the market. For instance, in April 2018, a research team from India launched a magnetic nanomotor that assists doctors in cellular investigations.

These helical nanomotors penetrate and maneuver inside the cell with a rotating magnetic field without causing any adverse damage to the cell.

The scope of the Report

The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.

Based on the type of the product, the market is segmented as Sensors, Data Storage, Imaging, medical and genetics, and others. Based on the end-user application, the market is segmented into Healthcare Industry, Electronics Industry, Manufacturing Industry, and others. Based on geography, the market is segmented into the following regions North America, South America, Asia-Pacific, Europe, and the Rest of the World.

The report profiles the following companies Samsung Electronics, IBM Corp, Intel Corp, Fujitsu Labs, Novanta, Amkor Technology, Quantum Design, Bayer Schering Pharma AG, LG Electronics, and Hitachi.