The Nanomaterials market is estimated to be valued at US$ 12.57 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Nanomaterials refer to materials that are between 1 to 100 nanometers in size. They demonstrate unique optical, magnetic and mechanical properties due to their nanoscale dimensions. Nanomaterials find wide application in electronics, energy, healthcare and other industries. In the healthcare sector, nanomaterials are used in drug delivery, implants, prosthetics and diagnostics due to their small size enabling accurate targeting at cellular level.

Market Dynamics:
The nanomaterials market is mainly driven by rising demand from the healthcare industry. Nanomaterials allow for precision targeting and delivery of drugs in the body. For example, gold nanoparticles are being explored as drug delivery carriers to treat cancer. They help enhance bioavailability and delivery of chemotherapy drugs directly at tumor sites. Nanomaterials are also finding increasing usage in medical implants and prosthetics due to their high strength to weight ratio and biocompatibility. Additionally, growing demand for lithium ion batteries from the automotive industry is also fueling growth of the market. Nanomaterials such as silicon nanoparticles are being used to enhance battery capacity and life. They allow for fast charging rates and high energy density.\

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