Nanorobotics Market size is anticipated to witness healthy growth during 2023 to 2032, attributed to the rapid advancement in molecular robotics and nanotechnology for pharmaceutical applications. Nanotech is playing a crucial role in drug manufacturing as nanoparticles are smaller than conventional drug molecules. This size attribute ensures seamless entry of drugs through biological barriers including the blood-brain barrier, enabling the treatment of a range of brain-related disorders.
As per statistics from the American Cancer Society, in 2022, nearly 25,050 malignant tumors of the spinal cord or brain were estimated to be diagnosed in the U.S. This high disease prevalence will augment the requirement for effective drug formulation and fuel the nanorobotics market.
Nanobots refer to intelligent, self-replicating organisms designed, produced, and powered on a nanoscale to perform specific tasks for healthcare analytics, among other applications. They are programmed with the ability to diagnose and treat contagious diseases without major side effects. Smart microchips and transistors fitted within them are also programmed using machine learning operationalization and AI software to categorize and offer relevant information in seconds.
The high burden of chronic conditions and R&D initiatives to design effective cancer treatments are among the key factors providing lucrative opportunities for the nanorobotics market growth. During cancer treatment, chemotherapy does not consistently receive optimal drug dosages and they may rapidly degrade in the bloodstream. To address these challenges, in November 2022, a team at the University of Montreal built nanobots out of DNA mimicking protein transporters in living organisms to maintain an accurate supply of specific molecules. Moreover, the application scope of nanotechnology in diabetes and other chronic disease treatment will foster the industry trends.
The bacteria-based product segment will garner considerable profits by 2023, on account of its emergence as a new therapeutic approach to treat cancer. In recent years, bacteria-based nanobots with medical functionalities have gained the attention of researchers to fight cancer effectively. According to the American Cancer Society, cancer is the second leading cause of death, with its incidence likely to rise by 92% in sub-Saharan Africa by 2040. This growing disease burden will contribute to the R&D of effective bacteria-based nanorobots for cancer treatment applications.
In terms of application, the nanomedicine segment is set to account for a major share of the nanorobotics market during the forthcoming years. This is considering the delivery of efficient solutions for disease prevention, therapy, and diagnosis and the increasing prevalence of diabetes. Based on the Diabetes Atlas, the number of people diagnosed with diabetes is expected to reach 109 million by 2040. Such factors will amplify the usage of nanomedicines or nanorobotics for diabetes control, owing to their ability to manage blood glucose levels through the targeted delivery of insulation via the oral or nasal route.
From a regional standpoint, the Asia Pacific nanorobotics market value is slated to depict an appreciable growth rate through 2032. The high emphasis on improving oral disease treatment and the mounting healthcare expenditure will augment nanorobotics use in the region. For example, the Action Plan for oral health in Southeast Asia 2022-2030 set out a vision, requesting universal coverage for oral health for people in the region by 2030. Since robotics-assisted dentistry can help repair oral lesions using nanorobots, the increased access to oral care will drive the market revenue.
Some of the leading companies operating in the nanorobotics market include Bruker Corporation, JEOL, Ltd., EV Group, Toronto Nano Instrumentation, Thermo Fisher Scientific, Oxford Instruments Asylum Research, Kleindiek Nanotechnik, Ginkgo Bioworks, Imina Technologies, and Novascan Technologies. Strategic product launches, mergers, and acquisitions are some of the initiatives being undertaken by these companies to expand their presence in the global market.
To address global inflation, U.S. President Joe Biden inked the Inflation Reduction Act in 2022. Under the law, diabetic patients on Medicare will benefit from a specific drug cap, with insulin prices to be limited to USD 35 per month from 2023. Such legislation will escalate the use of nanorobotics components to determine the requirement of insulin injection and in turn.