Nanotech market expected to reach $700 billion by 2007

Filed in archive Business on April 25, 2006

The world's largest market research firm is predicting that the nanotechnology market will grow from $225 billion in 2005 to $700 billion by next year.

That's the remarkable conclusion of Research and Markets' hot-off-the-press report, "Nanotechnology - The Coming Revolution".

"Until only a few decades ago," notes the report, "nanotechnology was an unknown entity in the public space. But now it is widely known to be the next revolutionizing frontier of science."

"It is widely understood to be the propeller of the new century of evolutions," the report concludes.

The report covers nanotech applications in biomedical processes, space science, computing and robotics, drug delivery processes, and chip technology.

And in case you're wondering how a technology market can more than triple in size in just two years, it's because of the billions of dollars that are pouring into nanotech development, primarily through the federal government.