According to the research report titled ‘Global Magnetic Nanoparticle Market Size study, by Product Type (Nanopowder, Solution, Dispersion), Application (Medical, Electronics, Waste Water Treatment, Energy, Other) and Regional Forecasts 2021-2027’, available with Market Study Report, global magnetic nanoparticle market size was worth USD 53.12 million in 2020 and is expected to multiply with a CAGR of 10% over 2021-2027, subsequently reaching USD 103.52 million by the end of the assessment period.
 

Growing electronic industry and increasing investments in healthcare services are the key factors driving global magnetic nanoparticle market growth. 
 

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For the record, as per India's health ministry, the proposed healthcare investment of 2.24 lakh crore in the 2021 budget equals around 6.5% of the government's entire budget of 34.5 lakh crore. Though this is a 137% increase in nominal terms over the 2020 budget, Statista cites that England had the highest health expenditure, amounting to almost 136 billion British pounds.
 

For the unversed, magnetic nanoparticles (MNP) are made from cobalt metals, iron, and from various cobalt alloys and iron oxides. MNP fabrication is either done by chemical synthesis or mechanical attrition.
 

Such particles are developed for therapeutic and diagnostic applications like development of MNP-based targeted drug delivery and magnetic resonance imaging (MRI) contrast agents. It has refined molecular imaging and is used in healthcare for cancer therapy and as contrast agents for MRI.
 

Strategic development between urgent care providers and hospitals, along with booming elderly population, and rising prevalence of cancer patients are boosting the product adoption.
 

Considering factors restraining worldwide magnetic nanoparticle industry expansion, volatile prices of raw material and hefty cost of manufacturing are likely to act as major challenges for businesses in this vertical.
 

Regionally, Latin America, North America, Asia Pacific, and Europe are the leading contributors to overall market development. Of these, Europe currently leads the overall market share, owing to growing expenditure in research & development activities in the region.
 

On the other hand, North America market is projected to amass notable revenues by the year 2027, creditable to improving healthcare infrastructure, growing research areas, and increasing consumption of magnetic nanoparticles.
 

Key players operating in global magnetic nanoparticle marketplace are Cytodiagnostics Inc., Nanografi Co. Ltd., CAN GmbH, Nvigen Inc., nanoComposix, Nanoshel, NN-Labs LLC (Nanomaterials and Nanofabrication Laboratories), Toda Kogyo Corp., and Cathay Industries.