The demand for nanotechnology is growing with its numerous applications in industries from healthcare to agriculture. Because many countries and companies are increasingly focusing on nanoscience and nanotechnology innovations to drive some of the world’s biggest breakthroughs, the industry holds solid growth prospects. So, we believe nanotech stocks Thermo Fisher Scientific (TMO) and Onto Innovations (ONTO) are good bets now. Read on.Nanotechnology is emerging rapidly, outpacing other technologies at a breakneck speed, with potential uses in various sectors, including computer and electronics, healthcare, cosmetics, textile, energy, and agriculture, to mention a few. Interestingly, its growing use in the healthcare sector has enabled researchers to develop more innovative and effective drugs.
Rapid developments in healthcare technology and growing government spending on biotechnology and pharmaceutical R&D are anticipated to drive the nanotech sector’s growth. The global nanotechnology market is expected to reach $126.8 billion by 2027, growing at a 12.9% CAGR.
Given the accelerating growth of the nanotechnology market, we think it may be prudent to bet on fundamentally strong nanotech companies Thermo Fisher Scientific Inc. (NYSE:TMO) and Onto Innovations Inc. (ONTO), which have the potential to deliver huge returns to investors in the coming months.