New Delhi, Sep 30 (IANS): Healthcare industries are pioneering nanotechnology innovation with use in diagnostics, drug delivery, and medical imaging, according to a report on Monday.

Nanotechnology has the potential to transform numerous industries with a growing demand for sustainable materials, environmental remediation, faster electronics, and innovative therapies.

The report by GlobalData, a data and analytics company, showed that the healthcare and technology sectors are currently at the forefront of innovation witnessing rapid commercialisation.

In the technology sector, nanotechnology is enhancing the performance of electronic devices, helping to push forward the next era of advanced computing.

“Nanotechnology's commercialisation varies greatly by sector due to a combination of factors. The first is the level of investment in research and development in each sector. Industries such as technology and healthcare have seen faster commercialisation due to high investment,” said Isabel Al-Dhahir, Principal Analyst, Thematic Intelligence at GlobalData.

“The complexity and regulatory hurdles associated with bringing nanotechnology products to market and mixed consumer perception of nanotechnology products in food and consumer goods can also impact commercialisation rates,” Al-Dhahir said.

To boost commercialisation of the advanced technology is the gaining of regulatory approvals.

This is further complicated by regional divergence in regulation and unclear frameworks.

Al-Dhahir noted that “the rapid pace of technological advancements in nanotechnology has outpaced the development of regulatory frameworks, leaving gaps in oversight and enforcement”.

Further, the report showed that “nanotechnology's potential risks and benefits are still being studied”. This makes it more challenging for regulators to establish proper guidelines without sufficient scientific evidence.

Despite the challenges, the US, China, and some countries in the European Union are heavily investing in nanotechnology to secure a competitive edge in the global market.

They also believe that nanotechnology can drive economic growth, and address critical societal challenges.