Nanoscience, the study of structures and materials on the scale of nanometers, is monumentally changing the way we manufacture goods, detect disease and innovate. It is upending the world of science and engineering to the extent that it has changed the very way researchers think, influencing future technologies and solutions.

Nanotechnology in particular, which is the technology, engineering and science conducted at a nanoscale, is undeniably revolutionising global business. According to the The European Commission, it is estimated that nanoscience is already worth in excess of USD 1 trillion, and is still growing. According to a Business Wire Report, the global nanotechnology market is poised to grow at a compound annual growth rate (CAGR) of 18.1 percent over the next ten years, hitting a market size of $173.95 billion by 2025. In the field of health and medicine in particular, the possibilities are enormous. Currently scientists are experimenting with nanoparticles and their ability to deliver antibiotics directly to the lungs to fight viral infection, as well as their ability to treat Parkinson’s disease and Alzheimer’s, while the emerging field of immuno-oncology is leading to more advanced detection and treatment than ever before possible. 

Inevitably, funding in nanoscience is growing at the same time, enabling incredible discoveries and developments that might one day save thousands of lives, stave off the impacts of climate change and help people living with disabilities. Between 2007 and 2011, the EU alone invested approximately 896 million euros in nanotechnology related research, while worldwide investment in nanotechnology is estimated to be close to a quarter of a trillion US dollars. While China and the U.S. are leading the race to invest, Australia does not lag far behind. In recent years, it invested over $150 million into the opening of a dedicated nanoscience facility - the Institute for Nanoscale Science and Technology - which includes facilities for start-ups, industry and the public. Opened by the University of Sydney in 2016, it is the first purpose-built nanoscience facility in Australia, and has paved the way for scientists to study the world's smallest particles and structures on a scale that could ensure the country is recognised as among the world’s leaders in nanoscience.

The institute houses many of the world’s best nanoscience laboratories, all of which contain an electronic interference cancelling system to shield them from external electromagnetic interference. The centre’s facilities also include a transmission electron microscopy suite. At the official opening, the hub’s director Simon Ringer said, “This is the best building of its kind in our region. It will allow us to operate research instruments that enable us to ask questions at the frontiers of science.”

The Australian nanotechnology sector has also benefited from a $393m research funding boost, following the recommendations by an expert group led by chief scientist Alan Finkel. In 2017, the federal government announced the funding, which was delivered in response to the country’s national infrastructure roadmap and which saw $1.9bn over 12 years dedicated to nanoscience research. Included in the funding was $36million for the Australian National Fabrication Facility for nanotechnology manufacturing research, $22milion for marine observation systems used by international marine and climate science communities, as well as $14million for microscopy and microanalysis equipment for health and biomedical research. As part of the funding allocation, The University of Sydney secured over $37 million in total Australian Research Council (ARC) grant funding across areas including food insecurity, gravitational waves, and nanoscience research.

The Australian Government hopes investment into the field of nanoscience will create at least 500 new jobs over the next 10 years, particularly for science, technology, engineering and maths graduates - and its hopes are well founded. Technological development by emerging economies of the Asia Pacific is boosting the growth and success of the nanotechnology market, with regional growth heavily influenced by high demand for nanotechnology in medical imaging. This upsurge of the use of nanotechnology in medical diagnosis and imaging is driving the growth of the market globally, but there remain serious ethical concerns regarding the roll-out of nanotechnology on a global scale and high costs which are slowing down progress in the field. By boosting funding for research and development (R&D), the government hopes to propel market growth in a similar way to China, which has already built the world's largest multifunctional research platform for nanotechnology. Suzhou’s Vacuum Interconnected Nano-X Research Facility, in Jiangsu Province, is expected to become a world-class open platform for research and development in nanoscience and nanotechnology.

Thanks to the wonders of technology, our world is changing at a dizzying pace. From new financial technologies that have changed the way we bank, buy and trade online - to the social transition brought about by social media, each and every aspect of our lives has been radically transformed - and the field of science and engineering is no exception. Given its startlingly wide variety of potential applications, nanotechnology has become a research priority for many countries, and Australia is no exception, as the ‘UNESCO Science Report: towards 2030’ explains. If Australia wishes to become - and remain - a leader in the field, the upsurge in funding for nanoscience R&D must continue into the future. 

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