Situation in Europe and the World: The European Nanotechnology Observatory

Abstract

Nanotechnology is a complex and rapidly changing field, which is often difficult to assess in terms of opportunities, challenges and risks. Due to its strong interdisciplinary nature and rapid evolution, nanotechnology has wide-spread and fragmented impacts. Thus, the creation of a reliable source of data and analysis, which is continuously monitored and updated, is critical to provide comprehensive information to decision makers. Governments and businesses are interested in the market potential of nanotechnology enabled products and processes (estimated to underpin a total market of up to one trillion US dollars by 2015); and the possibility of these products contributing significantly to alleviating global problems such as major diseases, energy, clean drinking water, and environmental pollution. However, it is also recognized that the socio-economic impacts of nanotechnologies are often exaggerated or placed in an over-optimistic time-frame. Furthermore, nanotechnologies, as with any new technology, have potential risks (socio-economic, to human health, and the environment), and it is important that these are identified early on and appropriate actions taken, to ensure that development occurs in a safe and responsible manner. Even more important are the ‘unknowns’ which will inevitably remain by the time nano-enhanced products reach the market, and will require more advanced forms of risk communication and corporate responsiveness to ensure market success.