The explosive field of nanotechnology is having a major impact on commerce, including research and development of products in a wide range of industries.

Today, more than 1300 new and "value-added" products have come to market as a result of cutting-edge nanotechnology. In fact, 2006 sales of products incorporating nanotechnology reached $50 Billion* and nano-formulated drugs alone accounted for sales of $3 Billion*.

Worldwide sales of nanotechnology-based products are doubling annually. By 2015, it's expected that medical, pharmaceutical, forest products, materials, coatings, catalysts, food and food processing industries, as well as green energy organizations, will spend more than $1 trillion developing products based on nanotechnology.

While development and sales of nanotechnology-based products and materials are growing exponentially, the real or perceived risks to human health and the environment could be the limiting factor in public acceptance and successful commercialization. This poses both a challenge and an opporuntity for many industries including the insurance industry.

*Source: The Nanotech Report, 5th Edition, Lux Research, New York, N.Y, USA