Nanotechnology has grabbed the attention of numerous investment bankers and researchers looking for the next blockbuster. The market for nanostructured materials, which are projected to displace many conventional materials, could eventually be $20 billion. Nanotechnology revenues are expected to reach more than $200 billion by 2006. In the United States alone, there are more than 1,200 nanotechnology start-ups scrambling for a piece of the pie.

A lot of development activity is focusing on nanosensors. The extremely small devices are capable of detecting and responding to physical stimuli with dimensions on the order of one billionth of a meter.