Worldwide silver nanoparticles market will most likely observe a promising growth outlook, up from the size of around US$2 Bn registering in 2020. The study will assess how the growth of market will advance through 2027 and where does the maximum opportunity reside.
Increasing Boom Around Antimicrobial Textiles Creates Opportunity for Silver Nanoparticles Market
Growing nanotechnology research has translated into availability of novel nanoparticles characterisation products. Moreover, the trend of miniaturisation has further pushed use of silver nanoparticles in electronics industry. They are largely used in manufacturing of electronic devices owing to their high thermal and electrical conductivity, high resistance to corrosion, and high stability in extreme environmental conditions. In addition, their use in the production of antimicrobial textiles is likely to pave potential growth opportunities for silver nanoparticles market in the coming years.
Burgeoning Adoption in Pharmaceuticals Heightens Growth Prospects of Silver Nanoparticles Market
Increasing occurrences of chronic ailments have resulted in development of new drugs and medicines to reduce burden of diseases. Scientists have been exploring new methods and formulations to produce enhanced therapeutics to tackle the increasing prevalence of chronic diseases. This led to the use of silver nanoparticles in medicines that can be used to treat diseases such as cancer and are used in other applications such as wound care and bone healing. Owing to their unique physiochemical properties, silver nanoparticles are gaining high ground in the biomedicine space by playing a key role in early diagnosis and detection of diseases. Apart from their anticancer and antimicrobial properties, silver nanoparticles are also used to enhance immunogenicity of vaccines, and in antidiabetics.
Moreover, rising geriatric population worldwide remains a crucial factor in driving need for pharmaceuticals owing to their high susceptibility to chronic illnesses. According to the report of United Nations, there were about 703 million individuals aged 65 years and above in 2019 and this number is expected to increase to touch 1.5 billion by end of 2050. Additionally, ageing factor can also lead to cancerous genetic mutations, and tumours. That said, potent antiproliferative and apoptosis-inducing properties of silver nanoparticles are expected to fuel their adoption as effective antitumour agents. In this background, rising use in the pharmaceutical and healthcare sector is likely to augur well for the silver nanoparticles market.
Colloidal Silver Nanoparticles to Gain Stronger Traction in Silver Nanoparticles Market
Colloidal silver nanoparticles are expected to witness high demand and are likely to account for a significant revenue contribution in the silver nanoparticles market. This can be attributed towards their increasing adoption in the pharmaceutical industry. Their enhanced ability in healing wounds, improving skin disorders, and their effectiveness in treating diseases such as flu, eye infections, pneumonia, and shingles among others have fuelled their use in the pharmaceutical sector. That said, increasing sales of colloidal silver nanoparticles is anticipated to largely contribute towards market growth on the global front.
North America to Cement Dominance in the Silver Nanoparticles Market, Asia Pacific Reflects an Optimistic Scenario
The demand for silver nanoparticles across developed countries in North America is expected to increase at a significant rate in the coming years. Increasing investments in research and development to enhance product quality and new product developments in the electronic devices space remain instrumental in driving growth of the silver nanoparticles market. Moreover, the demand for silver nanoparticles is largely driven by their use in the healthcare applications in the region. Favourable government initiatives such as Affordable Care Act have influenced the growth of the healthcare industry by improving the affordability of health insurance in the US. In addition, healthcare spending in the region has increased backed by stable growth in the GDP per capita. This aspect coupled with high prevalence of chronic ailments such as cancer has further triggered use of advanced healthcare therapies, in turn driving the use of silver nanoparticles. Silver nanoparticles are widely used for anticancer and antimicrobial therapies and are also used in other applications such as bone healing and wound repair, as antidiabetic agents and vaccine adjuvants. This factor continues to influence their demand, consequently bolstering growth of the market in North America.
Alternatively, emerging economies in Asia Pacific are also expected to showcase an optimistic growth pathway for silver nanoparticles market. Few macro factors such as high consumer and customer pool owing to growing population, rising urbanisation, and industrial growth have enhanced the region’s attractiveness. This has further resulted in an increasing number of end user companies in the region that use metal nanoparticles. In this backdrop, silver nanoparticles market is likely to witness an upsurge in the Asia Pacific region in the coming years.
Silver Nanoparticles Market: Competitive Landscape
A few of the major players in the market include American Elements, Nanocs, EPRUI Nanoparticles & Microspheres, Nanoshel LLC, US Research Nanomaterials, Advanced Nano Products Co. Ltd., Ames Goldsmith Corporation, Strem Chemicals Inc., Thermo Fischer Scientific, Sigma-Aldrich, and Tanaka Holdings.
The Global Silver Nanoparticles Market Is Segmented as Below:
Key Elements Included In The Study: Global Silver Nanoparticles Market
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