April 18, 2024
Silver Nanoparticles Market

Silver Nanoparticles Market Is Expected To Be Flourished By Rising Adoption In Healthcare Sector

Silver nanoparticles have exceptional optical, electrical, and thermal properties, which makes them suitable for applications in various industries including healthcare, electronics, pharmaceuticals, wound healing, and water treatment. In healthcare sector, silver nanoparticles are widely used in wound dressings, medical devices like catheters, and other healthcare products due to their antimicrobial properties. Silver nanoparticles based wound dressings are effective in preventing infections and accelerating wound healing process. With the rising incidence of chronic wounds and increasing healthcare expenditure, the demand for advanced wound care products is growing significantly. This rising adoption of silver nanoparticles in wound care products is expected to drive the growth of the global silver nanoparticles market during the forecast period.

The global silver nanoparticles market is estimated to be valued at US$ 1.77 billion in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

The growing demand from healthcare sector is the major driver contributing to the growth of the silver nanoparticles market. According to European Wound Management Association, over 25 million people in Europe suffer from chronic wounds each year. The increasing prevalence of chronic wounds due to rising geriatric population and cases of diabetes and obesity is boosting the demand for advanced wound care solutions. Silver nanoparticles based wound dressings aid in preventing infections and expediting wound healing process, thereby fueling the market growth. Additionally, silver nanoparticles are widely utilized in various medical devices due to their antibacterial properties. The growing usage of catheters, sutures, stents and other medical devices integrated with silver nanoparticles is further propelling the market expansion during the forecast period.

Segment Analysis:

The global silver nanoparticles market is divided into two primary segments based on type: silver nanopowder and silver nanowire. Silver nanopowder dominates the market currently, accounting for over 70% share. This is because it has widespread applications in photonics, electronics, and healthcare owing to its high electrical and thermal conductivity properties. Silver nanopowder is used in applications including healthcare, electrical and electronics, food and beverage, clothing and textiles, and personal care.

Global Silver Nanoparticles Market Segmentation:

  • By Product Type
    • Nano Powder
    • Nano Suspension/Emulsion
    • Nano Particles
    • Nano Wires
    • Nano Rods
  • By Synthesis Method
    • Electrochemical Techniques
    • Sol-Gel Process
    • Microwave Synthesis
    • Biological Synthesis
    • Others
  •  By Application
    • Conductive Inks & Coatings
    • Textiles & Apparel
    • Food & Agriculture
    • Medical & Pharmaceuticals
    • Optics
    • Others (Catalysis etc.)
  •  By End-Use Industry
    • Healthcare
    • Food & Beverages
    • Textiles
    • Water Treatment
    • Cosmetics
    • Others (Automotive etc.)

PEST Analysis:

Political: Government regulations regarding the use of nanomaterials are influencing the growth of the silver nanoparticles market. The market may face restrictions in some countries due to environmental and health concerns.
Economic: Rising disposable incomes and increased investments in healthcare, electronics, and pharmaceutical industries are boosting demand for silver nanoparticles globally. Many countries are also supporting nanotechnology research which is positively impacting the market.
Social: Growing health awareness is driving demand for silver nanoparticles in medical applications like wound dressings and others. Increasing research focus on therapeutic applications of silver nanoparticles is also benefiting the market.
Technological: Continuous R&D for new synthesis techniques is expanding silver nanoparticle applications in electronic products, sensors, and biomedical devices. Efforts to develop cost-effective and environment-friendly production methods are boosting the market.

Key Takeaways:

The global Silver Nanoparticles Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Europe currently accounts for over 30% share of the global market owing to growing electronics and healthcare industries in countries like Germany and France.

The Asia Pacific market is expected to witness fastest growth due to rising healthcare spending and expanding electronics and pharmaceutical sectors in China, India, and South Korea.

Key players operating in the silver nanoparticles market are NanoHorizons, Cima NanoTech, American Elements, Nanoshine Group, and Meliorum. Key players NanoHorizons and American Elements currently account for over 25% market share. These companies are focusing on developing advanced synthesis methods to produce silver nanoparticles of varied shapes and sizes for a wide range of applications.

*Note:
1.Source: CoherentMI, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it