Growth of the Healthcare Sector Is the Key Determinant Driving the Nanosilver Market Growth

The growth of the Nanosilver Market is primarily dependent on the growth of the healthcare industry. Nanosilver is a nanomaterial that is composed of silver nanoparticles and it can be obtained through physical synthesis, biological synthesis or chemical reduction methods. It is primarily used in the healthcare industry during pharmaceutical production for targeted delivery of drugs along with providing a controlled release of medication from a single dose. Additionally, nanosilver is also used in the production of medical devices, owing to its properties such as high optical polarizability, chemical properties and better electrical conductivity. The surging developments associated with the healthcare sector across the world have led to considerable growth in the nanosilver market. The Nanosilver market size is projected to grow at a CAGR of 14.1% during the forecast period 2022-2027 and reach US$3.1 billion by 2027.

On the basis of the end-use industry, the Nanosilver Market can be segmented into healthcare, cosmetics & personal care, electrical & electronics, water treatment and others. The healthcare industry is evaluated to hold a significant share of the Nanosilver market in 2021. During the forecast period 2021-2027, the healthcare segment is expected to grow with a CAGR of 14.5%. This can be attributed to various reasons such as the surging production of pharmaceutical and medical devices across the world. For instance, recent insights from the Brazilian Chemical Industry Association state that the production of the pharmaceutical industry in Brazil was valued at US$16.1 billion in 2021, an increase of 2.6% from US$15.7 billion in 2020. Moreover, the medical device market in Canada was valued at around US$8.6 billion in 2020.

On the basis of geography, the Nanosilver Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 35% share of the total revenue earned by the market globally. Asia-Pacific countries including China and India are comparatively ahead in terms of the growth of the pharmaceutical sector. According to the India Brand Equity Foundation (IBEF), the domestic pharmaceutical sector in India was valued at US$ 42 billion in 2021 and is projected to increase up to US$ 65 billion by 2024 and US$ 120-130 billion by 2030.

The Nanosilver Market will also witness significant growth in the North American region. The U.S. and Canada are emerging as competitive countries in the Nanosilver market. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the U.S., and Canada accounted for 49.1% of the total pharmaceutical market in 2021.

Key companies holding major shares in the Nanosilver Market are ABC Nanotech Co., Ltd., Advanced Nano Products Co., Ltd, Applied Nanotech Holdings Inc., Bayer Material Science, Blue Nano Inc., Cima NanoTech Inc., Creative Technology Solutions Co. Ltd., Nano Silver Manufacturing Sdn Bhd, Novacentrix Corp. and RAS AG.