Nanosilver Market is forecast to reach $430 million by 2026, after growing at a CAGR of 15.4% during 2021-2026. With rise in the consumption of nanotechnology products the Nanosilver Market is witnessing an increase in demand. Growing public interest towards high efficiency products will further enhance the overall market demand for nano silver during the forecast period.
Nanosilver Market Segment Analysis – By End Use
Healthcare is the primary market for the Nanosilver market. One nanomaterial that is having an early impact in healthcare product is nano-silver. Silver has been used for the treatment of medical ailments for over 100 years due to its natural antibacterial and antifungal properties. The nano silver particles typically measure 25nm. They have extremely large relatively surface area, increasing their contact with bacteria or fungi, and vastly improving its bactericidal and fungicidal effectiveness. The nano silver when in contact with bacteria and fungus will adversely affect cellular metabolism and inhibit cell growth. The nano silver suppresses respiration, basal metabolism of electron transfer system, and transport of substrate in the microbial cell membrane. The nano silver inhibits multiplication and growth of those bacteria and fungi which cause infection, odor, itchiness and sores.
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Nanosilver Market Segment Analysis – Geography
APAC dominated the Nanosilver Market with a share of more than xx%, followed by North America and Europe. Geographically APAC dominated global Nanosilver market, with approximately half of the world’s procedures being done in the South Korea and China because of high production capacities of the consumer electronics industries which dwells upon nanomaterials. China is among the leaders in terms of demand of nanosilver. Growing medical tourism industry in developing nations such as China, and India is also an aid for it. Nanosilver particles are probably accomplished of entering nearly all human tissues and penetrating cell membranes. Among all the procedures, Electrical & Electronics has the highest market share in global Nanosilver market. Silver nanoparticles market size exceeded tremendously since its advent beacause of its abundant applications in various industries like electronics and medical and is forecasted to grow its worth, marketshare and revenue even further being directly proportional to the mentioned industries.
Nanosilver Market Drivers
Growing demand for Nanotechnology
Nano materials and devices play a major role in the field of pharmaceutical nanotechnology. Nanomaterials exhibit properties remarkable different from the properties of the bulk material due to the large surface area to volume ratio that increases the solubility and rate of absorption. Novel nanostructures will helpful for use as artificial tissue engineering and also help to integrate nanodevices with the nervous system that will restore vision and hearing, and build artificial limbs through the implant of new tissue. Nanotechnology is applied in the pharmaceutical industry in such areas as nanomedicine, tissue engineering, nanorobots, biosensors, biomarkers, image enhancement devices and implant technology.
Skin gels made of silver nanoparticles can help improve the treatment of burns. Nanosilver has a natural antibiotic effect. That makes the nanoparticles useful in treating burn patients, whose damaged skin is vulnerable to bacterial infection. Microbes are particularly good at developing resistance. That is why many of the antibiotics developed to kill harmful bacteria. Most of these drugs have been used often and for a long time. With such heavy and sustained use of antibiotics, microbes have a greater chance of developing just the right change in their DNA to fight off the drugs.
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Nanosilver Market Challenges
Risk of argyria
Argyria is a condition that turns the skin a blue-gray color due to a buildup of silver metal particles in the body and skin. Silver deposits can also occur in the intestines, liver, kidneys and other organs. You are most at risk of developing argyria if you’re taking a silver-containing food supplement or work in a job that exposes you to large amounts of silver. It’s thought that to develop argyria, it would have had to ingest silver compounds over a long period of time. However, the exact amounts and time frame that would put somebody at risk aren’t known.
Impact of COVID-19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for nanosilver.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the nanosilver Market. In 2020, the market of fuel additives has been consolidated by the top five players accounting for xx% of the share. Major players in the nanosilver Market are Bayer Material Science., Nano Silver Manufacturing Sdn Bhd., Boston Scientific Corporation, NovaCentrix, Advanced Nano Products Co. Ltd., among others.
In September 2018, Bayer completed the acquisition of Monsanto on June 7, 2018, for 63 billion dollars including debt.
Asia-Pacific dominates the Nanosilver Market owing to increasing demand from various end use such as Healthcare, Electronics and Others.
The growing popularity for nanotechnology related products, is likely to aid in the market growth of nanosilver.
COVID 19 pandemic will create few hurdles for the nanosilver market.
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