Silver Nanoparticles Market Analysis

Silver Nanoparticles Market Analysis

The healthcare & life sciences application segment surpassed USD 740 million in 2020 and is projected to grow at a CAGR of 7.8% during the forecast timeframe. These products offer various biological effects such as wound repair, enhancing vaccine immunogenicity, bone healing, anticancer, and antimicrobial effects. The coronavirus outbreak in late 2019 resulted in the growing research on the antiviral effect of silver nanoparticles, indicating that these products have the ability to inhibit the COVID-19 infection.

The increasing penetration of health insurance, rising prevalence of chronic lifestyle diseases, such as obesity, heart disease & diabetes, and technological advancements will stimulate the healthcare sector growth, thereby boosting the silver nanoparticles market growth. The rising elderly population globally has increased the requirement for healthcare services owing to the high susceptibility of this segment to chronic illnesses.
 

Growing fatalities due to cancer on account of rising exposure to potential carcinogens, unhealthy diets, and the adoption of a sedentary lifestyle will accelerate silver nanoparticle adoption as anticancer properties. The rise in human lifespan has also increased the possibility of cancer-causing genetic mutations, leading to increased cancer prevalence. Silver nanoparticles offer potent apoptosis-inducing and antiproliferative properties, making them effective antitumor agents.
 

The textile application will surpass USD 1.4 billion by 2027, registering a gain of 7.3%. Consumers exhibit a growing preference for textiles with various benefits, such as antibacterial, antistatic, UV protection, wrinkle resistance, and water repellence, which will boost the adoption of silver nanoparticles. Significant industrialization, primarily in emerging nations such as China, India, and Mexico, along with evolving technology allowing efficient fabric production will boost the textile sector and augment the global silver nanoparticles market share.
 

The substantial expansion of the automobile and transportation sectors has significantly increased the demand for nonwoven fabrics. The growing hygiene awareness due to the COVID-19 pandemic, improving lifestyles, and general population growth have resulted in an ample demand for hygiene products, such as sanitary napkins, adult incontinence products, and baby diapers, further driving the nonwovens sector. The growing consumer preference for novel hygiene products incorporated with silver nanoparticles for antibacterial effects will stimulate the market growth.
 

Evolving textile trends, rising disposable incomes, and increasing urbanization have led to the growing demand for high-quality textiles & fibers. The ecommerce sector growth and the booming fashion industry will boost the textile industry growth. Recent research indicates that silver nanoparticles have the ability to impart antimicrobial properties to fabrics without adverse effects on the color.
 

The silver nanoparticles demand in North America surpassed USD 745 million in 2020 and will register a gain of over 14% by 2027. The region is witnessing significant population growth, particularly elderly citizens. Favorable government initiatives in recent times, such as the Affordable Care Act, have increased the affordability of health insurance for most U.S. citizens, thereby stimulating the healthcare industry growth.
 

The COVID-19 outbreak has led to an enhanced innovations in the healthcare sector, particularly in the provision & distribution of services through urgent care & retail clinic utilization and telehealth expansion. The pandemic has also brought about increased outreach to underserved & rural communities through mobile health units, indicating a tremendous growth potential of the healthcare sector, in turn, boosting the silver nanoparticles market sales.
 

The U.S. is witnessing a substantial rise in citizens aged 65 years and older owing to increasing life expectancy, which will lead to an increase in healthcare spending owing to the higher prevalence of health disorders with advancement in age. Silver nanoparticles are associated with various health benefits, such as antiviral properties, bone healing, and antidiabetic properties.