Silver Nanoparticles Market - Forecast(2023 - 2028)

Silver Nanoparticles Market Overview

The Silver Nanoparticles Market size is forecast to reach US$4.2 billion by 2027 after growing at a CAGR of 13.1% during 2022-2027. Silver nanoparticles possess thermal, optical, and electrical properties which makes them suitable for use in a variety of products like photovoltaics and biological and chemical sensors. Also, they are used in photonic devices and molecular diagnostics, which implement novel optical properties of these nanomaterials. The incredible demand for spherical silver nanoparticles in the healthcare sector due to their antibacterial properties is anticipated to drive the market's growth. The biological synthesis technology is projected to contribute strongly to target markets growth owing to its environment-friendly and reliable properties. Synthesis of silver nanomaterials through biological synthesis technology allows nanoparticles to exhibit excellent properties like solubility, stability, and high yield. Wet Chemical (wet chemistry) and ion Implantation synthesis technology are projected to witness significant demand in the coming years. The Healthcare sector is poised to drive the growth of the market with the extensive usage of silver nanoparticles owing to their antimicrobial, antidiabetic, anticancer, wound healing properties, among others. However, the toxicity and negative environmental impact of silver nanoparticles might hinder the growth of silver nanoparticles during the forecast period.

COVID-19 Impact 

Like every other industry, the Silver Nanoparticles Market got affected severely due to the pandemic. The COVID-19 outbreak impacted both the manufacturing and demand of silver nanoparticles in supply regions. Industries such as healthcare, textiles, electronics, and others, witnessed disturbance due to the pandemic, ultimately disturbing the demand for silver nanoparticles. However, amid these negative impacts, a positive trend like innovation in advanced nanotechnology to fight the COVID-19 virus amplified and projected to pace up the Silver Nanoparticles Market growth rate in the coming years. Also, silver nanomaterials are associated with multiple health benefits like bone healing, antidiabetic properties, antiviral properties, and with increasing healthcare spending globally, the target market is expected to be on a progressive track during the forecast period. 

Report Coverage 

The report: “Silver Nanoparticles Market Forecast (2022 -2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Silver Nanoparticles Industry. 

By Type: Spherical, Triangular, Hexagonal, Octagonal, Rod, Icosahedral, Others.
By Technology: Wet Chemical, Ion Implantation, Biological Synthesis, Others.
By End Use Industry: Healthcare, Textiles, Electronics, Energy Sector, Food & Beverages, Cosmetics, Pharmaceutical, Others.
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa). 

Key Takeaways: 

• The spherical nanoparticle is expected to contribute to the growth of the Silver Nanoparticles Market during the forecast period owing to its use in the health sector. Its properties like antimicrobial and anticancer make it a desirable choice in the healthcare sector.
• Biological synthesis technology is projected to drive the growth of silver nanoparticles owing to their cost-effective and eco-friendly properties. According to the June 2021 Eurasian Journal of Medicine and Oncology report, silver nanoparticles prepared from biological synthesis technology show high yield, high stability, and are cost-effective.
• North America region is anticipated to drive the market's growth during the forecast period owing to the booming healthcare sector. According to the National Health Expenditure, in 2019, US healthcare spending increased by 4.6 percent, reaching $3.8 trillion or $11,582 per person. 
  
  

  Figure: North America Silver Nanoparticles Market Revenue, 2021-2027 (US$ Billion)

  

Silver Nanoparticles Market - By Type 

The spherical segment dominated Silver Nanoparticles Market in 2021 and is growing at a CAGR of 14.9% in the forecast period, due to its wide use in the healthcare sector. Spherical silver nanoparticles exhibit terrific antimicrobial, antidiabetic, and anticancer properties which makes them a desirable option in wellness and medical centers. Due to the enhanced antimicrobial property, spherical ones are widely used in medical devices disinfection, and pharmaceutics. In a recent 2020 study by the Royal Society of Chemistry, spherical silver nanoparticles, when synthesized through wet chemistry technology, the antibacterial or bactericidal properties enhanced in the spherical silver nanoparticles. Apart from antibacterial activity, spherical silver nanoparticles are also used in marine antifouling, and antibiofilm. Going forward, the diverse properties and extensive use of spherical silver nanoparticles in the healthcare sector will boost the Silver Nanoparticles Market globally during the forecast period. 

Silver Nanoparticles Market - By Technology

Biological synthesis technology dominated Silver Nanoparticles Market in 2021, owing to its attractive properties. Unlike conventional nanoparticles production technology like wet chemical synthesis technology and ion implantation which are hazardous and labor-intensive respectively, biological synthesis technology is cost-effective, eco-friendly, and exhibits properties like high yield and stability which makes the synthesis process a desirable choice. Biological synthesis involves the usage of living organisms such as bacteria, yeasts, algae, fungi, and plants. According to the July 2020 article by the National Center for Biotechnology Information (NCBI), the involvement of these living organisms in the production of silver nanoparticles through biological synthesis makes the process economic and environmentally friendly. This way, more silver nanoparticles will be produced in the coming years using biological synthesis technology, which will stimulate the market's growth. Wet chemistry and ion implantation technologies will witness decent demand which is projected to drive the target market’s growth during the forecast period. 

Silver Nanoparticles Market - By End Use Industry

The healthcare sector dominated Silver Nanoparticles Market in 2021 and is growing at a CAGR of 15.4% during the forecast period. Silver nanoparticles have been associated with the healthcare sector through multiple applications such as antimicrobial and anticancer activity, bone healing, wound repair, vaccine adjuvants, dental material filling, antidiabetic agents, and many more. Due to their novel optical properties, silver nanoparticles are also used for molecular diagnostics and in various photonic devices in the healthcare sector. The increased spending in the healthcare sector globally will help the target market to expand exponentially. For instance, according to the US National Health Expenditure 2019 data, spending in medicare and medicaid jumped 6.7% to $799.4 billion and 2.9% to $613.5 billion respectively. Similarly, according to the data by India Brand Equity Foundation (IBEF), the Indian government announced a sum of Rs. 64,180 crore (US$ 8.80 billion) for the healthcare industry in the Union Budget 2021-22 for six years to detect and cure emerging diseases. All this growing spending in various healthcare departments will witness massive usage of silver nanoparticles, ultimately expanding the Silver Nanoparticles Market in the coming years. Apart from the healthcare, textile, and electronic sector are expected to contribute significantly to markets growth in the forecast period. 

Silver Nanoparticles Market - By Geography

The North American region held the largest market share in the Silver Nanoparticles Market in 2021 with 30%. This region is anticipated to drive the growth of the Silver Nanoparticles Market globally during the forecast period. The Covid-19 pandemic provided a scope of opportunity to research and innovate advanced technology and high-quality services in the healthcare sector, such as the provision of services through urgent care centres, retail health clinics, and telehealth services. The pandemic also raised the demand for mobile health units in the North American region to provide support to underserved & rural communities during the virus outbreak. According to the March 2020 report by the Mobile Healthcare Association and Mobile Health Map, the mobile health clinic units in the US changed their statistics to tackle the increased demand of supporting the underserved populations during the pandemic. The mobile health units involve medical equipment, protective fabric, and other medical supplies. As silver nanoparticles are widely used in healthcare equipment and antimicrobial fabrics, the rise in demand for mobile health units will boost the growth of the Silver Nanoparticles Market in the forecast period. 

The Asia-Pacific region is projected to contribute significantly to the market’s growth owing to the increasing demand for consumer electronics. Silver nanoparticles are extensively incorporated in electronic products due to their high electrical conductivity. With the massive surge in demand for electronic products in emerging economies such as China, India, and Japan, the Silver Nanoparticles Market will witness a boost. This boost for silver nanoparticles will lead to higher synthesis of nanomaterials through technologies like biological synthesis, wet chemistry, etc. According to the statistics by India Brand Equity Foundation (IBEF), sales of appliances and consumer electronics in the third quarter of FY21 jumped by 23.5%, as compared to the same period during the last fiscal year. This boost in consumer electronics will drive the target market's growth in the forecast period. 

Silver Nanoparticles Market Drivers

Expanding healthcare sector will boost the growth of silver nanoparticles market 

The rising prevalence of chronic lifestyle diseases like diabetes, obesity, heart disease, and increasing penetration of health insurance will stimulate the healthcare industry, ultimately enhancing the Silver Nanoparticles Market growth in the coming years. For instance, according to September 2021 statistics by the United States Department of Health and Human Services (HHS), more than 2.8 million people got access to affordable health care insurance coverage under the Biden-Harris Administration through the 2021 Special Enrollment Period (SEP). Such insurance coverage initiative by the government has amplified the affordability of health insurance for the majority of the U.S. population, which, in turn, is stimulating the healthcare sector growth, thereby boosting the growth of the Silver Nanoparticles Markett in the forecast period. Silver nanoparticles are widely used in the healthcare sector due to multiple applications like anti-diabetic, bone healing, antiviral properties, molecular diagnostics, photonic devices, among others, and due to the increased spending and technological advancements, more silver nanoparticles will be incorporated which will drive the market's growth.

Growing demand for antimicrobial textiles will expand the markets growth 

Silver nanoparticles are widely used in medicals, healthcare institutes, and in mobile health units globally due to their antibacterial property which helps in preventing healthcare-associated infections and fighting many different diseases like cancer, diabetes, etc. Due to the excellent antibacterial property and the severity of healthcare-associated infections, the demand for antimicrobial textiles will increase in the forthcoming years which will augment the Silver Nanoparticles Market growth. For instance, according to the US Centers for Disease Control and Prevention (CDC) data, around one in 31 hospital patients has at least one healthcare-associated infection in any given day. To fight this, it will require treating of hundreds of millions of square feet of textiles for critical Personal Protective Equipment (PPE) globally, ultimately increasing the demand for silver nanoparticles in the forecast period. 

Silver Nanoparticles Market Challenges

Toxicity of silver nanoparticles might hinder the markets growth 

Despite the benefits of silver nanoparticles, the toxicity and environmental risks associated with them might create a dent in the market’s growth. Synthesis technology like wet chemicals involves toxic chemicals which upon released in the environment increases potential exposure and toxicity to human health. For instance, according to the health impact of silver nanoparticles, 2020 review report by Multidisciplinary Digital Publishing Institute (MDPI), the release of silver nanoparticles in the environment during the manufacturing and disposal of products allows the nanoparticles to enter the human respiratory systems through inhalation, especially in wet chemistry synthesis technology. Such exposure to chemically treated silver nanoparticles affects the lungs, respiratory system, discoloration of the human skin, etc. This scenario has raised questions about the uses of such synthesis technology, which might hinder the Silver Nanoparticles Market in the coming years. 

Silver Nanoparticles Industry Outlook 

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in this market. Silver Nanoparticles top 10 companies include: 

1.  American Elements
2.  Cerion LLC
3.  Meliorum Technologies Inc.
4.  Nanocomposix
5.  ANP Corporation
6.  BBI Solutions
7. M K Impex Corp
8. Nanocs Inc.
9. Nanoshel LLC
10. Others 

Acquisitions/Product Launches

• In May 2020, US-based company nanoComposix, which provides silver nanoparticles, has signed a deal to expand product distribution to customers across India. nanoComposix deals with multiple nanoparticle products which are used in anti-microbials, optical displays, drug delivery, among other applications, and through this agreement, more silver nanoparticles will be incorporated. 

Relevant Reports 

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