Global Cold Plasma Market flourishing at a CAGR of 18.3%: Expected to touch USD 5.8 billion by the year 2027
Published | 13 July 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global cold plasma market was worth USD 1.9 billion in the year 2020. The data yielded by the study reveals that the market is estimated to grow at a CAGR of 18.3%, earning revenue of around USD 5.8 billion by the end of 2027. The high effectiveness that cold plasma offers from the protection of viruses and bacteria and treatment of infection and wounds are acting as the driving factors of the growth of the cold plasma market. Additionally, the benefits offered by cold plasma, such as its eco-friendliness, is also driving the market forward. Also, advancements in cold plasma technology, as well as the rising usage of cold plasma in poultry packing decontamination, are powering the growth of the market.
Healthcare Infrastructural Development Favoring Market Growth
Cold plasma has various applications in the healthcare industry. They are widely used in the treatment of several medical conditions, including hospital-acquired infections which are rising at a very high pace. Various innovative methods in the treatment of highly lethal diseases like cancer also involve cold plasma. Therefore, through the infrastructural development of the healthcare industry, the cold plasma market is bound to progress. The establishment of private healthcare facilities will also drive the market growth of cold plasma.
The Emergence of New Entrants is Propelling the Market Forward
Previously, new entrants were hesitant to enter the cold plasma market because it involved a substantial capital investment, which is also associated with a high risk. However, following the Covid-19 situation, market participants are becoming more conscious of the long-term profits this market may provide. Therefore, several small cold plasma companies are coming up and establishing their business operations. They are also receiving considerable help which motivates them to expand their business. This will not only allow the overall industry to thrive but will also expand the availability of cold plasma in regions where it is currently unavailable.
Wound Healing Segment Will Lead the Market in the Forecast Period
Cold plasma has various applications in the medical field like wound healing, blood coagulation, dentistry, cancer treatment, and others. Cold plasma is extensively used for wound healing because of its ability to kill bacteria, including those that are treatment-resistant. This shields the infection from the bacterial onslaught, preventing it from worsening. The cold plasma also seems to be very effective in treating chronic wounds as it is painless and boosts the healing process. Therefore, it has high demand in the wound healing segment, which will further expand in the forecast period.
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Global Cold Plasma Market - Regional Insights
Geographically, the global cold plasma market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle-East & Africa (MEA). Among all the regions, North America holds the largest market share and is likely to maintain its dominance even during the forecast period. However, it is estimated that the Asia-Pacific region will witness a higher CAGR in the forecast period as its demand for cold plasma will grow significantly due to technological advancements taking place in the APAC countries. Additionally, the manufacturing countries are also planning on targeting these countries as they have full potential which is yet to be exploited.
Impact of Covid-19 on the Global Cold Plasma Market
The global spread of the Covid-19 virus has had a very favorable impact on the global cold plasma market. One of the most effective techniques for preventing the Covid-19 virus, according to WHO guidelines, is to maintain appropriate hygiene in the surrounding environment and to clean it frequently. Cold plasma has been shown to destroy the coronavirus on a variety of surfaces, ensuring public safety. The use and demand for it skyrocket at healthcare facilities, primarily because healthcare professionals, as well as everyone else in the hospital premises, are at extremely high risk of contracting the virus.
The leading market players in the global cold plasma market are U.S. Medical Innovations, ADTEC Plasma Technology Co. Ltd., Ferrarini & Benelli SRL, Relyon Plasma GmbH, P2i Limited, Cinogy Technologies gMbh, Softal Corona & Plasma Gmbh, Henniker Plasma, Plasmatreat GmbH, Coating Plasma Innovation, Thierry Corporation, Enercon Industries Corporation, Europlasma NV, and other prominent players. The key industry participants are investing considerable amounts towards research and development to expand the applicability of cold plasma. Such strategies are helping them will establish themselves as leading providers of cold plasma and stay ahead of the competition.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global cold plasma market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global cold plasma market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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