iCrowd Newswire – Jul 3, 2020
The pharmaceutical industry has been growing at a steady pace in the past few years, primarily in developing countries of Asia-Pacific, including South Korea, China, and India. This can be because of the surging number of geriatric patients in these countries, increasing research & development activities, and macroeconomic growth. Moreover, India and China are the most populated countries around the whole world, which is why the production of pharmaceutical drugs is increasing in these countries for providing the large patient pool with adequate supplies and access to healthcare facilities.
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The objective of this research includes;
Historical and the present size of the Bismuth Nitrate Market
Future potential of the market through its forecast for the period 2020– 2030
Historical and the present size of the market segments and understand their comparative future potential
Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
Major players operating in the gene therapy market and their service offerings
Recent strategic developments by the major players in the market
This increased consumption of drugs in the region is resulting in the growing demand for bismuth nitrate, which is utilized in the formulation of drugs, specifically those that are used for providing treatment for kidney damage caused because of chemotherapy. Drugs that contain bismuth nitrate also prevent damage to bone marrow, which is caused because of radiation, and digestive tract infections which can lead to ulcers. Owing to such benefits of this salt, the global bismuth nitrate market generated a revenue of $190.6 million in 2019 and is projected to advance at a 5.1% CAGR during the forecast period (2020–2030).
The major applications of bismuth nitrate are chemical manufacturing and drug formulation. Between these, the highest demand for the compound was created for drug formulation in the past. Along with being utilized for cancer treatments, the demand for bismuth nitrate is also growing due to the current pandemic situation. The compound is widely being utilized in drug formulations and research & development activities which are focused upon developing a cure for the novel COVID-19. Considering the surging number of people that are being affected by coronavirus, the requirement for bismuth nitrate will be high in the foreseeable months.
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Geographically, Asia-Pacific (APAC) is the major consumer of bismuth nitrate, and is therefore, the largest bismuth nitrate market. This is particular because of the growth of the pharmaceutical industry in the region, as mentioned above. The number of cancer patients in the APAC region are increasing rapidly, which has led to a growing need for pain relieving drugs. In addition to this, the region is the major supplier of medicated drugs for Middle Eastern and European countries, owing to which foreign companies are being compelled to set up manufacturing bases in APAC.
Bismuth Nitrate Market Size Breakdown by Segment
Based on Grade
Based on Application
Latin America (LATAM)
Middle East & Africa (MEA)
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