Cold Plasma Market Outlook 2031
The global cold plasma market size was valued at USD 111.68 million in 2022 and is anticipated to reach USD 395.96 Million by 2031 expand at a CAGR of 15.1% during the forecast period, 2023-2031. The growth of the market is attributed to the rising demand of cold plasma owing to the extensive usage in various medical treatments.
Cold plasma are plasma which has no thermodynamic equilibrium due to the electronic temperature being higher than the regular temperature. These plasma can be stored in fluorescent devices with mercury-vapor gas in order to contain in specific temperatures. Cold plasma has various application including the food industry to control electrical conduction through specific targets and the medical industry where the plasma is used for bold coagulation, dentistry & even cancer treatments.
According to the World Health Organization or the WHO, along with the Centers for Disease Control and Prevention or the CDC, one in every ten hospital patient in developed nations & one in every seven hospital patient in the developing nations will be facing healthcare infections every year which can be prevented by improving & expanding the applications of cold plasma.
The COVID-19 pandemic has hindered the growth of the global cold plasma market initially. However, upon further studies, researchers and scientists found out that the coronavirus has the viral gene of accelerating illness of the hosts. This steered to hospitals, clinics, and healthcare laboratories to focus more on the development of cold plasma for the prevention and treatment of diseases and this led to its market growth in the later stages of this pandemic.
Cold Plasma Market Trends, Drivers, Restraints, and Opportunities
- Increase in spending and investing by the companies towards cold plasma is the primary reason for the projection of boosting the market growth during the forecast period, 2021-2028.
- Rapid growth of the biopharmaceutical companies and thereby that industry can become a major factor in the boosting of the global cold plasma market during the forecast period.
- High prices for the development of global cold plasma and high cost of services from the company’s perspective is anticipated to hinder the global cold plasma market growth.
- Cold Plasma when used in high frequencies, especially with no medical inspection can also be harmful for the host including nausea, migraines, and uneasiness in the stomach. This uncertainty can hamper the global cold plasma market growth.
- R&D investment and technological advancement are expected to offer significant opportunities for the market players. Researchers have found ways to mass produce cold plasma to circulate with the sanitizers for the prevention of the coronavirus spread and also to hospitals to reduce the hospital infected diseases.
Scope of The Cold Plasma Market Report
The report on the global cold plasma market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Cold Plasma Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Pressures (Low-Pressure Cold Plasma and Atmospheric Pressure Cold Plasma) and Applications (Wound Healing, Blood Coagulation, Dentistry, Cancer Treatment, and Other Medical Applications)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
Key Players Covered in the Report
U.S Medical Innovations (USMI); LLC; Bovie Medical Corporation; Neoplas Tools GmbH; Europlasma N.V; and P2i Limited
Global Cold Plasma Market Segment Insights
Atmospheric pressure cold plasma segment is projected to represent a large market share
Based on presures, the global cold plasma market is bifurcated into low-pressure cold plasma and atmospheric pressure cold plasma. The atmospheric pressure cold plasma segment is expected to constitute the major share in 2019 and is anticipated to grow with a significant CAGR during the forecast period, 2023-2031. The major reason attributing to this market growth is the introduction of Cold Atmospheric Plasma or the CAP.
The CAP is an innovation in the medical technology field opening a new array of applications including would healing, burn treatment, and infection control, which can all be done at lower costs & at higher efficiencies.
Wound healing segment is estimated to register a huge market share
On the basis of applications, the global cold plasma market is divided into wound healing, blood coagulation, dentistry, cancer treatment, and other medical applications. The wound healing segment is expected to constitute the major share of the market in 2019. This is attributed to the properties of cold plasma where it can accelerate the healing process of any patient along with the removal of contagious particles leading to discomforts.
Meanwhile the cancer treatment segment is anticipated to grow at a significant CAGR during the forecast period, 2023-2031. This is attributed to the big breakthrough that has happened in the cold plasma technology wherein the latest techniques of chemotherapy uses cold plasma. Numerous cancer treatments including breast, skin, lung, brain, head, neck, and bladder are all utilizing cold plasma for their treatment.
North America is anticipated to dominate the market
On the basis of regions, the global cold plasma market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to constitute a major share in 2020. This regional market growth can be attributed to the growing research & development expenditure along with the rising in adoption of the latest technology.
The demand of cold plasma is increasing rapidly in this region due to the presence of the major market players in the global cold plasma market, an advantage other regions do not have. The cost of expenditure is significantly lower in North America than that of other economies. However, the market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period, 2023-2031, as they have prioritized the cost-efficiency perspective of cold plasma combined with their growing population.
The global cold plasma market size has been segmented in terms of
- Low-Pressure Cold Plasma
- Atmospheric Pressure Cold Plasma
- Wound Healing
- Blood Coagulation
- Cancer Treatment
- Other Medical Applications
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Major players competing in the global cold plasma market are U.S Medical Innovations (USMI); LLC; Bovie Medical Corporation; Neoplas Tools GmbH; Europlasma N.V; and P2i Limited. These market players are involved in several business strategies such as mergers, acquisitions partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
In September 2017, the George Washington University along with the U.S Medical Innovations announced a deal for USD 5.3 million to a five year agreement on the research and development activities for cold plasma which now in February 2021, have extended to five more years to 2027.