Market Trends of Global Cold Plasma in Healthcare Industry
This section covers the major market trends shaping the Healthcare Cold Plasma Market according to our research experts:
Wound Healing Segment is Expected to Hold a Significant Market Share
The wound healing segment is expected to hold a significant market share as cold plasma can kill bacteria, including drug-resistant bacteria, to prevent further infection rates, promote the wound healing process, and eliminate further complications. For instance, according to an article published by Semantic Scholars.org in June 2020, titled "Cold atmospheric plasma as an effective method to treat diabetic foot ulcer: A randomized clinical trial", it has been observed that cold atmospheric plasma applied to a patient's wound three times a week for three consecutive weeks have shown a reduction in the wound size. Cold plasma decreases the bacterial load in chronic wounds and promotes healing without any significant side effects on normal tissue. Additionally, it has been observed that helium cold atmospheric plasma (CAP) therapy lowers the pH of the aqueous medium, which may cause wound acidification and thus speeds up the healing process.
In addition, according to the World Health Organization 2020, there are more than 1.35 million people that die every year as a result of road traffic crashes and accidents. Road traffic injuries are the leading cause of death among people aged between 15 and 29 years. Every year, the lives of more than 1.4 million people are cut short as a result of road traffic crashes. Therefore, since there are a large number of trauma and wound management cases observed yearly, the adoption rate of cold plasma is expected to increase for wound healing across hospitals and healthcare facilities.
Moreover, as the geriatric population is increasing, they are more prone to developing chronic wounds due to various conditions such as diabetes and peripheral artery disease. For instance, according to the World Population Ageing Highlight 2020 report published by the United Nations, the global geriatric population is increasing rapidly around the world, and in 2020, about 727.0 million people of age 65 years or more were living across the world, which was about 9.3% of the total global population. Also, the same report projected that the population of people of age 65 years or more will be about 1.5 billion people by 2050, which will be about 16.0% of the global population. Thus, the growing aging population will have a significant impact on the growth of the studied segment over the next few years and is expected to drive the growth of the cold plasma market.
Thus, the rising geriatric population, increasing incidences of road accidents, and the increasing usage of cold plasma for the treatment of chronic wounds are anticipated to increase the demand for the studied segment, thereby boosting the segment's growth.
North America is Expected to Register Higher Growth Over the Forecast Period
The North American region is expected to register a high CAGR in the cold plasma market owing to the increasing prevalence of chronic diseases such as cancer and diabetes, the presence of key industry players, and the adoption of cold plasma technology in healthcare.
The rising burden of cancer is likely to increase the demand for cold plasma therapy with minimal side effects. For instance, according to the statistics published by the Canadian Cancer Society in 2021, around 4,000 Canadians were diagnosed with stomach cancer and 1,950 deaths occurred in Canada by the end of 2021. In addition, as per the American Society of Clinical Oncology 2021 report, an estimated 235,760 adults (119,100 men and 116,6600 women) in the United States were diagnosed with lung cancer. Similarly, according to statistics published by the American Association of Cancer Research, in 2021 approximately 26,560 new cases of stomach cancer were detected in the United States, with 16,160 males and 10,400 women. Cold plasma treatment is considered one of the most effective cancer treatments as it helps to eliminate cancerous cells and promotes the healing of cancerous lesions. Thus, the increasing prevalence of cancer is expected to increase the demand for cold plasma therapy, thereby boosting market growth.
In addition, the rising number of dental caries cases among the population, especially in children and the geriatric population, is likely to increase the demand for non-drilling and effective treatment as well as maintain patient comfort, which increases the demand for cold plasma therapy, in turn fueling the market's growth.
Moreover, the increasing company focus on utilizing cold atmospheric plasma technology for treating various chronic diseases and conditions is anticipated to increase the growth of the cold plasma market over the forecast period. For instance, in September 2021, United States Medical Innovations presented the positive results of Phase I clinical trial using cold atmospheric plasma for the treatment of solid tumors at the Baird Global Healthcare Conference.
Thus, the rising prevalence of cancer, the growing geriatric population, and increasing company activities are anticipated to drive the market's growth over the forecast period.
