Market Trends of Gold Nanorods Industry
This section covers the major market trends shaping the Gold Nanorods Market according to our research experts:
Increasing Demand from Medical and Healthcare Sector
- Gold nanorods are non-toxic in nature and have the ability to scatter and absorb light due to which they are used in the biomedical industry in imaging, cancer therapy, and diagnostics.
- Gold nanorods have applications as optical materials in optical tomography which is used in medical imaging research.
- Gold nanorods are estimated to be best for photothermal heating process in which absorbed light is converted into heat, because of this property there are used for photothermal cancer therapy.
- Gold nanorods based carriers can be used in the biomedical industry for detection, imaging, hyperthermia, drug delivery, gene delivery, and biocatalysis.
- The global medical devices sector is expected to grow at a CAGR of over 4% during the forecast period which would increase the usage of gold nanorods in the medical sector.
- There are many ongoing researches on gold nanorods for its usage as anticancer drugs which will create opportunities for the gold nanorods market to bloom in the future.
- Owing to the abovementioned factors the demand for gold nanorods from medical & healthcare sector is expected to grow rapidly over the forecast period.
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North America Region to Dominate the Market
- North America region holds the largest market share owing to the huge consumption from countries such as the United States and Canada. The demand for gold nanorods is growing rapidly owing to major applications in sensing, medical & healthcare, and electronics industry.
- The demand for gold nanorods is expected to grow considerably in North America due to the presence of a major number of research and development centers that aimed at developing broad-spectrum antiviral medicines.
- In the electronic industry, gold nanorods find applications in manufacturing of solar cells and LCDs. They are also used in the manufacture of flash memory devices for storage of information and for networking technology which is propelling the demand for gold nanorods.
- The solar cell segment in North America is projected to register a CAGR of over 19% during the forecast period which would propel the gold nanorods market.
- In 2019, the total number of new cancer cases registered in United States were 1,762,450 and this number is further projected to increase during the forecast period which would increase the demand of gold nanorods for cancer therapy in the region.
- German-American research team at Carnegie Mellon University in Pittsburgh have developed gold nanorods without the use of cytotoxic additives which will propel the demand of gold nanorods in medical applications over the forecast period.
- Some major companies operating in the region are BB International Solutions and Nano Composix Inc.
- The aforementioned factors along with advancement in technologies will propel the demand of gold nanorods market.
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