The Cold Plasma in Healthcare Market is expected to register a CAGR of 16.7% during the forecast period. The market is expected to show healthy growth due to the environment-friendliness and other benefits of cold plasma techniques and increasing use of cold plasma in wound healing.
The field of cold plasma in medicine is growing quickly and the possibilities seem endless. As cold plasma has the ability to kill bacteria and prevent infections, it has thus been proven to be successful in treating burns; for instance, according to a Medical Xpress article 2018, a young woman suffering from severe burns was applied cold plasma and within minutes, it killed all bacteria in the wound.
According to World Health Organization (WHO), breast cancer is the most frequent type of cancer among women globally, approximately 2.1 million women suffer with breast cancer every year, and with highest number of cancer-related deaths among women. In the year 2018, it was estimated that approximately 627,000 women died from breast cancer that is nearly 15% of all cancer deaths among women globally. As cancer cases increases will boost the market in near future.
In addition, cold plasma is also effectively combined with chemotherapy in cancer treatment and thus promotes wound sterilization, blood coagulation, and cell proliferation in wound healing. The use of cold plasma thus allows for an effective medical treatment of cancer and various skin injuries and diseases, e.g., wounds, bacterial superinfections, and fungoid infections. Therefore, the increasing application of cold plasma in wound healing, cancer treatment and infective diseases is augmenting the growth of the market studied.
Key Market Trends
Wound Healing Segment is Expected to Hold a Significant Market Share in the Cold Plasma in Healthcare Market
Wound healing segment is expected to hold the largest share, as cold plasma has the ability to kill bacteria, including the drug-resistant bacteria, to prevent further infection and thus helps in treating chronic wounds. It accelerates the wound healing process and eliminates further complications and related discomforts. Since there are a large number of trauma and wound management cases observed yearly across major countries of the world, the adoption rate of cold plasma is expected to be high for wound healing across the majority of hospitals and healthcare facilities.
The incidence of chronic wounds, especially foot ulcers is increasing among the diabetic population. Moreover, as per Germany Federal Statistical Office 2020 report, currently there about 83 million population in Germany. of these 16.2 million population are above 67 years of age and this number is projected to reach 21.4 million in 2040. As geriatric population increases who are more prone to diabetes which results in chronic wounds such as foot ulcers which will boost the market.
Although many other treatment procedures are present for wound healing, cold plasma treatment is anticipated to be one of the effective ways. This is anticipated to drive the segment further.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America has been accounted for the largest share of the cold plasma market owing to the presence of key industry participants and the availability of various FDA-approved products. There has been a healthy adoption of technologically advanced products in the regional healthcare industry that will fuel the market growth.
The rising cases of cancer are also expected to drive the market in this region. For instance, according to the National Breast Cancer Foundation, in 2019, 62% of breast cancer cases were diagnosed at a localized stage. Female breast cancer represents approximately 15.2% of all new cancer cases in the United States. Thus, increasing the prevalence of cancer and chronic wounds are driving the growth of the overall market.
The cold plasma in healthcare market is consolidated competitive. The key players involved in market expansion, analyze competitive developments (such as partnerships, agreements, collaborations, alliances, mergers & acquisitions, new product developments, geographical expansions, and R&D activities) and strategically profiles the key players and comprehensively analyzes their core competencies in the cold plasma market.
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