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Cold Plasma: Revolutionizing Healthcare & Beyond
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According to The Business Research Company's, The cold plasma market size has grown rapidly in recent years. It will grow from $2.73 billion in 2023 to $3.17 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to rise in medical and healthcare sectors, growth in food industry, rise in aviation sector, emerging markets.
The cold plasma market size is expected to see rapid growth in the next few years. It will grow to $5.96 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to increasing demand for water and air purification, growing electronics industry, increasing research and development activities, government support. Major trends in the forecast period include eco-friendly and sustainable solutions, nanotechnology integration, compact and portable devices, ai and automation integration, industry collaboration.
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Market Drivers and Trends:
The increased use of cold plasma technology across various industries is expected to propel the growth of the cold plasma market. Cold plasma technology is becoming more popular in medical and industrial applications such as healthcare devices and diagnostics. Cold plasma therapy is also being promoted as a viable treatment for the continuing COVID-19 outbreak. Cold plasma has the potential to kill bacteria, especially drug-resistant bacteria, preventing further infection and aiding in the treatment of chronic wounds. Cold plasma can help in the hydrophilization process in the textile industry in the treatment of protective clothing and sterile materials to reduce microorganisms. For instance, in October 2022, according to the World Health Organization, a US-based specialized health agency, globally, 1 in 6 individuals would be 60 or older by 2030 and is expected to reach 2.1 billion elderly people by 2050. With the increase in the geriatric population, there is also an increase in the diabetic population, which results in chronic wounds such as foot ulcers and thus boosts the overall market. Therefore, the increased use of cold plasma across various industries is driving the growth of the cold plasma market.
Technological advancements are a key trend gaining popularity in the cold plasma market. For instance, in June 2021, Nordson Corporation, a US-based developer and manufacturer of dispensing equipment, launched MARCH MegaVIATM Plasma Treatment System for large panels in printed circuit board manufacturing. The new MegaVIATM system delivers greater panel loading by more than 54% with only a 2% increase in footprint and overall dimensions of 1652mm W x 1782mm D x 2326mm H. High process reproducibility and plasma treatment uniformity for PCB panels are provided by the new platform.
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Major Key Players of the Market:
Ethicon Inc., Baxter International Inc., 3M Company, Smith & Nephew plc., Nordson Corporation, Plasma Etch Inc., Adtech Plasma Technology Co. Ltd., P2i Limited, Relyon Plasma GmbH, Henniker Plasma Treatment, Enercon Industries Corporation, AcXys Plasma Technologies, Plasmatreat GmbH, Europlasma NV, SOFTAL Corona & Plasma GmbH, UNIQAIR Technologies Ltd., CINOGY System GmbH, neoplas med GmbH, Leaflife Technology Co. Ltd., Nova Plasma Ltd., Tantec A/S, Thierry Corporation, Surfx Technologies LLC, Coating Plasma Innovation, Ferrarini & Benelli Srl, terraplasma GmbH, Molecular Plasma Group, Advanced Plasma Solutions Co. Inc., PlasmaLeap Technologies, US Medical Innovations LLC, COMET Plasma Control Technologies
Cold Plasma Market 2024 Key Insights:
• The cold plasma market size is expected to see rapid growth in the next few years. It will grow to $5.96 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%.
• Rising Adoption Of Cold Plasma Technology To Drive Market Growth
• Technological Advancements Redefine The Cold Plasma Market
• Asia-Pacific was the largest region in the cold plasma market in 2023
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