The flourishing biomedical & pharmaceutical industry is the prominent factor propelling the Cerium Oxide Nanoparticles Market growth. The surging demand for semiconductors from various end-use industries, including automotive, electronics and more is the prime factor fueling the demand for semiconductors. For instance, according to the Semiconductor Industry Association (SIA), semiconductor sales in the world reached US$152.5 billion in the second quarter of 2022, up 0.5% from the prior quarter and 13.3% from the same period in 2021. Additionally, the surging developments associated with the biomedical & pharmaceutical and automotive industries across the world have led to substantial growth in the cerium oxide nanoparticles market. The cerium oxide nanoparticles market size is projected to grow at a CAGR of 18.1% during the forecast period 2022-2027 and reach US$1.8 billion by 2027.
Cerium Oxide Nanoparticles Market: Leading Segment is Biomedical & Pharmaceutical
On the basis of the end-use industry, the Cerium Oxide Nanoparticles market can be segmented into biomedical & pharmaceutical, automotive and others. The biomedical & pharmaceutical industry is evaluated to be the leading segment in the cerium oxide nanoparticles market in 2021. During the forecast period 2022-2027, the biomedical & pharmaceutical segment is expected to grow with a CAGR of 18.7%. In an acidic environment, cerium oxide nanoparticles (CONP) can act as a prooxidant, while in a neutral environment, they can act as an antioxidant. These characteristics make cerium oxide nanoparticles an ideal therapeutic that is toxic to cancer cells while being non-toxic to normal cells. According to the World Health Organization (WHO), Globally, cancer was the primary cause of close to 10 million deaths in 2020, or close to one in every six. Thus, the surge in cancer cases is fueling the demand for biomedicines and pharmaceuticals. As a result, driving the cerium oxide nanoparticles market growth.
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Cerium Oxide Nanoparticles Market: Leading Region is North America
On the basis of geography, the Cerium Oxide Nanoparticles market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, North America has emerged as the most dominant region in the market. In 2021, the North American region held around 38.6% share of the total revenue earned by the market globally. The sectoral growth of the North American region is accelerated by the growth of the various industries in the region, including biomedical & pharmaceutical, automotive and other industries. For instance, according to the European Federation of Pharmaceutical Industries and Associations, in 2021, the United States and Canada accounted for 49% of the total pharmaceutical market. Furthermore, the Canadian government invested more than US$1 billion in the development and growth of the country's biomedicine and pharmaceutical sector in 2021.
The Major Players in this Market Include
The major companies in the Cerium Oxide Nanoparticles market include Cerion, American Elements, Plasmachem, Inframat Advanced Materials, Nanophase Technologies, nanoMAG, Meliorum Technologies Inc., Nanostructured & Amorphous Materials Inc., ANP Corporation and Skyspring Nanomaterials Inc.
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