NEW YORK, June 22, 2020 (GLOBE NEWSWIRE) -- In Asia-Pacific (APAC), particularly India, China, and South Korea, the pharmaceutical sector is expanding rapidly, owing to the rising investments in the industry and economic growth in these nations. This is especially true of India and China, the two countries with the highest population, where the focus on providing healthcare to the masses (including the elderly) is increasing, according to the recent market research report study published by P&S Intelligence.
As a result, the global bismuth nitrate market size, which valued $190.6 million in 2019, is predicted to reach $287.7 million in 2030, at a 5.1% CAGR between 2020 and 2030. This is because this salt is widely used in medical drugs, owing to its ability to protect the kidneys from damage by cancer medication. Additionally, the compound also prevents damage to the bone marrow from radiation and checks the formation of ulcers, by stopping the Helicobacterpylori bacteria from infecting the gastrointestinal tract.
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In the coming years, the revenue generated from the sale of pharmaceutical-grade bismuth nitrate is expected to increase faster than the industrial-grade variant. This is because the consumption of the compound for the manufacturing of medical drugs is on a rapid rise. The salt can be used in conjunction with an active pharmaceutical ingredient (API) or as an API on its own, in a range of drugs, for an array of conditions. With the growing prevalence of chronic diseases, especially cancer, the treatment for which can be toxic to the kidneys and bone marrow, the demand for bismuth nitrate, to prevent bone marrow and kidney damage, is rising.
Drug formulation held the largest share in the bismuth nitrate market in 2019, on the basis of application. This is attributed to the heavy consumption of the chemical in pharmaceuticals, to serve as an API for a wide variety of conditions, which include duodenal ulcers and other digestive tract diseases. Further, the compound also stops H. pylori from infecting the stomach and causing inflammation.
Presently, APAC accounts for the highest consumption of the bismuth salt, which is primarily owed to a large number of manufacturers in China. Bismuth nitrate producers are focusing on research and development (R&D), so that new applications of the compound in the pharma industry can be found. In addition, with the increase in the geriatric population in India and China, the demand for medical drugs is rising, thereby driving the requirement for bismuth nitrate in the APAC region.
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To use the consolidated nature of the market to the best of their advantage, companies offering bismuth nitrate are entering into distribution agreements, so their products can have a wider reach.
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For instance, in September 2019, The Shepherd Chemical Company chose Everchem Specialty Chemicals as its exclusive distribution partner for BiCAT polyurethane catalysts in Canada and the U.S. The agreement is aimed at broadening Shepherd’s urethane raw material portfolio, offer more packaging options to customers, and better its technical support.
Thermo Fischer Scientific Inc., American Elements, GFS Chemicals Inc., Avantor Inc., Strem Chemicals Inc., Merck KGaA, Orrion Chemicals Bischem, Henan Coreychem Co. Ltd., ProChem Inc., and The Shepherd Chemical Company are the major global bismuth nitrate market players.
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