Global Colloidal Silver Market Is Estimated To Witness High Growth Owing To Increasing Adoption In Pharmaceutical Industry
Colloidal silver is a popular term refers to a liquid suspension of silver particles in a solution. It is most commonly used as an antimicrobial agent and dietary supplement. Colloidal silver products are used in a myriad of pharmaceutical applications such as treatment of cuts, abrasions, burns and infections of the eye, skin and soft tissues. It also finds applications in dental bonding of restorations and prostheses. The global colloidal silver market is estimated to be valued at US$ 361.4 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Colloidal silver is Estimated to Witness High Growth Owing to Increasing Adoption in Pharmaceutical Industry is the rising demand for natural and homeopathic remedies for minor health conditions. According to recent surveys, nearly 35% of American adults opted for over-the-counter homeopathic medications to cure minor health issues like cuts, burns and infections in 2020. Colloidal silver formulations in the form of gels, creams and oral solutions are popular homeopathic remedies for such conditions. The increasing preference for natural remedies over prescription drugs is expected to boost the demand for colloidal silver products over the forecast period.
SWOT Analysis
Strength: Global colloidal silver market has high demand for natural health supplements. Colloidal silver is known to have antibacterial and anti-inflammatory properties. It is easily accessible in the form of gels, creams and liquid supplements.
Weakness: Long term usage of colloidal silver can cause argyria which turns skin blueish-gray in color due to deposited silver in skin tissues. Safety of dosage levels is still debated in medical community with limited clinical research data available.
Opportunity: Growing consumer preference for alternative natural therapies is driving increased adoption of colloidal silver supplements. Applications are expanding from human to pet health and hygiene products offering lucrative opportunities.
Threats: Strict regulations in some regions limit marketing and sales of colloidal silver supplements. Competition from other natural antibiotics can impede market growth. Potential future safety concerns reported by health agencies can negatively impact the market.
Key Takeaways
The global Colloidal Silver Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 driven by rising health-conscious consumer base. The market size is projected to reach US$ 361.4 Mn by 2023 registering a CAGR of 6.3% during the forecast period.
Regional analysis: North America dominates the global colloidal silver market currently holding over 30% share owing to robust distribution network and aggressive marketing strategies of key players in the region. Asia Pacific is expected to witness fastest growth over the forecast period with China and India emerging as highly lucrative markets. Consumers in developing Asian countries have shown increasing preference for alternative medicines in recent years propelling high demand for colloidal silver supplements.
Key players: Key players operating in the global colloidal silver market are Sovereign Silver, ASAP Silver, Meso Silver, Silver Support, Silver Armor, Silver Biotics, Heritage Skin Care, White Egret, Heritage Products, Natural Path Silver Wings, Silver Mountain Minerals, American Biotech Labs, Silver Solutions, Silverado, Silver Health Institute, The Natural Path Silver Wings, Heritage Products, Purest Colloids, Silver Edge, Advanced Silver. The market is highly fragmented with presence of both global and regional level players. Majority of key players are focusing on new product launches and expanding distribution channels to strengthen market presence.
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