Because of its medicinal properties, bismuth nitrate has found wide application in drug formulations to treat diseases such as cancer and duodenal diseases. Moreover, in the cosmetics industry, the compound is used for the production of lipsticks, nail paints, eye shadows, and hair sprays. The increasing awareness on the benefits of bismuth nitrate as a source of white pigment is the key reason behind its increasing consumption in the cosmetics industry.

Additionally, the rapid growth of the pharmaceutical sector in the Asia-Pacific (APAC) region and increasing usage of the compound over other bismuth derivates will drive the growth of the bismuth nitrate market at a CAGR of 5.1% during the forecast period of 2020–2030. The market was valued at $190.6 million in 2019, and its revenue is set to increase steadily till 2030. India, China, and South Korea will generate huge a demand for bismuth nitrate in the coming years.

Get the sample copy of the report at:https://www.psmarketresearch.com/market-analysis/bismuth-nitrate-market-report/report-sample

This can be attributed to the significant expansion of the pharmaceutical sector in these emerging economies of the APAC region. The growing pharmaceutical industry is an outcome of the increasing investments in research and development (R&D), macroeconomic growth, increasing geriatric population, increasing expenditure on healthcare, and rising number of cases of cancer, which already leads to 9.6 million deaths each year (World Health Organization estimates). The increase in the cases of cancer and growth in the elderly population have led to an increase in the demand for drugs.

The grade segment of the bismuth nitrate market is bifurcated into industrial grade and pharmaceutical grade. Of the two, the pharmaceutical grade category held the larger revenue share in the market in 2019, and it will continue to be the frontrunner during the forecast period. The growth of this bifurcation will be driven by the increasing usage of the compound in drug formulations and heavy investments in R&D to discover new applications of the salt in the medical industry.

The increasing demand for drugs will thus contribute massively to the growth of the market. Additionally, the benefits offered by bismuth nitrate make it important for the cosmetics industry, which is itself growing on account of the increasing disposable income and appearance consciousness.

 The global bismuth nitrate market generated a revenue of $190.6 million in 2019, and is projected to progress at a 5.1% CAGR during the forecast period (2020-2030), according to a report by P&S Intelligence. The major factors driving the market are the swift expansion of the pharmaceutical sector in Asia-Pacific (APAC) and rising adoption of bismuth nitrate over other derivatives of bismuth. In terms of grade, the market is divided into industrial grade and pharmaceutical grade. 

Between the two, the pharmaceutical grade held the major share of the market in 2019, in terms of value, owing to the high consumption of this compound for manufacturing of drugs. Furthermore, rising investments are being made in research & development activities for discovering novel applications of pharmaceutical grade of the compound in the medical industry. This is projected to result in the rising demand for pharmaceutical grade bismuth nitrate during the forecast period, thereby leading to the growth of the market. 

Get the sample copy of the report at: https://www.psmarketresearch.com/market-analysis/bismuth-nitrate-market-report/report-sample

When application is taken into consideration, the bismuth nitrate market is categorized into chemical manufacturing and drug formulation, between which, the drug formulation category accounted for the larger share of the market in the past. The compound is capable of preventing any sort of damage to bone marrow or kidneys of cancer patients, which can be caused during the treatment of the disease. In addition to this, duodenal ulcers can be cured using drugs that are formulated by making use of bismuth nitrate. 

Geographically, the Asia-Pacific (APAC) region dominated the bismuth nitrate market in 2019, and the region is further expected to register the fastest growth during the forecast period. The rising R&D activities in the pharmaceutical sector for developing drugs for diseases that cannot be cured at the present time is driving the demand for bismuth nitrate in APAC. Moreover, the increasing number of people suffering from cancer is also resulting in the growth of the regional domain.

“9.6 million people worldwide are estimated to have died from cancer in 2018.”, the World Health Organization (WHO) says. After cardiovascular diseases (CVDs), cancer accounts for the second-largest death count in the world. The prevalence of this disease is growing owing to poor lifestyle choices, such as smoking and alcohol abuse, as well as genetic predisposition. The worst part is that cancer is not an adult disease, but its incidence in children is growing too. As per the WHO, every year, over 300,000 people under the age of 19 are diagnosed with malignant tumors.

This has raised the demand for oncologic therapies massively, which is why cancer wards at hospitals remain ever-busy. But every medicine has a side-effect, as it modulates the biophysical processes of the body in a certain way. Numerous cancer drugs can cause kidney failure, while radiation is known to lead to bone marrow damage. As per P&S Intelligence, these grave side-effects of cancer treatment will propel the bismuth nitrate market from $190.6 million in 2019 at a 5.1% CAGR between 2020 and 2030 (forecast period).

Represented by the chemical formula Bi(NO₃)₃, the compound is also available in an industrial grade, apart from the pharmaceutical grade. However, the pharmaceutical-grade salt accounts for the wider consumption, since it is an essential component of numerous drugs, especially those designed to prevent bone marrow and kidney damage in cancer patients, after treatment. Further, Bi(NO₃)₃ is an effective antacid, which is why it is used in ulcer and diarrhea drugs. Major growth in the pharma sector is being witnessed in Asia-Pacific (APAC), with India, South Korea, and China heavily investing in this sector.

Get the sample copy of the market overview: https://www.psmarketresearch.com/market-analysis/bismuth-nitrate-market-report/report-sample

APAC is the largest consumer of Bi(NO₃)₃, and this is also where the demand for the compound is expected to rise the most over the forecast period. China is home to large-scale bismuth nitrate suppliers, which leads to easy availability and, in turn, high consumption. The regional pharmaceutical market is growing rapidly as a result of the rise in the geriatric population, increase in the incidence of chronic diseases, and surge in the affordability and accessibility of healthcare.

Hence, as the pharma sector expands and new applications are found for Bi(NO₃)₃, its usage will keep on increasing.