“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.

 

 

 

 

 

 

 

 

 

 

 

 

 

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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.