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. 

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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.

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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.