In the current regulatory climate-where the focus on sustainable techniques has risen-it is expected that the benefits of cold plasma will ensure its greater adoption in the years to come. Innovations in textile production and growing food safety concerns are the major factors driving the growth of this market.
The global cold plasma market size is projected to reach USD 3.1 billion by 2024 from USD 1.5 billion in 2019, at a CAGR of 15.6%.
The wound healing segment is projected to grow at the highest CAGR during the forecast period
Within the medical industry, the market is segmented into wound healing, dentistry, oncology, blood coagulation, and other applications. The wound healing segment is projected to grow at the highest growth rate during the forecast period, driven by the advantages of cold plasma treatment, along with the minimal side-effects, thus making it more viable over conventional methods.
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Low-pressure cold plasma to witness the highest growth during the forecast period
Based on the regime, the market is classified broadly into atmospheric cold plasma and low-pressure plasma. The low-pressure cold plasma is estimated to hold the largest share of the market in 2019 and is also projected to grow at the highest rate during the forecast period. The large share and high growth rate of this segment can be attributed to the bactericidal activity and minimal surface ablation.
The APAC cold plasma market is expected to grow at the highest CAGR during the forecast period
The market in the APAC is expected to grow at the highest CAGR during the forecast period. The Asia Pacific region witnessed the highest growth, which is driven by the continuous shift of electronic manufacturing to Asian countries, increasing demand for decontaminated frozen food, growing manufacturing facilities of textiles, and the rising production of polymers.
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Key Market Players
The prominent players in the global market are Apyx Medical Corporation (US), Nordson Corporation (US), Adtec Plasma Technology Co. Ltd (Japan), P2i (UK), Relyon Plasma GmbH (Germany), Henniker Plasma (UK), Enercon Industries (US), AcXys Plasma Technologies (France), Plasmatreat (Germany), Tantec A/S (Denmark), Europlasma (Belgium), Thierry Corporation (Germany), Surfx Technologies, LLC (US), SOFTAL Corona & Plasma (Germany), Coating Plasma Innovation (France), Ferrarini & Benelli (Italy), Neoplas GmbH (Germany), terraplasma GmbH (Germany), Molecular Plasma Group (Germany), CINOGY GmbH (Germany), Advanced Plasma Solutions (US), UNIQAIR Technologies (US), PlasmaLeap Technologies (Australia), US Medical Innovations (US), and COMET Plasma Control Technologies (US).