Biomedical Gold Compounds/Preparations Market
Number of pages: 100 | Report Format: PDF | Published date: May 19, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
CAGR |
4.8% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global biomedical gold compounds/preparations market is expected to grow at a revenue CAGR of 4.8% from 2023 to 2031.
Biomedical Gold Compounds/Preparations Market Fundamentals
Biomedical gold compounds/preparations refer to the use of gold-based materials and compounds in biomedical applications. In medicine, gold can be used in nanoparticles, gold-based drugs, and gold-coated implants. The biocompatibility of medical equipment and implants can be improved using gold-coated implants. By avoiding contact between the implant and surrounding tissues, the gold covering assists in preventing problems such as inflammation and infections. These implants are used in orthopedics, dentistry, and cardiac surgery. There are some drugs that are used in different therapeutic areas such as rheumatoid arthritis, felty syndrome, and psoriatic arthritis. These drugs are auranofin (Ridaura) and sodium thiomalate (Myocrisin).
The research study on the biomedical gold compounds/preparations market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide an in-depth biomedical gold compounds/preparations market forecast to the industry stakeholders.
Biomedical Gold Compounds/Preparations Market Dynamics
The rising incidence of other chronic diseases, such as rheumatoid arthritis (RA), cancer, cardiovascular disorders, and Felty Syndrome further drives the demand for innovative treatments and diagnostic tools. In addition, gold compounds are widely utilized in biological research. Gold has pharmacological effects aside from implants and research instruments. Thus, biomedical gold nanoparticles and gold-based drugs, offer potential therapeutic and diagnostic solutions for these conditions. Moreover, the field of nanotechnology has witnessed significant advancements and has expanded the possibilities of using gold nanoparticles for targeted drug delivery, imaging, and sensing applications, driving the growth of the biomedical gold compounds/preparations market. Personalized medicine aims to tailor medical treatments to individual patients based on their specific characteristics, including genetics and disease profile. Gold compounds, particularly gold nanoparticles, can be functionalized and targeted to specific cells or tissues, facilitating personalized treatment approaches. This trend towards personalized medicine is driving the demand for biomedical gold compounds.
Furthermore, there is a growing preference for non-invasive or minimally invasive diagnostic techniques that offer accurate and rapid results. As the colloidal gold particles are coupled to antibodies in immunogold electron microscopy to detect particular antigens and visualize their location. Gold nanoparticles have unique optical properties that can be utilized in imaging techniques like CT scans, MRI, and photoacoustic imaging, enabling non-invasive imaging and diagnostics. This demand for non-invasive diagnostics is fueling the adoption of biomedical gold compounds. Governments, academic institutions, and private companies are investing heavily in research and development in the field of biomedical gold compounds. This investment is aimed at discovering new applications, improving the performance and safety of existing products, and accelerating the translation of gold-based technologies into clinical practice. Such investments are driving market growth.
Biomedical Gold Compounds/Preparations Market Ecosystem
Biomedical Gold Compounds/Preparations Market, Drug Type
Biomedical Gold Compounds/Preparations Market, by Application
Biomedical Gold Compounds/Preparations Market by Application
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The rheumatoid arthritis segment has a prominent revenue share in the global biomedical gold compounds/preparation market. According to the 2020 “Medical News Today”, nearly 1.3 million people in the U.S. suffered from rheumatoid arthritis, representing 0.6 to 1% of the population. The growth of this segment is majorly attributed to the rapidly growing prevalence of rheumatoid arthritis. Growth in the geriatric population globally is a primary driver for rheumatoid arthritis. Rheumatoid arthritis is an autoimmune and inflammatory condition in which the immune system malfunctions and targets healthy cells in the body, leading to inflammation (painful swelling) in the affected areas. Numerous factors, including heredity, obesity, smoking, and other lifestyle choices, contribute to the development of different types of arthritis and the expected wear and tear of aging.
Additionally, there have been significant research advancements in developing gold-based compounds for cancer therapy. Researchers are exploring using gold nanoparticles for targeted drug delivery, photothermal therapy, and imaging-guided treatments. Gold-based drugs, such as auranofin, are being investigated for their potential anticancer activity. These research advancements have translated into commercial products, contributing to the revenue generated by the therapeutics segment. Moreover, biomedical gold compounds possess unique properties that make them suitable for therapeutic applications. Gold nanoparticles can be functionalized and targeted to specific cells or tissues, allowing for precise drug delivery and enhanced treatment efficacy. Gold-based drugs exhibit anti-inflammatory, immunosuppressive, and anticancer properties. These favorable properties make gold compounds attractive for therapeutic interventions, driving their adoption and revenue in the market.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as type, application, and region etc. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential muscarinic agonist market growth opportunities.
Biomedical Gold Compounds/Preparations Market by Region
Based on region, the global biomedical gold compounds/preparations market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America accounts for significant revenue shares in the global market. Since this region is home to numerous research institutions, academic centers, and pharmaceutical companies that are at the forefront of biomedical research and development. This robust infrastructure provides a conducive environment for developing, commercializing, and adopting biomedical gold compounds. North America has a strong research and development (R&D) ecosystem. In addition, North America also has a significant number of universities, research institutions, and biotechnology companies with expertise in various fields, including nanotechnology, drug delivery systems, and cancer therapeutics. The focus on R&D and technological advancements in North America has enabled the development of innovative biomedical gold compounds.
Additionally, due to the presence of the largest pharmaceutical and biotechnology companies, it also has the resources, expertise, and distribution networks to drive the commercialization and adoption of biomedical gold compounds. Their investments in research, manufacturing capabilities, and marketing efforts contribute to the dominance of North America in the global market.
Moreover, North America is known for early adoption of innovative healthcare technologies. The region's healthcare providers and patients are more likely to embrace novel therapies and diagnostic tools, including those based on biomedical gold compounds. The willingness to adopt innovative technologies in North America provides a favorable market environment for biomedical gold compounds. Additionally, North America has a well-established regulatory framework for approving and commercializing healthcare products. The U.S. Food and Drug Administration (FDA) sets rigorous standards for safety and efficacy, which helps ensure the quality of biomedical gold compounds entering the market. The robust regulatory framework instills confidence in healthcare providers and facilitates market dominance.
Based on the regions, the global biomedical gold compounds/preparations market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding biomedical gold compounds/preparations market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Competitive Landscape
The prominent players operating in the biomedical gold compounds/preparations market are:
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
North America accounts for the largest revenue share in the global biomedical gold compounds/preparations market
The global biomedical gold compounds/preparations market is estimated to grow at a revenue CAGR of 4.80% from 2023 to 2031
The rising prevalence of rheumatoid arthritis and growing R&D activities are some prominent trends in global biomedical gold compounds/preparations.
Increasing government initiatives, funding, and rising awareness are a few opportunities in the global biomedical gold compounds/preparations market.
Limited knowledge and applications are the major restraining factors hampering the overall market growth.
Novartis AG, Sanofi SA, Xediton Pharmaceuticals Inc., and other notable players are some of the major market players in the global biomedical gold compounds/preparations market.
Europe accounts for the second largest revenue share in the global market.
*Insights on financial performance are subject to the availability of information in the public domain