Antibacterial Glass Market on the Rise
The antibacterial glass market is anticipated to be worth $222 million by 2020.
The antibacterial glass market is anticipated to be worth $222 million by 2020, according to a recent report from Grand View Research. A growing number of hospital-acquired and nosocomial infections has increased risk factors, which is expected to propel growth. In addition, rising demand for smartphones fitted with anti-microbial glass is projected to also fuel demand for antibacterial glass. The product offers an architectural solution for the prevention of infections, which is further expected to drive product demand in healthcare settings.
Rising demand for medical device coatings is projected to positively impact the growth over the forecast period. However, low consumer awareness regarding the benefits offered by these products is expected to restrain demand. Technological advancements, including the development of antibacterial glass for touchscreen displays by Corning, are expected to present growth opportunities for other industry players, thereby propelling the growth of the overall industry.
Silver was the most dominant active ingredient used and accounted for over 90% of market share in 2013. It is projected to grow at a compound annual growth rate (CAGR) of over 6% in the forecast period, making it the fastest-growing active ingredient segment.
Hospitals accounted for more than 38% of the global market in 2013 and are expected to grow at a CAGR of more than 6.5% over the forecast period. With a rising need for sterile environments, particularly in vulnerable spaces such as geriatric wards and ICUs, hospitals are expected to be the key application areas.
Europe accounted for more than 55% of revenue in 2013. This trend is expected to continue over the forecast period due to increasing consumer awareness regarding product benefits. The region is expected to witness substantial growth over the forecast period at a CAGR of more than 6.5% due to presence of major industry participants in the region.
For more information, visit www.grandviewresearch.com.