April 12, 2024
Carbonate Market

The Rising Carbonate Market Growth Is Driven By Increasing Healthcare Expenditure

Carbonate salts are widely used in numerous medical and pharmaceutical applications owing to their properties such as alkalinity and buffering capacity. Carbonate plays a vital role in physiological and organic processes such as pH regulation, mineralization, signal transduction, and photosynthesis. Sodium bicarbonate or baking soda remains a crucial component in various therapeutics such as antacids, hemodialysis, and cardiac resuscitation. In addition, carbonate nanoparticles have shown promising results in biomedical fields such as bioimaging, drug delivery, and tissue engineering.

The Global Carbonate Market is estimated to be valued at US$ 183.76 Bn in 2024 and is expected to exhibit a CAGR of 14%   over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Carbonate market are INOVIQ, Bio-Rad Laboratories, Inc., Abbott, Becton, Dickinson and Company, Merck KgaA, QIAGEN, Thermo Fisher Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., and Siemens Healthcare Private Limited. These players are focusing on new product launches and expansion strategies to gain a competitive edge in the market. For instance, in 2023 Abbott launched Panbio COVID-19 Antigen Self-Test in several global markets to provide affordable and accessible testing options.

The increasing prevalence of chronic diseases coupled with growing healthcare expenditure is fueling the demand for carbonate salts globally. As per the World Health Organization (WHO), cardiovascular diseases account for over 17.9 million deaths annually, which is expected to increase to over 23.6 million by 2030. Carbonate compounds have widespread applications in hemodialysis procedures and cardiac resuscitations.

Moreover, major players are expanding their presence in emerging economies of Asia Pacific and Latin America owing to high potential growth opportunities. These regions are expected to account for over 50% of global healthcare expenditure by 2030. As healthcare infrastructure continues to develop in these territories, the demand for carbonate compounds will also rise at a significant pace.

Market key trends

The rising focus on targeted drug delivery is one of the key trends gaining traction in the Global Carbonate Market Size. Carbonate nanoparticles are widely being investigated for their ability to functionalize drug molecules and deliver them in a sustained release manner to target tissues. They help in overcoming limitations of conventional drug delivery such as poor solubility, stability, and bioavailability issues. Research is ongoing to explore the potential of carbonate nanocarriers in delivering anticancer drugs, peptides, and proteins with reduced side effects.

Another emerging trend is the utilization of carbonate molecules in biomedical imaging techniques. Carbonate MRI contrast agents improve soft tissue visualization and allow early disease detection.Sodium carbonate enhances tissue differentiation in CT scans. Carbonate nanostructures also exhibit unique optical properties and are being combined with fluorescent probes for real-time imaging in regenerative medicine and tissue engineering applications. As the demand for advanced diagnostic tools rises, carbonate-based contrast agents will play a pivotal role in the healthcare industry.

Porter’s Analysis
Threat of new entrants: High capital requirement in machinery and transportation increases the threat of new entrants.

Bargaining power of buyers: Large number of product alternatives provides high bargaining power to buyers.

Bargaining power of suppliers: Suppliers face low threat due to availability of substitute raw materials.

Threat of new substitutes: Emerging alternative concentration methods pose threat of new substitutes.

Competitive rivalry: Intense competition exists among existing players to gain market share.

Geographical regions with highest market share in terms of value include North America and Europe. North America currently holds the largest share, with the United States being the major contributor. Availability of advanced healthcare facilities and increasing investments in R&D have boosted the market in the region. Europe is the second largest regional market due to rising investments in life science research.

The Asia Pacific region is expected to witness the fastest growth during the forecast period. Presence of emerging economies like China and India providing manufacturing hubs and growing population are driving the market in the region. Increasing healthcare spending, widespread diagnostics, rising awareness about personalized medicine also support market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it