Nanoparticles of gold are at the center of powerful new innovations in numerous fields, from tumor treatment to electronic storage to dental implants, creating a burgeoning market that is fueling industrial gold demand.

The gold nanoparticles market is expected to reach more than $8 billion by 2022, forecasts a recent report from Global Market Insights. Exciting new medical applications for imaging, diagnosis and drug delivery, are harnessing the unique qualities of gold. In particular, Global Market Insights noted the “extensive application” for gold nanoparticles in diagnosing and treating cancer due to gold’s special properties, including its strong scattering ability and high absorption rate with less bone and tissue interference.

Among other groundbreaking gold-centered discoveries, a 2016 study detailing a new nanotechnology technique revealed that clusters of gold nanoparticles can kill cancer cells left behind after tumor removal. Other innovative new medical applications for gold nanoparticles include photo-thermal therapy and coatings for titanium-based dental implants.

Beyond the medical field, the continued growth of personal and enterprise electronics will be a key growth driver for the gold nanoparticles market in the coming years. The Global Market Insights Report specifically cites strong industry development in the Asia Pacific region, where China, India, South Korea, Japan, and Taiwan are the major manufacturing hubs for electronic goods. With businesses continuing to buy up electronics that depend on gold nanoparticles, including flash drives, micro SD cards, photovoltaic devices, and high-precision printers, the industrial sector’s demand for physical gold is bright.