Industry view | Platinum can meet medical needs

Platinum has a range of unique properties and is particularly suitable for medical treatment (Figure 2). It is known for its excellent biocompatibility, radio-impermeability (visibility in X-rays) and electrical conductivity; Platinum is also widely used in permanent implantable medical devices such as pacemakers, cochlear implants and neuromodulators. Since the first platinum-based anti-cancer drug "cisplatin" was developed, platinum has led the field of cancer treatment for 45 years.

According to the United Nations Environment Programme, the world's population will exceed 9.7 billion by 2050, with the number of people over 65 (including those aged 65) expected to double. The World Health Organization will focus on addressing non-communicable diseases, such as cardiovascular disease and cancer, in line with the United Nations 2030 Sustainable Development Goals. In addition, the United Nations aims to achieve universal health by 2030, reaffirming "the right of everyone to the enjoyment of the highest attainable standard of physical and mental health."

Over the next 30 years, the number of people over 65 in emerging markets is expected to grow by 2.7 per cent a year, more than double the rate in developed countries. Longer lifespans will also drive higher demand for medical services. Health spending in emerging economies will grow and eventually catch up with that of developing countries. Currently, the United States spends about 19 percent of its gross domestic product on health care, and Europe spends 12 percent. In India and Southeast Asia, health spending currently accounts for only 3 to 5 per cent of GDP *.

Medical demand for platinum is expected to grow by 3% to 299,000 ounces by 2024. Thanks to double-digit growth in oncology investment, platinum is seeing the most significant growth in the field of cancer therapeutics, outpacing other medical sectors. At the same time, the use of platinum in medical devices will also grow, albeit at a slower pace, mainly due to long-term factors such as aging populations and improved healthcare services in emerging markets.

                                                                                                                                                 Article source: World Platinum Investment Association