Povidone Iodine Market to Garner $242.2 Million, Globally, By 2031 at 4.7% CAGR, Says Allied Market Research
Increased demand from pharmaceutical industry and surge in demand for antiseptic creams drive the growth of the global povidone iodine market.
PORTLAND, Ore., July 5, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'Povidone Iodine Market by Formulation Type (Scrub, Topical Solution, Ointments, and Others) and Application (Skin Sterilization, Instrument Sterilization, Disinfectant, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031'. According to the report, the global povidone iodine industry generated $152.6 million in 2021, and is anticipated to generate $242.2 million by 2031, witnessing a CAGR of 4.7% from 2022 to 2031.
Prime determinants of growth
Increased demand from pharmaceutical industry and surge in demand for antiseptic creams drive the growth of the global povidone iodine market. However, side effects associated with the usage of povidone iodine restrict the market growth. On the other hand, increase in demand from emerging economies present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a positive impact on the global povidone iodine market, owing to increased demand for disinfectant and instrument sterilizer.
- For healthcare professionals, nose and oral cleansing with povidone iodine has been recommended as a COVID-19 infection prevention intervention.
- The trend is going to continue post-pandemic as well.
The topical solution segment to maintain its leadership status throughout the forecast period
Based on formulation type, the topical solution segment held the highest market share in 2021, accounting for more than one-third of the global povidone iodine market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 4.9% from 2022 to 2031. This is owing to increased demand for povidone iodine topical solution from medical and healthcare industry.
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The Disinfectant segment to maintain its lead position during the forecast period
Based on application, the disinfectant segment accounted for the largest share in 2021, contributing to more than one-third of the global povidone iodine market, and is projected to maintain its lead position during the forecast period. This is attributed to increased instances of skin burn, accidents, and other injuries. However, the instrument sterilization segment is expected to portray the largest CAGR of 5.1% from 2022 to 2031, owing to increased demand for instrument sterilization in COVID-19 pandemic.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global povidone iodine market, due to the presence of large consumer base for healthcare and pharmaceutical industry. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.3% from 2022 to 2031. This is attributed to increase in population and rise in pharmaceutical industry.
Leading Market Players: -
- 3M Company
- Avrio Health L.P.
- BASF SE
- Glide Chem Private Limited
- Lasa Supergenerics Ltd.
- Luxica Pharma Inc
- Nippon Shokubai Co., Ltd.
- Samrat Pharmachem Limited
- Thatcher Company
- Vishal Laboratories
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