PUNE, India, October 5, 2015 /PRNewswire/ --
According to a new market research "Surface Disinfectant Market by Product (Hypochlorite, Quaternary Ammonium Compounds, Hydrogen Peroxide, Chlorhexidine Gluconate, Peracetic Acid, Phenol, Alcohol), Formulation (Sprays, Liquids, Wipes) - Global Forecast to 2020", published by MarketsandMarkets, the global market is expected to reach USD 542.55 Million by 2020 from USD 312.17 Million in 2015, growing at a CAGR of 11.69% between 2015 and 2020.
Browse 73 Tables and 116 Figures spread through 164 Pages and in-depth TOC on "Surface Disinfectant Market"
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The global Surface Disinfectant Market is poised for moderate growth between 2015 and 2020. Key market drivers include increasing incidence of hospital-acquired infections, growing in the number of surgical procedures and increasing healthcare expenditure.
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Growing healthcare expenditure will aid the growth of the Surface Disinfectant Market. Healthcare expenditure constitutes a significant part of the development budget of all countries. It consists of spending by both public and private sources on medical goods and services. Rapid economic development across the globe is expected to improve access to quality healthcare. Increasing healthcare expenditure will lead to a rise in the demand for quality healthcare and will be an important growth driver for the Surface Disinfectant Market.
According to estimates from the World Bank, global healthcare spending increased at a CAGR of 6.97% from 2003 to 2013, from USD 3,786 Billion in 2003 to USD 7,427 Billion in 2013. In this period, public healthcare spending increased at a CAGR of 7.28%, from USD 2,198 Billion in 2003 to USD 4,440 Billion in 2013. This high growth rate, along with the substantial size of healthcare spending, will act as an important driver for use of surface disinfectants in hospitals and homes, which are the major end-user segments of the Surface Disinfectant Market.
The Surface Disinfectant Market is segmented on the basis of by products and formulations. Products segments included in the report are hypochlorite, quaternary ammonium compounds, hydrogen peroxide, chlorhexidine gluconate, peracetic acid, chlorine dioxide, phenolic compounds, alcohols, iodine compounds and aldehydes. Hypochlorites had the largest share of the global Surface Disinfectant Market in 2015 and quaternary ammonium compounds are expected to grow at the highest CAGR between 2015 and 2020.
On the basis of formulation, the report is segmented into liquids, sprays and wipes. Liquid formulations had the largest share of the Surface Disinfectant Market in 2015. It is also expected to be the fastest growing formulations segment between 2015 and 2020.
The geographic segments included in this report are North America, Europe, APAC, Latin America and Middle East and Africa. North America has the largest share of this market in 2015, while APAC is expected to grow at the fastest rate during the forecast period. Growth in the APAC market will primarily be driven by the increasing population and growing healthcare expenditure in this region.
The major players in the Surface Disinfectant Market include 3M Company (U.S.), STERIS Corporation (U.S.), Johnson & Johnson (U.S.), Cantel Medical Corp. (U.S.), The Clorox Company (U.S.), Reckitt Benckiser Group Plc. (U.K.), The Procter & Gamble Company (U.S.), Sealed Air Corporation (U.S.), Whiteley Corporation (Australia) and Metrex Research, LLC. (U.S.).
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