A17039 | Pages: 279 | Jun 2022 | 230 Views | ||
Author(s) : Sushant Moon, and Amit Narune , Eswara Prasad | Tables: 167 | Charts: 63 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !The global povidone iodine market was valued at $152.6 million in 2021, and is projected to reach $242.2 million by 2031, growing at a CAGR of 4.7% from 2022 to 2031.
The outbreak of COVID-19 has positively impacted povidone iodine market owing to increased demand for disinfectant and instrument sterilizer during COVID-19.
Povidone, commonly known as polyvinylpyrrolidone (PVP), is primarily used as antiseptic and disinfectant agent. Povidone's chemical properties such as biological inertness and the ability to bind and form complexes with other materials make it a popular compound in many sectors. Many artificial tear and eye lubricant products contain povidone as a component. Some contact lens manufacturers include povidone as a wetting agent in their lenses to improve moisture retention. Povidone is further utilized as a binder in the manufacture of pharmaceutical tablets and liquid oral medications. Moreover, it is frequently found in cosmetic products such as shampoos, lipstick, hair spray, and gels.
Povidone iodine can minimize the irritating or poisonous properties of other medications. it is frequently mixed with iodine as an antiseptic. This combination product is sold as Betadine®, a skin antiseptic, but it is also available in lower concentrations for treatment of the eyes and vaginal area. In addition, povidone iodine is commonly used as an antiseptic in surgical operations in hospitals. For healthcare professionals, nose and oral cleansing with povidone iodine has recently been recommended as a COVID-19 infection prevention intervention. As the effectiveness of this medication is unknown, using povidone iodine to prevent COVID-19 is still considered experimental.
The antibacterial properties of povidone iodine enable it to kill bacteria, viruses, and fungus. As a disinfectant, povidone iodine is becoming increasingly popular in the healthcare sector. Antiseptic product demand is rising as invasive procedures become more common and the healthcare business expands rapidly in both developed and developing nations. In addition, rise in prevalence of numerous diseases in hospitals and clinics has boosted the demand for instrument sterilizers, boosting the demand for povidone iodine.
Furthermore, rise in incidence of injuries at workplace propels the growth rate of povidone iodine market. Moreover, surge in adoption in pet animals and growing demand for animal health care products coupled with its usage in antiseptic cream formulation drive the market growth. The expansion of the end-use industries is further projected to bolster the market’s growth.
However, local swelling, inflammation, itching, and rash are common side effects of povidone iodine eye drops and skin formulations. Owing of its iodine concentration, povidone iodine can be corrosive if used excessively. Stomach distress, thyroid malfunction, and gastrointestinal burns can all result from ingestion. Heart and renal failure may develop in extreme situations. Iodine poisoning causes harmful effects that often necessitate expert treatment in a hospital environment. Thus, all these factors are hindering the demand for povidone iodine.
The global povidone iodine market is segmented on the basis of formulation type, application, and region. Depending on formulation type, the market is categorized into scrub, topical solution, ointments, and others (powder and gel). By application, it is segregated into skin sterilization, instrument sterilization, disinfectant, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global povidone iodine market include 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, and Vishal Laboratories.
Other players operating in the povidone iodine market are Evonik Industries AG, LG Chem Ltd., Sumitomo Seika Chemicals Co. Ltd, Sanyo Chemical Industries, and KAO Corporation.
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The topical solution segment accounted for the largest share, i.e., 34.3% followed by scrub segment. The topical solution segment registers the highest growth, growing around 4.9% CAGR during the forecast period, due to increased demand from the healthcare industry.
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The disinfectant segment accounted for the largest share of 35.4%. Instrument sterilization segment is the fastest growing segment, growing around 5.1% CAGR over the forecasted period. This is due to increased demand for instrument sterilization in COVID-19 pandemic.
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Europe contributed the 41.9% market share in 2021, and is projected to grow at CAGR of 4.2% during the forecast period, owing to the presence of large consumer base for healthcare and pharmaceutical industry.
KEY BENEFITS FOR STAKEHOLDERS
IMPACT OF COVID-19 ON THE GLOBAL POVIDONE IODINE MARKET
Key Market Segments
Key Market Players
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According to the insights of the CXOs of top-level companies, povidone iodine witnessed significant growth in recent years. This is attributed to increased demand for antiseptic and disinfectant products. In addition, the rising demand for skin antiseptic products is also propelling the market growth. The demand for skin antiseptic products has increased due to rise in awareness toward hospital-acquired diseases. This is consequently surging the demand for chemicals such as povidone iodine, as it is effective in killing germs and harmful bacteria, which are the most common cause of disease transmission in hospitals.
Moreover, it is used to sterilize the skin before blood test as well as in spinal and epidural anesthesia. As a result, the overall market outlook is likely to be driven by increase in the number of surgical procedures. Furthermore, for skin sterilization, povidone iodine is an effective and low-cost alternative to alcohol, which drives the demand from hospitals and clinics. In addition, povidone iodine serves as a potential endometritis prophylaxis medication, and has a high probability of becoming one of the most successful treatments overall. On the other hand, market players of povidone iodine are increasing their utilization of povidone iodine to prevent secondary outcomes such as surgical wound infections and fever linked with endometritis. Povidone iodine is being used to create incremental opportunities in applications, including presurgical vaginal irrigation to prevent postoperative wound infections and fever in women.
A. Increased demand from pharmaceutical industry is driving the demand for povidone iodine market.
A. The global povidone iodine market was valued at $152.6 million in 2021, and is projected to reach $242.2 million by 2031, growing at a CAGR of 4.7% from 2022 to 2031
A. 3M Company, Avrio Health L.P., BASF SE are some of the most established players of the povidone iodine market.
A. Pharmaceutical industry is projected to increase the demand for povidone iodine.
A. By Formulation Type Scrub • Topical Solution • Ointments • Others By Application Skin Sterilization • Instrument Sterilization • Disinfectant • Others
A. Instrument sterilization application is expected to drive the adoption of povidone iodine market.
A. COVID-19 has increased the demand for povidone iodine owing to increased demand for instrument sterilization during COVID-19 pandemic.
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