Povidone Iodine Market surpass US$ 256.7 Bn by 2030
Povidone Iodine Market: Introduction
In terms of value, the global povidone iodine market is anticipated to expand at a CAGR of ~5% from 2020 to 2030 and surpass US$ 256.7 Bn by 2030. North America dominated the global povidone iodine market in terms of volume in 2019. It is estimated to be the leading region of the global povidone iodine market during the forecast period. The healthcare sector is projected to offer lucrative opportunities for the povidone iodine market in the near future.
Povidone Iodine Market: Major Drivers and Restraints
A variety of bacteria, fungi, protozoa, and viruses colonizes different surfaces of the oral and oropharyngeal cavities of a human being. According to studies conducted regarding the effects of various mouthwashes on oral healthcare, povidone iodine is recommended as the most effective mouthwash.
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Rise in awareness about oral health due to public and private campaigns and improvements in lifestyle of consumers, especially in emerging economies, is boosting the need for effective oral healthcare products. This is fueling the povidone iodine market. Povidone Iodine is commonly used as an antiseptic for the skin (e.g., Betadine). It can also be utilized in less concentrated forms for eyes and vagina. Surgeons use it to disinfect the skin prior to surgery. The 10% solution is used most often to disinfect skin, but it is also available in diluted concentrations as low as 0.3%. Increase in demand for antiseptics and disinfectants for various hygiene applications in the healthcare sector is estimated to propel the global povidone iodine market during the forecast period.
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Several players have taken strategic initiatives, such as establishment of new production plants, in order to expand their povidone iodine business, owing to high demand for povidone iodine in various applications. This is also projected to boost the povidone iodine market during the forecast period. For instance, in 2016, BASF SE established a facility to manufacture polyvinylpyrrolidone (PVP) in Shanghai, China. The Shanghai plant has standard production facilities, a high-quality control laboratory, and warehousing capacity.
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Polyvinylpyrrolidone is added as a raw material for the production of povidone iodine. This move is likely to help the company meet the rising demand for polyvinylpyrrolidone as a raw material in the manufacture of povidone iodine in Asia Pacific. Chlorhexidine alcohol and sodium hypochlorite are close substitutes of povidone iodine. Chlorhexidine alcohol is preferred for long action applications such as catheter insertion, skin preparation for surgery, and hand wash before surgery. Thus, availability of strong substitutes for povidone iodine is projected to restrain the global povidone iodine market during the forecast period.
Povidone Iodine Market: Prominent Segments
Based on application, the skin sterilization segment constituted significant share of the global povidone iodine market in 2019. This trend is estimated to continue throughout the forecast period. In terms of value, North America held major share of the global povidone iodine market in 2019. This trend is anticipated to continue during the forecast period, due to the rise in awareness about health and growth in disposable income of the people in the U.S. and Canada.
Competition Landscape
Major global manufacturers of povidone iodine include BASF SE, Boai NKY Pharmaceuticals Ltd., NIPPON SHOKUBAI CO., LTD., Medline Industries Inc., and Samrat Pharmachem Limited.
