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. 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. 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.
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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.
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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.
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In coming
years, as the debate on the potential impact of the chemical manufacturing
across industries on the ecology gets fiercer, new monitoring technologies will
emerge. Latest compliance regulations will expand the scope of green
chemistries for businesses in the downstream value chain. Further,
manufacturers in the market will increasingly leverage digital channels to
reach high-value customers. Many will use them to avoid disruption such as by
pandemics.
An assortment
of analytics technologies will help in augmenting the commercial productivity.
However, until now, the pace of adoption of digital technologies in the overall
chemicals industry has been relatively slow. It thus remains to be seen how far
the players in the market will be able to unlock long-term productivity
benefits of AI-driven management of various business functions, particularly
research and development and production.
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