According to a recent report by Global Market Insights, Inc., povidone iodine market size is projected to exceed USD 200 million by 2027.
Povidone iodine, which is a complex of elemental iodine, hydrogen iodine and povidone serves as an important antiseptics and disinfecting agent across the healthcare settings. It is predominantly used for reducing the risk of skin infection on wounds and surgeries. Numerous advantages of povidone iodine, such as wide antibacterial spectrum and lack of identifiable bacteria resistance, is fostering its demand further. In light of the increasing product application in healthcare sector, povidone iodine market is estimated to witness a commendable growth over the forthcoming years.
Quoting an instance, in 2020, BD, a prominent medical technology company, announced the launch of BD PurPrep in the U.S. According to the company, the wholly sterile povidone-iodine plus isopropyl alcohol antiseptic skin preparation has been designed especially for the prevention of prevent cross-contamination and for promoting aseptic non-touch method.
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Povidone iodine is available in different concentrations like 10%, 7.5%, etc. Solutions with 10% concentration are however, witnessing heightened demand. It is majorly used as a cleansing agent before insertion across clinics and hospitals. With increasing demand for the solution, 10% concentration segment is anticipated to register a robust CAGR of over 4.5 % through 2027.
The product has various formulations such as scrub, ointment and topical solution among others. Ointments based on povidone iodine is extensively used in the treatment of large wounds and common skin infections such as cuts, abrasions and minor burns which is augmenting the industry landscape.
Apart from ointment, scrub formulation is also in huge demand for disinfecting the skin prior to surgeries. Significant surge in the number of different types of surgeries is fueling the product demand further. On account of elevating applications, scrub formulation segment was valued at USD 65 million in 2020 and is expected to record a substantial valuation of over USD 20 million by 2027.
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Speaking of the application of povidone iodine, it would be essential to note that the compound finds important usage for disinfecting the medical equipment such as hydrotherapy tanks, thermometers, endoscope as well as blood culture bottles. With significant expansion of the healthcare sector, demand for instrument sterilizing solution has increased enormously as it helps in avoiding the risk of diseases in hospitals and clinics. Considering these factors, instrument sterilization application segment is projected to register an appreciable valuation of more than USD 75 million by 2027.
Regionally, povidone iodine industry in Europe is estimated to record a notable CAGR of over 4% through 2027. The growth can be credited to the increasing demand for skin disinfectants and instrument sterilizers due to the rising cases of chronic ailments in the region. In addition, with the ongoing covid-19 crisis, application of cleansing and sterilizing agents has increased significantly across the healthcare centers. Besides, increasing number of healthcare institutes in Europe due to Covid-19 is further fueling the product demand in the region.
Povidone iodine industry is competitive and includes various market players such as BASF SE, Glide Chem Pvt Ltd, Adani Pharmachem Pvt Ltd, Akron Healthcare Pvt Ltd, Sigma Aldrich, Avrio Health L.P. and Boai NKY Pharmaceuticals Ltd. Companies are primarily engaged in strategic acquisitions to expand production capacity and distribution network.
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