Povidone Iodine Market Size & Share 2022 to 2028
Market Size by Formulation Type (Scrub, Topical Solution, Ointments), by Concentration (10% Solution, 7.5% Solution), by Application (Skin Sterilization, Instrument Sterilization, Disinfectant) & Forecast.
Report ID: GMI5018
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Published Date: March 2022
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Povidone Iodine Market Size
Povidone Iodine Market size exceeded USD 151.5 Million in 2021 and is estimated to grow at over 4.5% CAGR between 2022 and 2028. Growing demand for antiseptic agents in the healthcare sector should promote the overall market growth.
Povidone iodine is a complex element of iodine, hydrogen iodine, and povidone which appears as a brown powder. It is available in liquid and powder form and is widely used as an antiseptic and disinfectant in healthcare applications. For instance, povidone iodine is used to disinfect the skin of patients for both pre-surgery and post-surgery and the hands of healthcare workers. Moreover, it is also used as an antiseptic agent in the production of antiseptic scrubs, ointments, and gargle solutions.
Povidone iodine is increasingly used as an antiseptic agent in the healthcare sector owing to its ability to kill micro-organisms and decrease the risk of infection. An increasing number of invasive surgeries and rapid growth in the healthcare industry in developed and developing economies is accelerating the demand for antiseptic products. This trend is projected to support the market statistics. Furthermore, the product is also used in treating skin, mouth, and throat infections, which in turn, drives the industry statistics.
Povidone Iodine Market Analysis
Povidone iodine market from scrub formulation type segment surpassed USD 70.5 million in 2021 and is projected to exhibit a CAGR of over 4.5% during the forecast period. Scrubs are increasingly used for the prevention and treatment of infections in cuts and wounds as it is highly effective in killing harmful microbes and controlling their growth, thereby preventing infections in the affected area. The demand for povidone iodine scrub has surged due to its microbicidal activity against a broad range of protozoa, fungus, viruses, and bacteria which should propel market expansion.
The use of scrubs before surgical procedures reduces the chance of contamination. It is used in both pre and post-surgery skin washing to prevent the risk of infection on the operative area. Thus, the rising prevalence of infections in healthcare settings along with an increasing number of hospitals & clinics across the globe is projected to boost the product demand. Scrub is used for washing hands and forearms to reduce the number of microorganisms prior to surgery, which should fuel product demand from hospitals.
Povidone iodine market from 10% solution concentration is projected to cross USD 159 Million by 2028 growing at a CAGR of over 4.5%. 10% solution is used as a topical skin cleansing agent for wound dressing and antiseptic cream formulations owing to its ability to kill microorganisms which should accelerate product demand. The demand for a 10% solution is gaining traction as it is more effective as a hand scrubbing agent for clinical purposes.
The increasing demand for disinfectants due to the risk of hospital-acquired infections is expected to increase the demand for 10% solution. The product is used in the antiseptic cream formulation and wound dressing application, which should propel product adoption rate. 10% solution povidone iodine belongs to the class of antiseptic & disinfectant category which is increasingly used to prevent and treat skin infections in minor burns, deep cuts in the skin, and abrasions. Thus, increasing incidences of injuries in the workplace are projected to boost product demand.
Povidone iodine market demand from skin sterilization application is estimated to reach over USD 107 million by 2028. Skin sterilization is a process that kills almost all types of fungi, bacteria, and viruses on the skin. Skin sterilization protects the patients and medical professionals from the spread of diseases and infections in hospitals and other healthcare settings. Therefore, skin sterilization of the patients and the hands of the doctors is an important part of any type of surgery.
Povidone iodine is used for skin sterilization as it is highly effective in killing microorganisms and pathogenic which are the leading cause of the spread of diseases in hospitals. It is used for skin sterilization before skin puncture for the blood test, before spinal and epidural anaesthesia. Thus, an increasing number of surgeries is expected to drive the overall market outlook. Moreover, povidone iodine is a highly effective and low-cost alternative to alcohol for skin sterilization, which should fuel the product demand from hospitals and clinics.
Asia Pacific povidone iodine market is projected to cross USD 79 Million by 2028 growing at a CAGR of over 5.5%. The growth of market in Asia Pacific is primarily attributed to the rapidly developing healthcare sector in China, India, Malaysia, and Thailand. Also, growing concern about hygiene in healthcare along with increased healthcare spending in the region will propel the APAC market statistics.
Furthermore, the growing demand for sterilized equipment from hospitals and strict regulations in using medical equipment should boost product demand. Povidone iodine is increasingly used in the prevention of COVID 19 transmission in patients through nasal antisepsis owing to its ability to reduce the virus load in the nasal tract thereby preventing the risk of transmission. Thus, the rapid spread of COVID-19 across the region and an increasing number of hospitals & clinics have accelerated the demand for povidone iodine, thus propelling the regional market growth.
Povidone Iodine Market Share
The global povidone iodine market is fragmented with the top players accounting for a limited share in 2021. Key industry players operating in povidone iodine market include :
The market players are implementing strategies such as new product launches, production capacity expansion, and mergers & acquisitions to increase the market share, enhance product portfolio, and tap the growth opportunities in the market.
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or instance, In February 2021, Avrio Health introduced an antiseptic oral rinse product that contains povidone-iodine 0.5% as an active ingredient under a brand name Betadine. It is an antiseptic preprocedural oral rinse product specially produced only for professional use for the reparation of oral mucous before dental surgery, tooth extraction, and injection. This initiative was mainly aimed at expanding the current product portfolio and creating a competitive edge in the market.
In July 2020, BD launched povidone-iodine, a fully sterile solution used for skin preparation. The product is named BD Purprep which is used by healthcare professionals for patients’ preoperative skin preparation. It is commercially available in the U.S. as an antiseptic skin preparation sterile solution (PVP- I) which is used for single-use antiseptic skin preparation. The product is specifically designed to promote aseptic non-touch method and prevent cross-contamination to reduce the chance of outbreaks connected to microbial contamination of antiseptic products.
Global povidone iodine market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in Tons, revenue in USD Million from 2017 to 2028 for the following segments:
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