PovidoneIodine Market: Introduction
Interms of value, the global povidone iodine market is anticipatedto expand at a CAGR of ~5% from 2020 to 2030 andsurpass US$256.7 Bn by 2030.North America dominated the global povidone iodine market in terms of volumein 2019.It is estimated to be the leading region of the global povidone iodine market duringthe forecast period. The healthcare sector is projected to offer lucrativeopportunities for the povidone iodine market in the near future.
PovidoneIodine Market: Major Drivers and Restraints
Avariety of bacteria, fungi, protozoa, and viruses colonizes different surfacesof the oral and oropharyngeal cavities of a human being. According to studiesconducted regarding the effects of various mouthwashes on oral healthcare,povidone iodine is recommended as the most effective mouthwash. Rise in awarenessabout oral health due to public and private campaigns and improvements inlifestyle of consumers, especially in emerging economies, is boosting the needfor effective oral healthcare products. This is fueling the povidone iodinemarket. 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 andvagina. Surgeons use it to disinfect the skin prior to surgery. The 10% solutionis used most often to disinfect skin, but it is also available in dilutedconcentrations as low as 0.3%.Increase in demand for antiseptics and disinfectants for various hygieneapplications in the healthcare sector is estimated to propel the globalpovidone iodine market during the forecast period.
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Severalplayers have taken strategic initiatives, such as establishment of newproduction plants, in order to expand their povidone iodine business, owing tohigh demand for povidone iodine in various applications. This is also projectedto boost the povidone iodine market during the forecast period. For instance, in 2016, BASF SEestablished a facility to manufacture polyvinylpyrrolidone (PVP) in Shanghai,China. The Shanghai plant has standard production facilities, a high-qualitycontrol laboratory, and warehousing capacity. Polyvinylpyrrolidone is added asa raw material for the production of povidone iodine. This move is likely tohelp the company meet the rising demand for polyvinylpyrrolidone as a rawmaterial in the manufacture of povidone iodine in Asia Pacific. Chlorhexidinealcohol and sodium hypochlorite are close substitutes of povidone iodine.Chlorhexidine alcohol is preferred for long action applications such ascatheter insertion, skin preparation for surgery, and hand wash before surgery.Thus, availability of strong substitutes for povidone iodine is projected torestrain the global povidone iodine market during the forecast period.
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PovidoneIodine Market: Prominent Segments
Basedon application, the skin sterilization segment constituted significant share ofthe global povidone iodine market in 2019. This trend is estimated tocontinue throughout the forecast period. In terms of value, North America heldmajor share of the global povidone iodine market in 2019. This trend isanticipated to continue during the forecast period, due to the rise inawareness about health and growth in disposable income of the people in theU.S. and Canada.
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CompetitionLandscape
Majorglobal manufacturers of povidone iodine include BASF SE, Boai NKY Pharmaceuticals Ltd., NIPPONSHOKUBAI CO., LTD., Medline Industries Inc., and Samrat Pharmachem Limited.
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In comingyears, as the debate on the potential impact of the chemical manufacturingacross industries on the ecology gets fiercer, new monitoring technologies willemerge. Latest compliance regulations will expand the scope of greenchemistries for businesses in the downstream value chain. Further,manufacturers in the market will increasingly leverage digital channels toreach high-value customers. Many will use them to avoid disruption such as bypandemics.
An assortmentof analytics technologies will help in augmenting the commercial productivity.However, until now, the pace of adoption of digital technologies in the overallchemicals industry has been relatively slow. It thus remains to be seen how farthe players in the market will be able to unlock long-term productivitybenefits of AI-driven management of various business functions, particularlyresearch and development and production.
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