Povidone Iodine Market Forecasts to 2028 – Global Analysis By Formulation Type (Topical Solution, Ointments, Scrub and Other Formulation Types), Product (Electronic Grade, Pharmaceutical Grade PVP-I, Industrial Grade PVP-I and Medical Grade PVP-I), Concentration (10% Solution and 7.5% Solution), Application (Infection Prevention, Skin Sterilization, Instrument Sterilization and Other Applications), End User (Agrochemicals, Electronics, Paints and Other End Users) and Geography
According to Stratistics MRC, the Global Povidone Iodine Market is accounted for $162.82 million in 2022 and is expected to reach $240.27 million by 2028 growing at a CAGR of 6.7% during the forecast period. The primary uses of povidone, also known as polyvinylpyrrolidone (PVP), are as an antiseptic and a disinfectant. Povidone is a common substance in many industries due to its chemical characteristics, including biological inertness and the capacity to bind and form complexes with other substances. Povidone is a component of many artificial tear and eye lubricant products. To increase moisture retention, some contact lens manufacturers use povidone as a wetting agent in their lenses.
According to the National Centre for Biotechnology Information (NCBI), povidone-iodine throat spray is superior in reducing SARS-CoV-2 infection than vitamins and as such, it is recommended for treatment and prevention of Covid-19.
Market Dynamics:
Driver:
Increasing Use in the Healthcare Sector
Povidone iodine is gaining popularity as a reliable disinfectant due to its antibacterial properties, which include the capacity to kill bacteria, viruses, spores, protozoa, and fungi. It is also non-toxic to humans. As a result of its capacity to eliminate microorganisms and lower the likelihood of infection, it is growing in popularity as an antiseptic agent in the healthcare sector. The demand for antiseptic products is rising as invasive surgeries increase and the healthcare sector expands quickly in both developed and developing economies.
Restraint:
Side effects to restrain growth
Povidone iodine eye drops and skin formulations, however, frequently cause local swelling, inflammation, itching, and rash as side effects. Povidone iodine can be corrosive if used excessively due to its high iodine content. Ingestion can cause gastrointestinal burns, stomach discomfort, and thyroid problems. Extreme circumstances may result in heart and renal failure. Iodine poisoning has negative effects that frequently require specialised care in a hospital setting.
Opportunity:
Povidone iodine demand in pet care is rising
The Povidone Iodine Market is exhibited to be extremely well-driven by the rise in investment in the pet care sector. The antiseptic potency, povidone iodine is frequently used to disinfect the skin of both pets and other animals. Due to their propensity for hyperactivity, pets are more likely than people to sustain injuries. Since it can be applied to pets more easily, povidone iodine is most frequently used in the form of sprays and scrubs. According to the American Pet Products Association (APPA), global sales in the pet industry are expected to reach $100 billion by 2020.
Threat:
Availability of alternatives
Povidone iodine can be effectively replaced by other antiseptics and disinfectants, such as aqueous chlorohexidine. For instance, aqueous chlorohexidine is a great option for ocular surgeries and is frequently used as an antiseptic agent for intravitreal injection prophylaxis in patients who have iodine allergies. As a result, the availability of alternatives to povidone iodine may act as a barrier to the market's expansion.
Covid-19 Impact:
The overall impact of COVID-19 remains positive on the povidone iodine market. Due to its antibacterial properties, povidone iodine has continued to grow in popularity even during the pandemic. The povidone iodine is predicted to experience tremendous growth due to rising sanitary standards. Additionally, during the COVID-19 outbreak, it is becoming more and more crucial to gargle with both povidone-iodine and chlorinated tap water to prevent upper respiratory tract infections.
The Scrub segment is expected to be the largest during the forecast period
During the anticipated period, the scrub segment will represent the largest market share. Because they are effective in eliminating harmful microorganisms and restricting their growth, scrubs are increasingly used to treat and prevent infections in cuts and wounds. This helps prevent infections from spreading to the affected area. Moreover, Povidone iodine scrub is in high demand due to its microbicidal action against a variety of protozoa, fungi, viruses, and bacteria, encouraging market expansion.
The 10% Solution segment is expected to have the highest CAGR during the forecast period
The 10% solution segment is expected to maintain a higher CAGR over the anticipated period. 10% solution is used as a topical skin cleansing agent for wound dressing and antiseptic cream formulations because of its ability to kill bacteria. This could lead to an increase in product demand. Furthermore, the demand for 10% solutions is rising as a result of the fact that it works better as a hand cleaning agent for clinical applications.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to increase in health awareness in the United States and Canada. As a result, more people are having bariatric surgeries to lose weight. Furthermore, the market is expanding primarily due to rising disposable incomes and health consciousness in the region.
Region with highest CAGR:
During the forecast period, the Asia Pacific region is anticipated to have the highest CAGR due to the rapidly expanding healthcare industries in China, India, Malaysia, and Thailand are primarily to blame for the market expansion in the Asia-Pacific region. The Asia Pacific market statistics will also be driven by rising healthcare spending and a growing concern about hygiene.
Key players in the market
Some of the key players in Povidone Iodine market include Adani Pharmachem Private Limited, BASF SE, Boai NKY Pharmaceuticals Ltd., Glide Chem Private Limited, Huangshan Bonsun Pharmaceuticals Co.,Ltd., JH Nanhang Life Sciences Co.Ltd, KAO Corporation, Lasa Supergenerics Ltd, Medline Industries, Inc., Merck KGaA, Nippon Shokubai Co., Ltd, R.N Laboratories Pvt. Ltd, SamratPharmachem Limited, Sigma Aldrich, Vishal Laboratories and Zhangzhou Huafu Chemical Co., Ltd.
Key Developments:
In February 2021, Avrio Health launched Betadine, an antiseptic oral rinse containing 0.5 percent povidone-iodine as an active ingredient. It is an antiseptic preprocedural oral rinse product designed exclusively for professional use in the repair of oral mucous prior to dental surgery, tooth extraction, and injection. This initiative was primarily intended to expand the current product portfolio and create a competitive advantage in the market.
In July 2020, Povidone-iodine, a fully sterile solution used for skin preparation, was introduced by BD. The product is called BD Purprep, and healthcare professionals use it to prepare patients' skin for surgery. In the United States, it is sold 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 the aseptic non-touch method and prevent cross-contamination in order to reduce the likelihood of outbreaks associated with microbial contamination of antiseptic products
Formulation Types Covered:
• Topical Solution
• Ointments
• Scrub
• Other Formulation Types
Products Covered:
• Electronic Grade
• Pharmaceutical Grade PVP-I
• Industrial Grade PVP-I
• Medical Grade PVP-I
Concentration Covered:
• 10% Solution
• 7.5% Solution
Applications Covered:
• Infection Prevention
• Skin Sterilization
• Instrument Sterilization
• Aquaculture
• Breeding Industry
• Food Industry
• Hospitals and Clinics
• Other Application
End Users Covered:
• Agrochemicals
• Electronics
• Paints and Coatings
• Petrochemicals
• Pharmaceuticals
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
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