Povidone Iodine Market is set to expand $242.2 million by 2031 | BASF, 3M, Avrio Health, Lasa Supergenerics, Luxica Pharma

According to new research report published by Allied Market Research, Global Povidone Iodine Market is set to expand $242.2 million by 2031, and to witnessing at a CAGR of 4.7% from 2022 to 2031. The report offers key drivers that propel the growth in the povidone iodine market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.

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Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global povidone iodine market, due to the presence of large consumer base for healthcare and pharmaceutical industry. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.3% from 2022 to 2031. This is attributed to increase in population and rise in pharmaceutical industry.

Increased demand from pharmaceutical industry and surge in demand for antiseptic creams drive the growth of the global povidone iodine market. However, side effects associated with the usage of povidone iodine restrict the market growth. On the other hand, increase in demand from emerging economies present new opportunities in the coming years.

Based on application, the disinfectant segment accounted for the largest share in 2021, contributing to more than one-third of the global povidone iodine market, and is projected to maintain its lead position during the forecast period. This is attributed to increased instances of skin burn, accidents, and other injuries. However, the instrument sterilization segment is expected to portray the largest CAGR of 5.1% from 2022 to 2031, owing to increased demand for instrument sterilization in COVID-19 pandemic.

The global povidone iodine market is segmented on the basis of formulation type, application, and region. Depending on formulation type, the market is categorized into scrub, topical solution, ointments, and others (powder and gel). By application, it is segregated into skin sterilization, instrument sterilization, disinfectant, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

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COVID-19 scenario:

The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of industrial operations. This, in turn, reduced the overall growth of the global PMI foam market.
Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using PMI foam. This affected the market revenue.
Unavailability of workforce directly affected the production and manufacturing activities, thereby resulting in decline in petrochemical industry, which in turn, led to decline of the growth of the PMI foam market.

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Leading Market Players: -

3M Company
Avrio Health L.P.
BASF SE
Glide Chem Private Limited
Lasa Supergenerics Ltd.
Luxica Pharma Inc
Nippon Shokubai Co., Ltd.
Samrat Pharmachem Limited
Thatcher Company
Vishal Laboratories

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