Global Povidone Iodine Market By Type (Povidone lodine Solution, Povidone lodine Swabsticks/Wipes), By Application (Cream, Suppositories, Solution, Gel), By Region, And Segment Forecasts, 2023 to 2029

In 2021, the Global Povidone Iodine Market was at a value of USD 155.5 million and  by 2030, is expected to reach USD 243.3 million, at a CAGR of 5.1% during the forecast period. Various factors are driving the market contributing to the increasing acceptance of povidone iodine in the healthcare and dentistry industry. Povidone iodine, is available in the market, in the form of a brown powder, and can be described as a complex element of iodine, hydrogen iodine, and povidone. Povidone iodine is commonly used as an antiseptic and disinfectant in healthcare applications and comes in both, in liquid and powder form. Povidone iodine has the capability to eliminate microorganisms and reduce the risk of infection, due to which it is being utilized more frequently in the healthcare industry as an antiseptic agent. 

Drivers:

Increasing demand for povidone iodine in pet care:

Pets are more prone to injury than humans as they are more hyperactive in nature. Povidone iodine has become one of the most potential antiseptic agents and is being used widely for disinfection for pets and animals. They are commonly used in the form of sprays and scrubs due to their easier application. The global pet industry sales was estimated to be valued at USD 100 billion in 2020 influenced by the pandemic according to the American Pet Products Association (APPA). This was due to many families deciding to adopt more pets during this time. More investment in the pet care industry became an excellent driver for the Povidone Iodine market.

The importance of Povidone Iodine in Aquaculture:

In aquaculture, the controlled cultivation of fish, crustaceans, eels, algae and other aquatic plants and animals, and infections by protozoa, fungi, bacteria and so on, are very common, especially in more humid climates. Due to this, disinfection is very important in aquaculture. Povidone iodine serves as one of the best disinfectants in aquaculture. It is non-toxic if used in lower doses and is very useful for the aquatic environment. Growing aquaculture requires more usage of povidone iodine  and is serving as a driver for the growth of this market.

Restraints:

Negative Impact of Povidone Iodine

Aside from the functions served by povidone iodine, there are some of its common side effects of medicines like eye drops and skin formulations like local swelling, irritation, itching, and rash. Povidone iodine can be corrosive if used excessively. These factors are likely to stymie the global povidone iodine market during the forecast period.

Presence of Alternatives

Substitutes in the market for povidone iodine are available which hamper the demand for povidone iodine. This may result in the decrease in the growth of the market.

Opportunities:

There are significant investments in research and development activities which enhance the product applications. This helps in extending the profitable opportunities to the market players.

Market by System Type Insights:

The global povidone iodine market is segmented by system type into scrubs, solutions, ointments, and other forms such as sprays and swabs. Solutions are known to dominate the market as they are used extensively in hospitals and clinics for preoperative skin preparation and wound disinfection. Scrubs are useful for surgical hand scrubbing and patient skin prepping before surgery. Ointments and other forms like sprays and swabs are used in treating minor cuts, burns, and abrasions. 

Market by End Use Insights:

The healthcare & pharmaceutical sector held in 2021 a majority portion (of 29%) from the Povidone Iodine Market. Povidone iodine is mainly indicated for its germicidal, bactericidal, fungicidal, and general disinfectant properties where it operates as a disinfectant and antiseptic used for contaminated wounds, skin and mucous membrane preoperative preparation, as well as medical equipment disinfection. The Institute for Health Metrics and Evaluation (IHME) says worldwide health care is expected to cost US$ 9.7-10.1 trillion in 2030. With the growing needs for health and medicinal products, povidone iodine shall remain indispensable in the sector thereby boosting Povidone Iodine Market.

Market by Region Insights:

The global povidone Iodine market had the largest market share in the year 2021 in the Asia Pacific region, making it a favorite destination for investors. It has a market share of about 42% and generated approximately 65.31 million US dollars this year alone. Rapidly expanding healthcare sectors in countries such as China, India, Malaysia, and Thailand contribute to the growth of the Asia Pacific region’s market. Increasing healthcare expenditures and growing cleanliness worries in this region also contribute to the improvement in the growth of the market. Additionally, there is an increase in the product demand due to great hospital requirements for sterilized equipment as well as strict regulations on its operation. The iodine market is expected to increase due to factors such as better lifestyles, enhanced health awareness and higher disposable income, which would drive bariatric surgeries within North America. Better lifestyles, increased health awareness, including disposable cash increase, fuel the bariatric procedures for weight loss in North America. 

Competitive Scenario:

Intense competition with numerous key players and companies which are competing for market share. The market is dominated by major companies like BASF SE, Ashland, Inc., and Boai NKY Pharmaceuticals Ltd. due to their extensive product portfolios and strong distribution networks. These companies mainly focus on strategic initiatives including mergers and acquisitions, collaborations, and new product developments to enhance their market presence. 

This field of invention is also supporting start-up businesses where they come up with cheaper options. Increasing desire for companies to make more Povidone-Iodine in the healthy sector and specifically in wound management and preventive drugs application has made the povidone iodine market more competitive forcing them to improve what they have to remain relevant to the rest.

Scope of Work: 

Market Segmentation:

By type:

• Scrub

• Topical Solution

• Ointments

  
  

By geography:

• North America (U.S., Canada, Mexico)

• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

• Asia-Pacific (China, Japan, India, Rest of APAC)

• South America (Brazil and the Rest of South America)

• The Middle East and Africa (UAE, South Africa, Rest of MEA)

  
  

By system type:

• Scrub

• Solution

• Ointments

• Surgical Preparations

• Others

  
  

By end use:

• Agrochemicals

• Electronics

• Paints and Coatings

• Petrochemicals

• Pharmaceuticals

• Others

  
  

Key Developments:

An antiseptic oral rinse with povidone-iodine 0.5% as an active constituent was made by Avrio Health under the brand Betadine in February 2021. It was specifically designed for use by professionals to cleanse oral mucosa before surgery, tooth extraction or injections ("Betadine Oral Rinse,” n.d.). The aim of the initiative is product range extension and improvement of the current position in competition for Betadine. July 2020 saw the introduction of the Povidone-iodine, a completely sterile solution used in preparing the skin by BD. Healthcare practitioners prepare preoperative patient’s skin with something called BD Purprep. In the United States, this is sold as sterile antiseptic (PVP-I) intended for single-use skin preparation. To lessen the likelihood of outbreaks linked to microbiological contamination of antiseptic treatments, the product is specifically made to encourage the aseptic non-touch method and prevent cross-contamination.

FAQs

Q1. What is the market size of the Povidone Iodine market?

As per Spherical Insights, the size of the Povidone Iodine market was valued at USD 155.5 million in 2021 to USD 243.3 million by 2030.

Q2. What is the market growth rate of the Povidone Iodine market?

The Povidone Iodine market is growing at a CAGR of 5.1% during the forecast period 2022-2030.

Q3. Which country dominates the Povidone Iodine market?

The Asia Pacific emerged as the largest market for Povidone Iodine.

Q4. Who are the key players in the Povidone Iodine market?

Key players in the Povidone Iodine market are Avrio Health L.P., BASF, 3M, Boai NKY Pharmaceuticals Ltd., Glide Chem Private Limited, R.N Laboratories Pvt. Ltd., LASA SUPERGENERICS LIMITED, Samrat Pharmachem Limited, Evonik Industries AG, Nippon Shokubai Co., Ltd, Sumitomo Seika Chemicals Co. Ltd, Sanyo Chemical Industries, and KAO Corporation.

Q5. Which is the leading formulation type for Povidone Iodine Market?

The scrub segment is the leading formulation type for the Povidone Iodine market.