October 10, 2022 07:00 ET | Source: SPHERICAL INSIGHTS LLP SPHERICAL INSIGHTS LLP

New York, United States , Oct. 10, 2022 (GLOBE NEWSWIRE) -- The Global Povidone Iodine Market Size to grow from USD 155.5 million in 2022 to USD 243.3 million by 2030, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period. The market is being driven owing to the rising acceptance of povidone Iodine in the healthcare and dentistry industry. According to a research report published by Spherical Insights & Consulting.  

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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.

The scrub segment to account for the largest market size during the forecast period

Based on the formulation type, the povidone iodine market is categorized into scrub, topical solution, and ointments. The scrub segment accounts for the largest market size during the forecast period. Scrubs are increasingly used to treat and prevent infections in cuts and wounds because they are very effective in eradicating dangerous microorganisms and limiting their growth, which helps to keep infections from spreading to the affected region. Due to its microbicidal action against a wide variety of protozoa, fungi, viruses, and bacteria, povidone iodine scrub is in high demand, promoting market expansion. Scrubs are worn before surgical procedures to lessen the possibility of contamination. It is used to bathe the surgical site both before and after to reduce the risk of infection. In healthcare settings, infections are becoming more common, and there are more hospitals and clinics worldwide, which is expected to increase product demand.

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10% Solution segment to hold higher CAGR during the forecast period

Based on the concentration, the povidone Iodine market is categorized into 10% Solution and 7.5% Solution. 10% Solution segment to hold higher CAGR during the forecast period. Due to its capacity to destroy bacteria, 10% solution is utilized as a topical skin cleansing agent for wound dressing and antiseptic cream formulations, which could increase product demand. Because it is more effective as a hand cleaning agent for clinical applications, the demand for a 10% solution is growing. The risk of hospital-acquired illnesses is predicted to raise the demand for disinfectants, which will boost the demand for a 10% solution. Utilization of the product in creating antiseptic cream and applying wound dressings ought to increase product acceptance. The antiseptic and disinfectant class of povidone-iodine 10% solution is increasingly used to prevent and cure skin infections in small burns, deep skin cuts, and abrasions. Therefore, it is anticipated that rising occupational injury rates will increase product demand.

The skin sterilization segment to hold a higher CAGR during the forecast period.

Based on the application, the povidone iodine market is categorized into instrument sterilization, skin sterilization, and disinfectant. The skin sterilization segment to hold a higher CAGR during the forecast period. Almost all fungus, bacteria, and viruses that are present on the skin are eradicated by the procedure of skin sterilization. In hospitals and other healthcare settings, skin sterilization guards against spreading infections and disorders to patients and medical staff. So, a crucial component of any kind of surgery is to sterilize the hands of the surgeons and the skin of the patients. Povidone iodine is used for skin sterilization because it successfully eliminates harmful germs, which are the main source of disease transmission in hospitals. Before a skin puncture for a blood test and before spinal and epidural anesthesia, it is used to sterilize the skin. As a result, the market forecast is anticipated to be driven by increased surgical procedures.

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North America to hold a higher CAGR during the forecast period.

The Povidone Iodine market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. The Asia Pacific is estimated to account for the highest market share in 2022. North America is expected to provide significant growth opportunities over the forecast period. The number of bariatric procedures for weight loss in North America is driven by improved lifestyles, rising health awareness, and increases in disposable cash. In turn, during the forecast period, this is anticipated to enhance the povidone iodine market in the area.

Key Companies & Recent Developments: Major vendors in the global povidone iodine market include 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.

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