by The iodine market has diverse industrial applications ranging from medical to sanitizers. Iodine is mostly used as an antiseptic in diverse healthcare applications such as wound care, disinfectants, skin preparations etc. due to its powerful disinfectant and germicidal properties. It is widely used as a contrast medium for angiography, CT scans and MRI procedures due to its non-toxic and water-soluble properties. Iodine is also used in the production of Tincture of Iodine, Povidone-Iodine and Iodophor which are extensively used as antiseptics in hospitals and medical facilities across the globe. The increasing incidences of chronic diseases and surgical procedures have augmented the demand for iodine-based medical products, thereby driving the iodine market.
The global iodine market is estimated to be valued at US$ 1641.17 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The iodine market is expected to gain significant impetus over the forecast period, driven by rising demand from healthcare sector. As mentioned in the heading, increasing incidences of chronic diseases such as cancer, diabetes etc. along with growth in surgical procedures have augmented the usage of iodine-based antiseptics and contrast agents in medical facilities. According to the National Center for Health Statistics, the number of inpatient surgeries in the US grew from 37.3 million in 2010 to 41.5 million in 2018. This rising disease and surgical burden will subsequently drive the consumption of iodine. Furthermore, growing geriatric population prone to chronic diseases will also propel the iodine demand. As per the United Nations, the global population aged 60 years and above is expected to double from 12% to 22% between 2015 and 2050. This demographic shift will further fuel the healthcare requirements and iodine consumption over the forthcoming years.
Segment Analysis
The global iodine market is segmented by form into organic compounds, elemental and inorganic salts. Among these, the inorganic salts segment is dominating the market currently accounting for over 40% share owing to wide application of different iodine salts like potassium iodide and sodium iodide in areas like x-ray contrast media, catalysts, optical polarizing films etc. The elemental segment is also substantial and growing owing to increasing demand of iodine in nutrition supplements.
PEST Analysis
Political: Iodine production and trade is regulated globally by various agencies and regulations. Any restrictive trade policies can impact the market.
Economic: Rising disposable incomes in developing nations is driving demand for nutritionals containing iodine. However, fluctuations in prices of raw materials impacts producer profitability.
Social: Growing health awareness and focus on nutrient sufficiency is propelling demand for iodine supplements. Additionally, programs promoting iodine sufficiency are boosting consumption.
Technological: Advancements in X-ray and medical imaging technologies is augmenting the use of iodine compounds as contrast agents. Developments in catalytic and polarizing film applications is also supporting market growth.
Key Takeaways
The Global Iodine Market Demand is expected to witness high growth.
The Asia Pacific region currently dominates the global market owing to large consumption from countries like China, India and Japan. Growing pharmaceutical and medical devices industries in the region will further drive the iodine demand.
North America is another major regional market for iodine. Increasing healthcare expenditure and growing number of diagnostic imaging procedures being performed are augmenting the demand. Key players operating in the iodine market include Alpha Omega, Inc., GE Healthcare, Axion Biosystems, Inc. These companies are focusing on capacity expansions and new product launches to consolidate their market shares.
Key players operating in the iodine market are Alpha Omega, Inc., GE Healthcare, Axion Biosystems, Inc., Siemens Healthineers, Scientifica Ltd., Blackrock Microsystems LLC, Femtonics Ltd., LaVision Biotec GmbH, Intan Technologies, NeuroNexus Technologies, Inc., Newport Corporation, Neuralynx Inc., Plexon Inc., Mediso Medical Imaging Systems, Noldus Information Technology, Sutter Instrument Corporation, Thomas Recording GmbH, Trifoil Imaging Inc. Focus on developing innovative applications and targeting high growth regions will be the key strategies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
