Increased Hospital Care Rates Support Use of Antiseptics and Disinfectants
Across the world, antiseptic and disinfectant products have been gaining traction with the rising number of incidences involving infectious ailments, from around the globe. Antiseptic and disinfectant products are widely considered to be essential for infection control activity, with the objective of keeping people in germ free environments.
The global antiseptic and disinfectant market is projected to rise at a strong CAGR of more than 6 per cent through the forecast period till 2026. The growth will result in a substantial increase of market value reaching USD 10.6 billion in the same period. The healthy rate of growth can be attributed to the increased spending on healthcare, and the higher incidences of ailments being acquired at health care facilities such as clinics and hospitals.
Antiseptics and disinfectants are also being used for cleaning various surfaces in houses and industrial settings to improve health safety standards in these environments.
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Tech and Health Consciousness Aids North America to Dominate
Across North America, the market for antiseptics and disinfectants has matured. The high demand for these products in the region has gone up with health consciousness, and has been augmented further by the number of lawsuits leveled against the health care organizations for incidences of hospital acquired infections.
These are being seen as the primary drivers for the industry in this region, while increasing efforts and resources being put towards patient safety. Soap products and alcohol based washes are some very popular products in the industry. In addition, North America also has easier access to cutting edge technologies, which will also aid growth in this time.
On the other hand, the saturated nature of the activity in the antiseptic and disinfectant market for North America is expected to divert manufacturers towards new opportunities in emerging economies, which have become ripe for investment as these regions are rapidly going through modernization of health care. The trend is also supported by the changing attitudes towards personal hygiene. Consequently Asia Pacific nations are expected to witness exponential rates of growth in the antiseptic and disinfectant industry for the foreseeable future.
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Regulatory Approval Speeds Increase
Around the world, harmful microorganisms are increasingly developing tolerance for conventional antiseptics and disinfectants. This has made a lot of the older variants potentially useless. In addition, consumers are also demanding greater requirements for the types of antiseptics and disinfectants including liquids, sprays, wipes, gels, and ointments.
With the constant and frequent needs of new formulations, regulatory bodies such as the FDA are pushing for faster approval rates for new antiseptics and disinfectants, which is expected to have a substantially positive impact on the global antiseptic and disinfectant market.
Hydrogen peroxide has been one of the most widely used and oldest products in terms of disinfectants, and the product continues to attract a ~6 per cent adoption rate. The rate is expected to increase owing to the widening variety of formulations which involve different concentrations of hydrogen peroxide. However, the growth is also being offset by microbial tolerance and the higher demand for alcohol based disinfectants.
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