Surface Disinfectant Market is Estimated to Witness High Growth Owing to Opportunity to Limit Hospital Acquired Infections
Surface disinfectants are chemical agents that are widely used to clean and decontaminate surfaces. They kill disease-causing microorganisms and prevent the spread of infections. Surface disinfectants are formulated for use on hard, non-porous surfaces in several settings such as hospitals, clinics, laboratories, food processing plants and households. They play an important role in reducing microbial contamination and Hospital Acquired Infections (HAIs) which continue to pose a serious public health challenge worldwide.
The global Surface Disinfectant Market is estimated to be valued at US$ 7347.2 Mn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The high opportunity to limit HAIs is expected to drive significant growth of the Global surface disinfectant market size during the forecast period. HAIs affect hundreds of millions of patients annually across the world and are among the leading causes of death and increased healthcare costs. Adopting efficient disinfection protocols through regular use of surface disinfectants can eliminate the risk of HAIs caused due to transfer of pathogenic microbes through surfaces. This presents a lucrative opportunity for manufacturers to increase awareness regarding the role of surface disinfection in curbing HAIs and promote the usage of their products in various healthcare facilities. Additionally, innovation of more effective formulation with 24 to 48 hours of residual activity will further augment the demand for surface disinfectants over the coming years.
Porter’s Analysis
Threat of new entrants: The surface disinfectant market requires huge R&D investments and regulatory approvals to enter. These factors act as entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are numerous established brands in the market offering similar products. However, compliance with stringent regulations increases customer loyalty.
Bargaining power of suppliers: Major suppliers have significant control over prices of raw materials like alcohols and chemicals. Fluctuations in raw material costs can impact the overall production cost.
Threat of new substitutes: No direct substitute is available for surface disinfectants however alternate cleaning methods pose low threat of substitution.
Competitive rivalry: The global market is fragmented with the presence of several global and regional brands. Price wars and new product launches are common.
SWOT Analysis
Strength: Strong R&D capabilities and regulatory compliance of major players. Growing awareness about hygiene and cleaning.
Weakness: Fluctuations in raw material prices. Heavy marketing and promotion required to increase awareness.
Opportunity: Untapped growth potential in developing nations. New product development catering to various end-use segments.
Threats: Stringent safety and quality regulations. Increased prominence of environment-friendly products.
Key Takeaways
The global surface disinfectant market is expected to witness high growth at a CAGR of 18% during 2023-2030.
North America dominated the market in 2024 with over 30% share owing to strict hygiene standards. The Asia Pacific region is expected to grow at the fastest pace in the forecast period attributed to improving standards of living, rising awareness about hygiene, and increasing expenditure on healthcare infrastructure in emerging economies.
Key players operating in the surface disinfectant market are FIMER SpA, Amara Raja Batteries Ltd, Samsung SDI, Energizer Holding Inc., Luminous Power Technologies Private Limited, LG Energy Solution, Ltd., Duracell Inc., Panasonic Corporation, Siemens AG, Tesla Inc., Delta Electronics Inc., BYD Co. Ltd and NEC Corp. Major players focus on new product development, capacity expansions and strategic partnerships to strengthen their position.
Get More Insights On This Topic: https://www.newswirestats.com/surface-disinfectant-market-forecast-outlook-trend-2023-2030/
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