Global Antiseptic Market is Estimated to Witness High Growth Owing to Increasing Healthcare Expenditure & Rising Prevalence of Chronic Diseases
The global antiseptic market is estimated to be valued at USD 5.11 Bn in 2024, exhibiting a CAGR of 8.1% over the forecast period (2024-2031). Furthermore, rising awareness regarding hygiene and growing geriatric population vulnerable to infections are also supporting the market growth.
Market Dynamics:
The global antiseptic market is primarily driven by increasing healthcare expenditure worldwide and rising prevalence of chronic diseases. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of all deaths globally in 2021. Chronic conditions such as diabetes, cancer and heart diseases weaken the immune system of patients making them more susceptible to infections. This is increasing the demand for antiseptics for wound cleaning and prevention of infection. Additionally, growing concerns regarding hygiene and increasing incidence of hospital acquired infections (HAIs) is prompting governments worldwide to issue guidelines promoting the use of antiseptics. This is expected to positively influence the market growth over the forecast period.
Increasing Prevalence of Hospital Acquired Infections Drives Demand for Antiseptics
One of the key drivers for the global antiseptic market is the increasing prevalence of hospital acquired infections also known as nosocomial infections. Hospital acquired infections occur in patients during the process of care in a hospital or other health care facility and were not present or incubating at the time of admission. These infections can be caused by any infective agent, namely bacteria, viruses, parasites or fungi and their acquisition is associated with medical care. Some of the commonly occurring hospital acquired infections include urinary tract infections, surgical site infections, pneumonia and bloodstream infections. The risk of hospital acquired infections has been on the rise globally due to factors such as increasing antibiotic resistance, aging population and complex medical procedures being performed on sicker patients. Antiseptics play a vital role in preventing the spread of such infections by disinfecting and sterilizing surfaces as well as wound care. This growing threat of hospital acquired infections has been driving increased demand for antiseptic products across major healthcare settings.
Increasing Surgical Procedures Boosts Antiseptic Usage
The increasing number of surgical procedures performed globally is another key driver for the antiseptic market. Surgical site infections occur in nearly 2-5% of patients undergoing inpatient surgery and continue to be a major cause of morbidity and mortality. Antiseptics are essential for pre-operative skin preparation to remove dirt, sweat and reduce the microbial count on the patient’s skin prior to incision to prevent entry of microbes into the surgical wound. They are also used for postoperative dressings. With the rising geriatric population globally that need joint replacements, growing diabetes population requiring amputations as well as increasing bariatric surgeries and cosmetic surgeries, the demand for antiseptic products in the surgical segment is surging.
Declining Reimbursement Rates Pose a Challenge
One of the major restraints affecting the antiseptic market is declining reimbursement rates. In various countries, government healthcare programs that provide reimbursement for medical products and services have been implementing measures to control escalating healthcare budgets. This includes reducing reimbursement rates for many medical products and therapies. As antiseptic products are considered consumables with low profit margins, their reimbursement has been reduced considerably in many private and public insurance plans. This poses pricing challenges for antiseptic manufacturers. Additionally, stringent regulations surrounding reimbursement of prescribed products versus over-the-counter medications also negatively impact the sales potential of certain antiseptic products. The declining reimbursement scenario has emerged as a major obstacle to growth of the antiseptic market.
Increased Drug Resistance Raises Development Costs
Another challenge faced by players in this industry is the increased resistance to antiseptics shown by certain pathogenic microbes. Just as antibiotics have lost their effectiveness due to widespread drug resistance shown by bacteria, antiseptics are also facing this problem. For instance, many strains of methicillin-resistant Staphylococcus aureus (MRSA) have also evolved resistance to commonly used antiseptics like triclosan. This has necessitated continued research and development efforts towards new formulations that can combat drug-resistant strains. However, the costs associated with new drug development act as a barrier, especially for smaller companies operating in this space. With pathogen resistance continually evolving, high R&D investments required to replace existing antiseptic ingredients influence the profitability of market stakeholders.
Rising Hygiene Awareness Boosts Demand in Emerging Markets
One of the key opportunities in the antiseptic market is the increasing hygiene awareness in developing and emerging countries. Factors such as growing global travel and trade have augmented the spread of infectious diseases across new geographies while evolving lifestyles and rising living standards have boosted personal hygiene practices in these regions. While antiseptic usages were mostly limited to clinical settings in the past in developing countries, growing knowledge about maintaining everyday hygiene is driving adoption of antiseptics in the household segment as well. Manufacturers can capitalize on this rising awareness to promote antiseptic products as essential home hygiene items. This growing hygiene culture will support the antiseptic market growth in the retail sector across emerging markets in future.
Growth in E-Commerce Opens New Sales Channels
Link: https://www.coherentmarketinsights.com/market-insight/antiseptic-market-3032
Key Development
- In May 2024, Metric Medical Devices, Inc., a company specializing in orthopedic extremity products, received U.S. FDA clearance to market its new LINK Percutaneous Dynamic Compression Bone Fixator in the U.S. The LINK device is designed to offer minimally invasive, continuous dynamic compression for fixing osteotomies, fractures, or arthrodesis. It utilizes shape-changing technology to apply compressive forces through percutaneous bone pins, aiding in bone healing effectively and instantaneously.
- In March 2022, Orthofix, a medical device company, disclosed its receipt of 510(k) clearance from the U.S. FDA for the TrueLok Evo Ring Fixation system. This advanced external fixation system, constructed from carbon fiber for enhanced patient comfort, is designed for stabilizing open and closed fractures, as well as correcting bony or soft tissue defects or deformities in both adult and pediatric patients.
- In June 2022, Paragon 28, Inc., a medical device company, launched the Monkey Rings Circular External Fixation System, aimed at trauma, deformity correction, and limb salvage in the foot and ankle orthopedic market. This system utilizes external wires and screws to maintain bone alignment, providing stability and preserving soft tissue.
- In December 2021, Johnson & Johnson's DePuy Synthes, an orthopedic trauma devices company, announced the acquisition of OrthoSpin, an Israel-based company specializing in robot-assisted external fixation systems for orthopedic treatments. OrthoSpin's platform integrates with DePuy Synthes' Max frame multi-axial correction system, which is an external ring fixation system.
Key Players: 3M Company, Reckitt Benckiser Group plc, Johnson & Johnson, Bayer AG, Procter & Gamble Co., GOJO Industries, Inc., Kimberly-Clark Corporation, Steris plc, BD (Becton, Dickinson and Company), Colgate-Palmolive Company, Paul Hartmann AG, Smith & Nephew plc, Schulke & Mayr GmbH, Medline Industries, Inc., Cardinal Health, Inc., Mölnlycke Health Care AB, Beiersdorf AG, The Clorox Company.
