A new report from market research firm Fact.MR predicts that the global antiseptic and disinfectant market will reach US$160 billion (CAD$200 billion) by 2031.
The report estimates that the global market will expand at a 21 per cent compound annual growth rate (CAGR) over the next decade.
The antiseptic and disinfectant market is expected to close at US$24bn (CAD$30bn) by the end of 2021, with a CAGR of about six per cent registered from 2016 to 2020.
Unsurprisingly, the growth in the market has been spurred by the outbreak of COVID-19, which has necessitated the increased use of antiseptics and disinfectants.
The report adds that it’s expected that the usage of these products in hospitals and other healthcare sectors will be responsible for over two-fifths of the global revenue share of the market.
The report also found:
- Alcohol-based antiseptics and disinfectant demand is expected to surge at a 20 per cent CAGR
- Quaternary ammonium compounds (quats) are expected to hold a high revenue share, exceeding 30 per cent
- Antiseptic and disinfectant sales for domestic use are likely to generate three out of 10 sales
Ina addition the report identified 3M, Reckitt, Kimberly-Clark Corp., Cardinal Health Inc., Bio-Cide International, BD, STERIS plc, and Johnson & Johnson, as key players in the antiseptic and disinfectant market.