Surface Disinfectant Market is Estimated To Witness High Growth Owing To Rising Healthcare Spending
Surface Disinfectant Market
The Surface Disinfectant Market is estimated to be valued at US$ 7,347.2 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surface disinfectants are antimicrobial products designed to destroy microorganisms on inanimate surfaces. They are a crucial part of infection prevention strategies in various industries like healthcare facilities, laboratories, and food processing units. Surface disinfectants are available in various forms like liquids, sprays, and wipes and help eliminate harmful pathogens by acting directly on their cell membranes and disrupting their nucleic acids.
Market key trends:
The surface disinfectant market is witnessing high growth owing to the rising healthcare spending around the world. According to data by the World Bank, global healthcare spending reached US$ 8.9 trillion in 2019 and is projected to rise further over the coming years. This increasing healthcare expenditure is encouraging healthcare facilities to adopt advanced infection control measures including greater application of surface disinfectants. Furthermore, frequent outbreaks of epidemic diseases like COVID-19 are raising awareness about disinfecting high-contact surfaces to curb the spread of infection. Governments and healthcare bodies are issuing guidelines to regularly disinfect indoor spaces like hospitals, clinics, nursing homes using suitable disinfectants approved by regulatory authorities. This is generating strong demand for surface disinfectants and propelling the market growth.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the surface disinfectant market is low due to high demand and brand loyalty. New companies will find it difficult to invest in R&D and gain customer trust.
Bargaining power of buyers: The bargaining power of buyers in the surface disinfectant market is moderate as there are many established brands. However, demand for disinfectants is high during pandemic situations increasing buyer power.
Bargaining power of suppliers: The bargaining power of suppliers is also moderate as raw materials can be easily sourced from different suppliers. Suppliers do not have control over pricing.
Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes for disinfectants that are effective against germs and pathogens.
Competitive rivalry: The competitive rivalry in the market is high due to presence of global players.
SWOT Analysis
Strength: Wide product portfolio and strong brand image of leading players. Disinfectants are essential products during pandemic situations.
Weakness: Overuse of disinfectants can develop antimicrobial resistance. Specific products cause skin and respiratory irritation in some users.
Opportunity: Increase in sales during pandemic situations. Growth opportunities in developing regions due to increasing awareness. Product innovation for areas such as indoor air purification.
Threats: Stringent regulations associated with ingredients may lead to additional costs. Economic slowdowns can impact sales.
Key Takeaways
The global Surface Disinfectant Market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing awareness about hygiene and pandemic preparedness. North America dominated the market in 2023, however, Asia Pacific is expected to grow at fastest pace due to improving standards of living and healthcare infrastructure development in major economies.
Regional analysis Asia Pacific surface disinfectant market will experience significant growth during the forecast period due to rising population, increasing healthcare investments, and growing awareness about hygiene across India, China, and other developing nations.
Key players operating in the surface disinfectant market are 3M, Reckitt Benckiser Group PLC, Procter & Gamble, Cantel Medical Corporation, The Clorox Company, Ecolab, SC Johnson Professional, Whiteley Corporation, and Steris PLC. These major players focus on new product launches and geographical expansion to gain market share and cater to rising demand from end users such as hospitals, laboratories, food industry and households.
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