Surface disinfectant market to reach US$542.55m by 2020, forecasts new report
Driven by increases in hospital-acquired infections, surgical procedures and a rise in healthcare expenditure
The global market for surface disinfection products is expected to be worth US$542.55m by 2020, up from $312.17m this year, growing at a CAGR of 11.69% over the next five years, finds a new report published by Marketsandmarkets.
The report, Surface Disinfectant Market by product (hypochlorite, quaternary ammonium compounds, hydrogen peroxide, chlorhexidine gluconate, peracetic acid, phenol, alcohol); formulation (sprays, liquids, wipes) – Global Forecast to 2020, says key drivers of this growth include a rise in hospital-acquired infections, a growing number of surgical procedures and increasing healthcare expenditure.
Healthcare expenditure constitutes a significant part of the development budget of all countries. It includes spending by both public and private sources on medical goods and services. Rapid economic development across the globe is expected to improve access to quality healthcare and increasing healthcare expenditure will be an important growth driver for the surface disinfectant market, the report forecasts.
The surface disinfectant market is segmented on the basis of byproducts and formulations. In terms of products, hypochlorites have the largest share of the market this year, but quaternary ammonium compounds are expected to grow at the highest CAGR over the next five years.
On the basis of formulation, the report is segmented into liquids, sprays and wipes. Liquids have the largest share of the market in 2015. They are also expected to be the fastest-growing formulations segment over the forecast period.
Geographically, North America has the largest share of the surface disinfectant market in 2015, while Asia-Pacific is expected to grow at the fastest rate from 2015 to 2020. Growth in this region will primarily be driven by the increasing population and growing healthcare expenditure.
The major players in the market are mainly US firms and include 3M, Steris, Johnson & Johnson, Cantel Medical, The Clorox Company, Procter & Gamble, Sealed Air and Metrex Research, in addition to UK-based Reckitt Benckiser and Whiteley of Australia.