by Market Overview:
Iodine is a chemical element with the symbol I and atomic number 53. It is blue-black when pure. Iodine is essential to produce thyroid hormones which help regulate metabolism and brain development. The major use of iodine is in iodized salt to prevent iodine deficiency in humans. Other applications of iodine include use as an antiseptic in tincture form, manufacture of polarizing film for LCDs and X-ray contrast media.
Market Dynamics:
The growing demand for iodine from pharmaceutical industry is one of the major drivers propelling the iodine market growth. Iodine is a crucial element for production of various disinfectants, antiseptic solutions and iodine tincture used across several medical applications such as wound care and surgical site preparation. In addition, rising prevalence of thyroid disorders globally is also boosting the demand for iodine as it is an essential micronutrient required by the thyroid gland to produce thyroid hormones which regulate metabolism and protein synthesis. According to World Health Organization, thyroid disorders affect over 200 million people worldwide. Furthermore, increasing application of iodine as catalyst in chemical reactions such as iodine clock reaction is further fueling the market expansion over the forecast period.
Segment Analysis
The global iodine market is dominated by the X-ray contrast media segment which holds around 30% share of the total market. Iodine is a crucial component in X-ray contrast media that is widely used in medical imaging scans like computed tomography (CT) scans. The increasing usage of advanced diagnostic techniques worldwide is driving demand for iodine in this segment.
PEST Analysis
Political: The iodine market is moderately regulated by governments across countries with regulations around mining, production and imports/exports of iodine.
Economic: The economic growth of emerging nations is boosting healthcare spending which is driving the need for advanced diagnostic techniques using iodine-based contrast media.
Social: Rising health awareness among consumers is increasing medical checkups and scans. This is positively impacting the iodine market.
Technological: Advances in CT scan and MRI technologies are improving imaging quality. This is promoting the usage of iodine-based contrast agents.
Key Takeaways
The global iodine market demand is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand for iodine-based X-ray contrast media from the medical sector. The market size for 2023 is estimated to be US$ 1641.17 Mn.
North America currently leads the global iodine market backed by robust healthcare infrastructure and high adoption of advanced medical technologies in countries like the US and Canada. Asia Pacific is expected to be the fastest growing regional market for iodine due to rising healthcare spending, large population base and increasing incidence of diseases in developing nations like India and China.
Key players operating in the iodine market are Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. These companies are focusing on capacity expansions to meet the rising global demand for iodine.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
