Increasing health care expenses, the growing number of hospital-acquired infections, and a spike in surgical operations are expected to drive growth in the surface disinfectant market.
The global surface disinfectant market is expected to eclipse $600 million by 2022, according to Grand View Research. The market is growing at an estimated CAGR exceeding 11 percent over the forecast period, according to a 2015 report prepared by the market research and consulting firm.
“Strict guidelines along with legislative guidelines such as Affordable Care Act have forced hospital authorities to ensure cleanliness in their facilities. Rising concern regarding healthcare-acquired infections, as it affects the base line of existence of these facilities, is expected to drive the surface disinfectant demand over the forecast period,” according to Grand View Research. “Recent Ebola outbreak has highlighted a need for health care facility cleanliness and disinfection.”
Surface disinfectants are used to disinfect and sanitize surfaces such as floors, furniture, washrooms, tiles, walls, instruments and clothes.
According to the World Bank estimates, global health care expenditure has witnessed remarkable growth from $3.8 trillion in 2003 to $7.4 trillion in 2013, growing at a CAGR of 7 percent over the forecast period. In the same period, public health care spending increased at a CAGR of 7.28 percent, from $2.2 trillion in 2003 to $4.4 trillion in 2013. This high growth rate, along with the huge size of health care spending, is expected to drive surface disinfectant market growth,” according to Grand View Research.
“Rising awareness regarding home cleanliness and the need for disinfection is also expected to fuel the product demand. Rising disposable income coupled with increasing focus on child health has positively affected the home disinfectants demand,” according to the report. “Recent infectious disease outbreaks such as Ebola, influenza, and chikungunya are expected to fuel the surface disinfectant demand over the forecast period.”
On the basis of product, the market is segmented as quaternary ammonium compounds, peracetic acid, hypochlorite, chlorhexidine gluconate, phenolic compounds, aldehydes, iodine compounds, chlorine dioxide, hydrogen peroxide, and alcohols.
“Hypochlorite held the largest market share in 2014 and is expected to lead the market over the forecast period,” according to Grand View Research. “Hypochlorite is primarily used for bleaching, disinfection, and water treatment. Quaternary ammonium compounds are expected to witness fastest growth on account of their more effective and biodegradable nature.”
The North American market is expected to remain strong in coming years.
“North America holds maximum share in the global surface disinfectant demand and is expected to retain its position over the forecast period,” according to Grand View Research. “High standards of living have driven home cleanliness and other hygienic habits in consumers. Government initiatives and enforcements regarding public health and hygiene have also driven market growth. Asia Pacific is expected to be the fastest growing region over the forecast period.”