Iodine has been increasingly used in medical imaging applications such as computed tomography (CT) scans and X-ray imaging procedures. Iodine provides higher contrast in images enabling clearer visualization of tissues and organs. The growing geriatric population and rising number of chronic diseases have been propelling the demand for various diagnostic imaging procedures. Moreover, advancements in CT and X-ray technology have further widened the scope of iodine-based contrast agents.
The global iodine market is estimated to be valued at US$ 1641.17 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased spending on healthcare infrastructure especially in developing nations has been a key trend fueling the demand for medical imaging equipment and associated contrast agents. Additionally, growing awareness about early disease detection and superiority of iodine-based agents over alternative compounds is further augmenting market growth. However, potential side-effects and allergic reactions of iodine-based compounds remain a challenge. Ongoing R&D towards development of safer molecules is expected to present new opportunities over the coming years.
Segment Analysis
The global iodine market is dominated by the medical segment. Iodine compounds such as potassium iodide and povidone-iodine are widely used as an antiseptic in various medical applications like wound care and skin disinfectants. Poivdone-iodine accounts for over 60% of the medical sub-segment. It is widely used as an antiseptic due to its broad-spectrum efficacy and is considered as the gold standard for preoperative skin preparation.
Key Takeaways
The Global Iodine Market Demand is expected to witness high growth over the forecast period. The rising consumption of iodine compounds across various end-use industries like medical, industrial, and pharmaceutical will be a major factor driving the market.
Regional analysis: North America dominates the global iodine market with the largest consumption. The region accounts for over 30% of the global demand. Well-established healthcare infrastructure and growing pharmaceutical industry are some factors supporting the regional market. Asia Pacific is expected to be the fastest-growing market for iodine during the forecast period due to rapid industrialization and increasing healthcare spending.
Key players: Alpha Omega, Inc., GE Healthcare, Siemens Healthineers, Scientifica Ltd., Blackrock Microsystems LLC, Femtonics Ltd., LaVision Biotec GmbH, Intan Technologies, NeuroNexus Technologies, Inc., Newport Corporation, Neuralynx Inc., Plexon Inc., Mediso Medical Imaging Systems, Noldus Information Technology, Sutter Instrument Corporation, Thomas Recording GmbH, Trifoil Imaging Inc. These companies extensively work in the field of neuroscience research and neural engineering. They provide electrophysiology equipment, optogenetics devices, microscopes and analysis software used by researchers across the globe.
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