The surface disinfectant market is projected to be worth $1.2 billion by 2024, according to a new report from MarketsandMarkets.com.
The report “Surface Disinfectant Market by Composition (Quaternary Ammonium, Alcohols, Chlorine, Hydrogen Peroxide), Type (Liquids, Sprays, Wipes), Application (In-house, Instrument), End User (Hospital, Diagnostic, Research Labs) – Global Forecast to 2024,” explores the global surface disinfectants market. It projects the market to grow at a compound annual growth rate (CAGR) of 8.4% from 2019 to 2024. This indicates that the market will grow from $837 million in 2019 to $1.2 billion in 2024.
The report explains that the growth of this market is majorly driven by the increasing prevalence of hospital-acquired infections (HAIs) globally, the presence of stringent regulations for the use of surface disinfectants (in hospitals, diagnostic laboratories, pharmaceutical and biotechnology companies and research laboratories) as well as by advancements in surface disinfectants.
On the basis of composition, the surface disinfectants market is segmented into alcohols, chlorine compounds, quaternary ammonium compounds, hydrogen peroxide, peracetic acid and other compositions. The alcohols segment is expected to account for the largest market share. The high use of alcohols on hard surfaces in hospitals and laboratories is driving the growth of this segment.
Other segments, such as hydrogen peroxide and peracetic acid are expected to have higher growth rates due to their growing acceptance in surface disinfectant formulations.
On the basis of type, the surface disinfectants market is segmented into liquids, wipes and sprays. The liquids segment is expected to account for the largest market share. This can primarily be attributed to the wide usage of these disinfectants, especially in emerging and underdeveloped countries, due to their low cost.
By end user, the surface disinfectants market is segmented into hospital settings, diagnostic laboratories, pharmaceutical and biotechnology companies and research laboratories. Hospital settings are expected to account for the largest share of the market. The large share of this segment can be attributed to factors, such as the high prevalence of infections in hospitals, the increase in hospital reimbursements for surgeries performed in hospitals and growing patient volume in these health care settings.
The surface disinfectants market, by application, is segmented into in-house surfaces, instrument disinfection and other applications. The in-house surfaces segment is expected to account for the largest share of the surface disinfectants market. The large share of this segment can primarily be attributed to the large volume of disinfectants required to clean in-house surfaces in health care settings.
Based on region, the surface disinfectant market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America is projected to command the largest share of the surface disinfectants market. The large share of this market segment can be attributed to the high prevalence of HAIs and the presence of stringent infection control regulations in the region. MarketsandMarkets