Iodine Market

Increasing investments in facilities for recycling iodine

G.E. Healthcare’s Pharmaceutical Diagnostics business announced in October 2022 a long-term agreement with Chilean mining company Sociedad Quimica y Minera de Chile S.A. (SQM), to ensure its supply of iodine, a key ingredient used in X-Ray and Computed Tomography (C.T.) procedures as contrast media worldwide. In line with G.E. Healthcare’s commitment and investment plan to enable the production of an additional 30 million doses of iodinated contrast media annually by 2025, SQM will increase its iodine raw material supplies year-on-year under the agreement.

The increased occurrence of chronic diseases globally has led to C.T. scans becoming more common; hence, there is a huge demand for iodinated contrast media that are used to increase visualization of organs, blood vessels, and tissues across clinical care pathways.

The Global Iodine Market Industry experiences a notable surge in demand from the pharmaceutical sector. Iodine is integral in the production of antiseptics, contrast agents for imaging, and various medications. As healthcare systems globally prioritize advanced medical technologies, the need for iodine-based products is projected to increase. This trend is further supported by the anticipated growth of the market, which is expected to reach 3500 USD Million in 2024. The pharmaceutical industry's expansion, particularly in emerging economies, is likely to drive the Global Iodine Market Industry forward, indicating a robust growth trajectory.

The Global Iodine Market Industry is significantly influenced by the rising awareness of iodine's essential role in human health. Nutritional supplements containing iodine are increasingly popular, particularly in regions where iodine deficiency is prevalent. Governments and health organizations advocate for iodine supplementation to combat health issues related to deficiency, such as thyroid disorders. This growing emphasis on public health is likely to contribute to the market's expansion, with projections suggesting a market value of 5200 USD Million by 2035. The increasing incorporation of iodine in dietary supplements reflects a broader trend towards preventive healthcare.

The Global Iodine Market Industry benefits from diverse industrial applications, particularly in the production of high-performance materials and chemicals. Iodine is utilized in the manufacturing of polymers, dyes, and catalysts, which are essential in various industrial processes. Innovations in these sectors are likely to enhance the demand for iodine, as industries seek more efficient and sustainable production methods. The anticipated compound annual growth rate of 3.66% from 2025 to 2035 indicates a steady increase in iodine consumption across industrial applications, thereby reinforcing the market's growth potential.

The Global Iodine Market Industry is poised for growth due to advancements in extraction technologies. Innovations in extraction methods, such as more efficient processes and environmentally friendly techniques, are likely to enhance iodine yield and reduce production costs. These technological improvements can lead to increased supply, meeting the rising global demand for iodine across various sectors. As the market evolves, companies that adopt these advancements may gain a competitive edge, further stimulating growth in the Global Iodine Market Industry. This dynamic environment suggests a favorable outlook for iodine producers.

The Global Iodine Market Industry is increasingly shaped by stringent environmental regulations aimed at promoting sustainability. As industries strive to reduce their ecological footprint, the demand for iodine in eco-friendly products is on the rise. Iodine's role in renewable energy technologies, such as solar panels and batteries, highlights its importance in sustainable development. This shift towards greener alternatives is likely to propel the market forward, as companies adapt to regulatory pressures and consumer preferences for sustainable products. The evolving landscape suggests a promising future for the Global Iodine Market Industry.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected as the leading market share in the Iodine industry, as it holds the highest demand for pharmaceuticals. The increasing demand for medicines, a growing number of emergencies, and casualties combined with the increasing geriatric population across the region are considered the major drivers of market growth across the region.

Asia-pacific region is also experiencing higher demand for the pharmaceutical industry, and the medical industry across the Asia-pacific region is evolving at a faster pace as well. After the relaxation of the government regulations, several pharmaceutical industries have gotten back to their pace and therefore Iodine industry is expected to witness healthy growth across the region.

Europe was at the leading position in the Iodine industry and the growing awareness regarding the significance of Iodine deficiency and the government initiatives to build awareness across the region are considered the prime factors that are expected to boost the overall growth of the Iodine industry

Figure 3: IODINE MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Iodine industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Iodine industry to benefit customers and expand the market sector. Major market players, including GE Healthcare, EverstoneCapital, Calibre Chemicals Pvt. Ltd, Cosayach, and others are attempting to increase market demand by funding R&D initiatives.

GE Healthcare is a global medical technology and digital solutions company that provides innovative products and services to healthcare providers and patients worldwide. The company is a subsidiary of General Electric Company. GE Healthcare's product portfolio includes medical imaging and diagnostic equipment, healthcare IT solutions, life sciences and pharmaceutical manufacturing technologies, and medical equipment and supplies. The company's medical imaging and diagnostic equipment include magnetic resonance imaging (MRI), computed tomography (CT), X-ray, ultrasound, molecular imaging, and positron emission tomography (PET) systems. GE Healthcare's healthcare IT solutions include electronic medical records, imaging and clinical information systems, and remote patient monitoring technologies.

Calibre Chemicals Pvt. Ltd is an Indian-based company that is engaged in the manufacturing and distribution of a wide range of specialty chemicals and pharmaceutical intermediates and has manufacturing facilities in multiple locations across India. Calibre Chemicals offers a diverse portfolio of products that include industrial chemicals, pharmaceutical intermediates, specialty chemicals, and agrochemicals. Its product range includes acetonitrile, sodium methoxide, benzophenone, piperazine, pyridine, and other chemical intermediates. The company caters to various industries such as pharmaceuticals, agrochemicals, petrochemicals, flavors and fragrances, and specialty chemicals. It has a global presence and exports its products to several countries worldwide.

Cipla Health’s Naselin has launched a Naselin antiviral nasal spray with povidone-iodine, the first nasal spray in the market that is antiviral against coronavirus and respiratory tract infections. According to scientific studies, povidone-iodine can be employed as a preventative for the SARS-CoV-2 virus. Povidone-iodine is a very strong antiviral that can be used by many people, especially those who belong to high-risk communities, such as essential workers who are working during COVID times, said Cipla. Povidone iodine is one such molecule that has been proven effective against most viruses causing respiratory tract illnesses such as colds, sinusitis, or flu.