Global surface disinfectant market is expected to reach over USD 600 million by 2022, growing at an estimated CAGR exceeding 11% over the forecast period. Increasing healthcare expenses, increasing number of hospital-acquired infections, and increasing surgical operations are expected to drive market growth over next seven years.
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. Recent Ebola outbreak has highlighted need for healthcare facility cleanliness and disinfection.
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Healthcare expenditure is an integral part of national as well as domestic budget. Rapid increase in healthcare expenditure is anticipated to foster the product demand. Surface disinfectant are used to disinfect and sanitize surfaces such as floors, furniture, washrooms, tiles, walls, instruments, and clothes.
According to the World Bank estimates, global healthcare expenditure has witnessed remarkable growth from USD 3,786 billion in 2003 to USD 7,427 billion in 2013, growing at a CAGR of 7% over the forecast period. In the same period, public healthcare spending increased at a CAGR of 7.28%, from USD 2,198 billion in 2003 to USD 4,440 billion in 2013. This high growth rate along with huge size of healthcare spending is expected to drive surface disinfectant market growth.
Rapidly increasing geriatric population and consequent rise in chronic diseases have increased health issues. Increasing incidents of infectious and human-transmitted diseases, especially within healthcare workers, have put forward the need for surface disinfection in hospitals. Government initiatives to increase awareness regarding need for cleanliness and disinfection are expected to foster market growth.
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Rising awareness regarding home cleanliness and 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. 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 maximum market share in 2014 and is expected to lead the market over the forecast period. 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.
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