Antimicrobial Additives Market To Witness 7.5% CAGR during 2020–2030

Posted by Manish Kumar on November 19th, 2020

The expanding healthcare industry will play a major role in increasing the revenue of the antimicrobial additives market to $ 3,786.8 million by 2030. Additionally, it is projected that the market will register a CAGR of 7.5% during the forecast period of 2020–2030. Other than the growing healthcare sector, the innovative methods of product manufacturing and threat of bio-resistance in patients due to the excessive intake of antibiotic drugs will drive the industry.

Theantimicrobial additives market is segmented on two criteria — type and end-use industry. Based on type, the market is bifurcated into organic and inorganic, of which inorganic antimicrobial additives generated more revenue than the organic variants in 2019. This was due to the increasing application of non-toxic materials, such as zinc, copper, and silver, in the production of antimicrobial formulations for the food and packaging industries. Antimicrobial additives with an inorganic base are being used in a range of other consumer and non-consumer goods.

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Developing nations are also a viable market for antimicrobial additives. Taking a cue from the developed countries of North America and Europe, the Asia-Pacific (APAC) region is inclining toward creating a safe and secure healthcare system. The key factor behind the growing product demand here is an increase in the volume of medical implants. Cases of cardiovascular diseases are significantly rising, leading to an increase in the demand for implants, thereby enabling the growth of the antimicrobial additives market.

The increasing number of chronic disease cases and the aged in developing countries is attributable for the growth of the healthcare industry. Novel drugs, technologies, and accessories are being integrated with antimicrobial additives to create better technology. This constant need of the healthcare industry to evolve will eventually be the greatest contributor to the market advance in the upcoming decade. And this growth will not be limited to Europe and North America, but seen across the globe.

Therefore, the growth of the healthcare system will add significantly to the sales of antimicrobial additives.