TRENDS INFLUENCING THE ANTIMICROBIAL MARKET
1. Increasing Adoption in Healthcare
- The increasing adoption and application of antimicrobial coatings in the medical & healthcare industry globally is anticipated to increase from 2020-2027.
- The expected rise is primarily driven by “government’s rising knowledge and initiatives to curb the spread of HAIs (Healthcare-associated infections).”
- According to research, “HAIs are the leading cause of mortality and morbidity at healthcare facilities;” hence the need to stop their spread by using advanced coatings solutions.
2. COVID-19 Outbreak
- The COVID-19 outbreak is expected to further increase the demand for antimicrobial coatings.
- Due to its proven ability to inhibit the micro growth that stops hand-to-mouth transmission, it is anticipated that this market will witness rapid growth.
- Likewise, pharmaceutical companies are expected to continue seeing an increase in the demand for various medical products, disinfectants, and sanitizers, especially during the COVID-19 pandemic.
- The increase in demand for various medical devices across global pharmaceuticals is also expected to have a ripple effect and in turn, drive the market for products that fall within the application segment of medical devices.
3. Rising World Population
- Analysts anticipate that the global population will play a critical role in boosting the demand for antimicrobial coatings in various industries, including the construction industry.
- A report by Market Data Forecast claims that by 2100, the world population will have reached about 10 billion individuals, creating a huge demand for 2 billion homes.
- It is believed that these 2 billion homes will boost the global antimicrobial market growth because the coatings will be used on various items, including “indoor handles, carpets, roof systems, radiators, accessories, floors,” etc., to minimize surface deterioration and illness spread.
- Analysts further predict that substantial economic growth resulting in job creation and coupled with falling interest rates should further drive the residential construction industry, consequently giving rise to more demand for antimicrobial coatings.
INSIGHTS INTO HOW THE MARKET WILL CHANGE IN THE FUTURE
1. Silver-based Antimicrobial Coatings to Dominate
- Various factors are anticipated to have a significant impact on the antimicrobial market, including technological advancement, new product development, and continued adoption among several industrial applications.
- Importantly, research by Globe Newswire predicts that in the future, silver-based antimicrobial coatings will witness the highest compound annual growth rate (CAGR) from 2020 to 2025.
- According to research, the silver-based antimicrobial coatings market is anticipated to experience the fastest growth during the forecast period, both in terms of value and volume.
- Importantly, the increase in this segment is being influenced by the “high efficacy rate, long-lasting effect, low toxicity, and suitability with the industrial application” attributes of silver-based microbial
2. North America to Account for the Biggest Market Share
- According to research, the North American market is predicted to dominate the antimicrobial market into the future.
- Form 2020-2025, the region is expected to lead the global antimicrobial coatings market. The growth is attributed to the availability of a massive patient pool of COVID-19 and substantial funding to develop the healthcare system.
- Equally, the ongoing investments for the improvement and advancement of the nation’s healthcare sector will also support the growth.
- The stringent regulations pertaining to indoor air quality are forcing HVAC system companies to incorporate antimicrobial coatings on surfaces to achieve the desired air quality by limiting the growth of bacteria and mold.
- Currently, North America holds an estimated market share of “44.7%, and is the fastest growing region followed by APAC at 30%, and Europe 21.1%.”