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Drug Price Trends for IODIDES TINCTURE
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Average Pharmacy Cost for IODIDES TINCTURE
Drug Name | NDC | Price/Unit ($) | Unit | Date |
---|---|---|---|---|
IODIDES TINCTURE | 24385-0207-46 | 0.07395 | ML | 2025-01-22 |
IODIDES TINCTURE | 70000-0399-01 | 0.07395 | ML | 2025-01-22 |
IODIDES TINCTURE | 24385-0207-46 | 0.07377 | ML | 2024-12-18 |
IODIDES TINCTURE | 70000-0399-01 | 0.07377 | ML | 2024-12-18 |
IODIDES TINCTURE | 24385-0207-46 | 0.07388 | ML | 2024-11-20 |
IODIDES TINCTURE | 70000-0399-01 | 0.07388 | ML | 2024-11-20 |
>Drug Name | >NDC | >Price/Unit ($) | >Unit | >Date |
Iodine Market Analysis and Price Projections: A Comprehensive Overview
Introduction to Iodine
Iodine is a crucial chemical element known for its vibrant purple-black color and its essential role in the synthesis of thyroid hormones, such as triiodothyronine (T3) and thyroxine (T4). It is widely used in various industries, including healthcare, animal nutrition, and electronics.
Global Iodine Market Size and Growth
The global iodine market is experiencing significant growth, driven by increasing demand across multiple sectors. Here are some key statistics:
- The global iodine market was valued at USD 1.228 billion in 2023 and is expected to reach USD 2.110 billion by 2032, growing at a CAGR of 4.53% to 6.5% during the forecast period[1][5].
- Another estimate suggests the market size was USD 1.10 billion in 2023 and is projected to reach USD 1.67 billion by 2031, with a CAGR of 5.40%[2].
Market Segmentation
By Source
The iodine market is segmented based on the source of iodine, which includes:
- Underground Brines: A significant source, particularly in regions like the United States.
- Caliche Ore: Dominates the market, especially in Chile, where it is extracted along with nitrates. This segment is expected to grow substantially due to expansion plans by companies like SQM[4].
- Seaweeds: Another natural source, though less dominant compared to caliche ore and underground brines.
- Recycling: Expected to register the highest CAGR during the forecast period due to increasing efforts in sustainable practices[4].
By Form
Iodine is available in various forms, including:
- Inorganic Salts and Complexes
- Elemental and Isotopes
- Organic Compounds: This segment holds the largest share, estimated at around 49% of the market in 2020[4].
By Application
The diverse applications of iodine include:
- X-Ray Contrast Media: Expected to dominate the market due to increasing healthcare demands and early diagnosis initiatives[1][5].
- LCD Polarizers: Used in the production of LCD screens.
- Health and Animal Nutrition: Essential for thyroid hormone synthesis and animal feed.
- Pharmaceuticals: Used in various medical applications.
- Biocides: Used in water treatment and food industries.
- Catalysts: In polymer processing.
- Fluorochemicals: Used in various industrial processes[1][2].
Regional Analysis
The global iodine market is segmented into several regions, each with its own growth prospects:
- Europe: Currently the largest market, driven by high demand for X-ray contrast media and other healthcare applications. It is expected to continue dominating the market[1][5].
- North America: Driven by the growing poultry industry and rising meat consumption, this region is expected to see significant growth, particularly in animal nutrition[2].
- Asia Pacific: Expected to register the highest CAGR due to the growing incidence of iodine deficiency in countries like China and India. The region's healthcare sector, including pharmaceuticals and biocides, is also driving growth[1][4].
Market Trends and Drivers
Several trends and drivers are influencing the iodine market:
- Rising Demand in Healthcare: Increasing use in X-ray contrast media, diagnostics, and treatment of various diseases is driving the market[1][5].
- Technological Advancements: Improvements in extraction processes, especially from caliche ores and seaweed, are offering new growth opportunities[1].
- Government Initiatives: Guidelines from organizations like the World Health Organization (WHO) to minimize iodine deficiency are supporting market growth[5].
- Supply Chain Disruptions: Volatility in iodine prices due to supply chain disruptions and geopolitical tensions poses a significant challenge to the market[2].
Price Projections and Challenges
Price Volatility
Iodine prices have been fluctuating due to various factors, including supply chain disruptions, geopolitical tensions, and shifting demand dynamics. This volatility creates uncertainty for manufacturers and end-users, affecting budgeting and financial planning[2].
Toxic Effects
Consuming iodine above prescribed levels can lead to poisoning, which includes symptoms like diarrhea, nausea, and hyperthyroidism. This acts as a restraint for the market, especially due to low consumer awareness[5].
Key Players and Market Strategies
Several key players are driving the iodine market forward:
- Iofina: Announced plans to construct its 10th iodine extraction plant in Oklahoma, utilizing proprietary extraction technology to enhance efficiency[2].
- SQM: Invested in expanding lithium, nitrate, and iodine production in Chile, which is expected to increase the demand for iodine from caliche ore[4].
- Other Players: Companies like Cosayach, Calibre Chemicals Pvt. Ltd., Glide Chem Pvt. Ltd., and others are also contributing to the market growth through various strategies and expansions[1].
Future Outlook
The iodine market is poised for substantial growth over the next decade, driven by increasing demand in healthcare, technological advancements, and government initiatives. Here are some key takeaways:
- Growing Demand: The market is expected to grow significantly due to rising healthcare expenses, increasing incidence of iodine deficiency, and expanding applications in biocides and fluorochemicals.
- Technological Advancements: Improvements in extraction processes will continue to offer new growth opportunities.
- Regional Growth: Asia Pacific and North America are expected to see high growth rates due to their growing healthcare and animal nutrition sectors.
Key Takeaways
- The global iodine market is valued at over USD 1 billion and is expected to grow to over USD 2-3 billion by 2032.
- The market is driven by increasing demand in healthcare, particularly in X-ray contrast media and pharmaceuticals.
- Technological advancements in extraction processes and government initiatives are key drivers.
- Europe is the largest market, but Asia Pacific is expected to register the highest CAGR.
- Price volatility and toxic effects are significant challenges.
FAQs
1. What is the current size and projected growth of the global iodine market? The global iodine market was valued at around USD 1.228 billion in 2023 and is expected to reach USD 2.110 billion by 2032, growing at a CAGR of 4.53% to 6.5%[1][5].
2. What are the primary sources of iodine? The primary sources of iodine include underground brines, caliche ore, seaweeds, and recycling[4].
3. Which region dominates the iodine market? Europe currently dominates the iodine market, driven by high demand for X-ray contrast media and other healthcare applications[1][5].
4. What are the major applications of iodine? Major applications include X-ray contrast media, LCD polarizers, health and animal nutrition, pharmaceuticals, biocides, and catalysts in polymer processing[1][2].
5. What challenges does the iodine market face? The market faces challenges such as price volatility due to supply chain disruptions and geopolitical tensions, as well as the toxic effects of excessive iodine consumption[2][5].
Sources
- Zion Market Research - "Iodine Market by Type (Natural Brines, Nitrite Ores, and Others) and by Application (LCD Polarizers, X-Ray Contrast Media, Animal Nutrition, Health Nutrition, Fluorochemicals, Pharmaceuticals, Biocides, Catalysts, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024—2032"[1].
- Data Bridge Market Research - "Iodine Market Size, Share, Trends, Forecast, & Outlook By 2031"[2].
- Maximize Market Research - "Povidone Iodine Market: Global Industry Forecast 2030"[3].
- Straits Research - "Iodine Market Outlook, Share, Report to 2033"[4].
- Fortune Business Insights - "Iodine Market Size, Share & Trends | Forecast Outlook [2032]"[5].
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