The Hydroiodic Acid Market is being driven by Increasing number of surgical procedures worldwide
The Hydroiodic Acid Market is expected to grow at a CAGR of 5.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 93.1 million. In the current global health landscape, the economic burden of infectious diseases, particularly in developing countries like India and China, is significant due to escalating COVID-19 cases and other illnesses. The financial strain caused by treatment costs can push patients and their families into poverty and weaken community resilience. To mitigate these challenges, public and private organizations are prioritizing affordable, high-quality healthcare services. The World Health Organization (WHO) has issued guidelines on healthcare facility hygiene and recommendations to enhance hygiene practices, thereby reducing pathogen transmission to healthcare workers and patients. This proactive approach is crucial for strengthening healthcare systems and mitigating the economic impact of infectious diseases.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Pharmaceutical grade, Industrial grade) Geography (APAC, North America, Europe, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Hydroiodic Acid Market Research Report
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Hydroiodic Acid, chemically known as HI, is a high-purity corrosive acid with various applications. In the electronics industry, it is used as a reducing agent in semiconductor production. In the pharmaceutical sector, it serves as a preservative, flavor enhancer, and drug intermediate for medicines, contrast agents for medical imaging, and antiviral agents for chronic diseases. Iodine deficiency treatments include Hydroiodic Acid in iodized salt. Iodine demand drives Hydroiodic Acid production for its uses as an analytical reagent, disinfectant, and sanitizer against germs and viruses.
The global specialty chemicals market encompasses businesses specializing in high-purity chemicals, such as Hydroiodic Acid, which are integral to the production of various industries. These industries include electronics, semiconductor devices, pharmaceuticals, and medical applications. Specifically, Hydroiodic Acid is utilized in the manufacturing of contrast agents for medical imaging, as a preservative, and a flavor enhancer in the food industry. Furthermore, its application in the treatment of chronic diseases and iodine deficiency adds significant value. The market's expansion will be fueled by the increasing demand for specialty adhesives and sealants, as well as the growing importance of high-purity chemicals in various sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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