Iodine Market Regional Analysis:
Europe Market Insights
Europe industry is estimated to hold largest revenue share of 34.2% by 2035, owing to the increasing demand for iodine in healthcare for X-ray contrast media and other pharmaceutical uses. Some strict healthcare policies in the region favor innovation and increase the utilization rate of high-end medical technologies that rely massively on iodine-based products. Increasing awareness about iodine deficiency and subsequent government initiatives in many European countries are driving the market.
France as one of the major participants in the iodine market in Europe, concentrates on expanding its healthcare infrastructure and growing applications of iodinated products for radiology procedures. Demand for both iodized salt and iodine supplements has also picked up with different public health campaigns initiated by the government to fight against iodine deficiency. The demand for iodine in medical imaging is rising in the healthcare sector due to a government initiative to provide more diagnostic services to rural communities.
Germany iodine market is rising due to its strong pharmaceutical and chemical industries and demand for the manufacture of biocides and pharmaceutical products. The country is also focusing on improving diagnostic imaging techniques to cater to the rising demand for X-ray contrast media based on iodine compounds. In August 2023, BASF declared its plan to increase the capacity for iodine production to meet the growing demand of the Europe healthcare sector. Such developments are anticipated to propel the market growth during the forecast period.
APAC Market Insights
In iodine market, Asia Pacific region is set to witness moderate growth rate through 2035, driven by higher demands for iodine from the healthcare and agriculture sectors. China and India are leading in this respect, with growing awareness of iodine deficiency and developing healthcare infrastructure. Iodine demand has strongly increased in the China market for X-ray contrast media with government health reforms. Besides, regional collaboration and related trade agreements will facilitate easy access to iodine resources.
China is leading the growth in APAC due to the fast development of medical imaging technologies and government efforts to eradicate iodine deficiency. As per reports, China is the world's leading importer of iodine, having imported approximately 6.7 thousand metric tons valued at roughly USD 222 million in 2021. Government subsidies and incentives are also boosting local production and reducing dependence on imports.
India also holds a considerable share of the market, particularly following the time when the government implemented aggressive iodine supplementation programs. The Government of India launched the Nationwide Iodine Deficiency Campaign in March 2023 with a serious ambition to enhance the consumption of iodized salt by 15% within two years. This was one of the key drivers for iodine demand in India. The success of the campaign is reflected by improved public health metrics and increased market penetration by iodized salt products.
