Healthcare
Hand Wash Market to grow at a CAGR of 5.88% during the forecast period 2020-2025
Hand Wash Market size is $12.6Bn in 2019, growing at a CAGR of 5.88% during the forecast period 2020-2025. It helps in the removal of germs, soil, grease, microorganisms and other unwanted substances. They are available in various types such as herbal, chemical, mineral organic components that help in the prevention of infection control with the use of antibacterial properties. It acts as a disinfectant agent that prevents the spread of infections among the individuals. Hand hygiene helps prevent diarrhea, respiratory infections, COVID-19, chronic diseases and others which can be spread when in contact with eyes, mouth, ear, nose and others.
Key Takeaways
- The increase of the prevention safety among the individuals in the medical and healthcare industry is set to propel the growth of the market.
- Increasing consumer awareness about hygiene coupled with government initiatives promotes the hand wash market.
- Europe region is estimated to record the fastest growth rate during the forecast period.
By Application - Segment Analysis
In 2019, Healthcare segment dominated the Hand Wash Market in terms of revenue and is estimated to grow at a CAGR of 3.19%. Hand washing is required by the doctors for the removal inhibition of transient micro-organisms and substantial reduction and suppuration of the resident flora. It can block the consequence of infection on the medical or healthcare people during treatment processes such as surgeries and others in case a surgical glove is punctured/ torn. The recent COVID-19 outbreak is estimated to act as a key driver of the hand wash market in the healthcare industry.
By Distribution Channel - Segment Analysis
In 2019, Online Retailers segment dominated the Hand Wash Market. This is owing to the availability of wide varieties of hand hygiene products on online retail shops. Online stores provides discount and combo offers which attracts consumers. People find it more useful as it makes purchasing easier in comparison to supermarkets and hypermarket, this also helps in saving time. Convenience, ease of availability of products and same day delivery services is set to propel the market.
Geography - Segment Analysis
In 2019, the North America region dominated Hand Wash Market in terms of revenue with a market share of 46%. Growth in the market is attributed to the efficient healthcare structure and the rising cases of hygiene related diseases. The rising cases of COVID-19 is estimated to impact the growth of the market. Hand wash are being used by medical personnel working around infected patients. As per claims of World Health Organization (WHO) the estimated statistics related to COVID-19 outbreak is 21,65,500. The increasing COVID-19 cases have urged health authorities all around the world to educate individuals about the importance of hand wash and hand hygiene which is estimated to propel the market. Europe is estimated to record the fasted growth rate during the forecast period 2020-2025.
Drivers – Hand Wash Market
- Rising Prevalence of COVID-19
Rising incidence of COVID-19 is driving the demand for hand wash products. According to WHO, the decease rate from COVID-19 are 1,45,705. The increasing risk of hospital acquired infections and the rise in chronic diseases has led to growing focus on methods to contain them. This has resulted in the increased usage of hand wash which is estimated to act as a driver of this market.
Challenges – Hand Wash Market
- Stringent Government Regulations
The FDA has pressurized manufacturers to submit data regarding the long term health impact of inorganic substances or chemicals in hand wash particularly hormonal effects and contributors to anti-biotic resistant bacteria, to ascertain the safety of these hand wash products. These regulations ensure the safety of consumers by regulating the chemicals being used in hand wash.
Hand Wash industry outlook
Product Launches was the key strategy of the players in the Hand Wash Industry. Hand Wash top 10 companies include 3M Company, Beijing LvSan Chemistry Co Ltd, Chattem Inc., Gojo industries INC., Henkel AG & Company, KGaA, Kutol Products Company, Inc, Lion Corporation, Medline Industries, Inc., and Nice-Pak Products, Inc.
