Global Acetohydroxamic Acid Market size is forecast to reach around $510.33 million by 2025, after growing at a CAGR of 5.2% during 2020-2025. Acetohydroxamic acid is a drug that is primarily used to treat urinary tract infections. Acetohydroxamic acid is a synthetic drug derived from hydroxylamine and ethyl acetate, is similar in structure to urea. Acetohydroxamic acid prevents the growth of bacterial enzyme and stops the hydrolysis of urea and brings down the production of ammonia in urine. A key driver for the market is the rise in urinary tract infections associated with proteus mirabilis. With the number of urinary infections in diabetic patient’s cases increasing year on year, acetohydroxamic acid is high in demand. Acetohydroxamic acid decreases the effect of urea splitting bacteria which causes urinary tract infections. This bacterium affects babies, individuals above the age of 60 and those individuals who have some form of a spinal problem. These are the different age groups and individual types that will contribute to the demand for acetohydroxamic acid.
Acetohydroxamic Acid Market Segment Analysis – By Purity
The >99% segment is projected to grow with a highest CAGR of 6.5% in the Acetohydroxamic Acid market during the forecast period owing to the high performance and recovery rate. Whereas, the >99% pure acetohydroxamic acid is a drug that is a potent and irreversible inhibitor of bacterial and plant urease usually used for urinary tract infections. The use of >99% purity product helps to constrain the urea decomposing speed and avoid the occurring of animal ammonia poisoning. Due to the bacteria inhibit and fast recovery property, the demand for >99% purity product is growing.
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Acetohydroxamic Acid Market Segment Analysis – By Form
The powder segment held the largest share of more than 65% in the global market in 2019. The ease of packaging and transportation drive the demand for powder form acetohydroxamic acid. Whereas, the growing consumption of powder form acetohydroxamic acid in the pharmaceutical/medication sector further contribute to the market growth. The powder form offers various advantages over form like they are economical, easy to administer, and therefore generally have a good patient compliance.
Acetohydroxamic Acid Market Segment Analysis – By Packaging Type
The bags segment is projected to grow with a highest CAGR of 6.5% in the Acetohydroxamic Acid market during the forecast period. The ease of packaging and transportation drive the demand for bags type packaging, which in turn contribute to the growth of acetohydroxamic acid market. Whereas, the growing e-commerce sector and developing logistics further contribute to the market growth. The powder of Acetohydroxamic acid will be packed in sealed plastic bags ranging from 1-100kg, and then sealed in woven bags or craft paper bags. The courier is much faster and more convenient way of transportation of bags owing to the light weight as compared to drums. Additionally, the goods could be delivering door by door. The monetary benefits offered by bags packaging over drums further drive the bags packsi9gn market, which turn contribute to the market growth.
Acetohydroxamic Acid Market Segment Analysis – By Application
The diabetic segment held the largest share of more than 45% in the global market in 2019. The growing old age population and increasing diabetic dieses among the youngsters is driving the acetohydroxamic acid market. Moreover, the growing kidney dieses also contribute to the growth of this market. For instance, according to the WHO data, in 8.5% of adults aged 18 years and older had diabetes, in 2014.
Acetohydroxamic Acid Market Segment Analysis – Geography
Among the regions, the APAC region is projected to grow with a highest CAGR of 7.5% in the Acetohydroxamic Acid market during the forecast period. The growing disposable income, rise in population, and the growth of the chronic dieses propels the growth of this market in the APAC region. In addition, changing lifestyle drives the demand of personal care products and the presence of emerging economies such as China and India across the region also contribute to the market growth across the APAC region.
Acetohydroxamic Acid Market Drivers
Growing diabetic patient globally
The growing acute cases of urinary infections among the diabetic patients drive the growth of acetohydroxamic acid market. As acetohydroxamic acid prevents the build-up of ammonia in urine. The patients with diabetes are more disposed to get urinary tract infection owing to normal urination and high blood sugar level. Hence, the timely diagnosis and proper medications are necessary in order to control the urinary tract infection in diabetic patients. Thus, the growing number of diabetic patients worldwide further drive the growth of this market. For instance, according to the International Diabetes Federation (IDF) report, in 2019, around 463 million people aged between 20-79 years were living with diabetes and the number will increase to reach up to 700 million by 2045. Whereas, according to the World Health Organization (WHO) report, the global prevalence of diabetes among adults age over 18 years rose from 4.7% in 1980 to 8.5% in 2014. Thus, the growth in diabetes patient further drive the growth of this market.
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Acetohydroxamic Acid Market Challenges
Emergence of COVID-19 the Pandemic
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. According to International Monetary Fund, the global GDP is expected to decline by 0.3% in 2020. According to World Trade Organization (WTO), global trade volumes are projected to decline between 13% and 32% in 2020 as a result of the economic impact of COVID-19. The pandemic is affecting operations of various industries such as pharmaceutical, personal care, and others, as most of countries have issued “stay at home guidance”. Moreover, it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. As, Acetohydroxamic Acid products are extensively used in these industries, the declining operations of these industries is directly affecting Acetohydroxamic Acid market growth. Though at presently the healthcare sector is witnessing an exponential growth due to COVID-19 impact and shifting of investment in the production of Covid-19 prevention drug, but the other healthcare sectors like diabetic, kidney prevention, and others are witnessing the significant decline growth, which in turn acts as a challenging factor to the market growth.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Acetohydroxamic Acid market report. In 2019, the market of Acetohydroxamic Acid top 10 companies accounting for xx% of the share. Major players in the Acetohydroxamic Acid Market industry outlook are Hangzhou, Hangzhou J&H Chemical, Dayangchem, Eastar Chemical, Simagchem, Skyrun Industrial, Acinopeptide, Zhejiang Hongxin Chemical, Gihi Chemicals, Hangzhou Lingrui Chemical, among others.
Latin America region is projected to witness a significant growth in the global market due to growing diabetes patients. Brazil is the major market for the Acetohydroxamic Acid.
Stringent government regulations and side effects of this product further hampering to the overall market growth.
Unstable economic condition and Covid-19 outbreak cause major hindrance to the overall market growth.
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