Potassium Iodide: Market Outlook
Medication is a medicine or a drug which is used to cure, treat, diagnose or prevent certain diseases. Pharmacotherapy or drug therapy plays an important role in the field of medicine. These therapies rely on the science of pharmacology for an appropriate management and for continual advancement in the field of pharmacy. Drugs are of various types, the first type is classified by the level of control it has on the body, which needs a prescription while purchasing. The second type is called as over-the-counter drugs, which does not require any prescription.
There are certain supplements that a human body requires apart from the nutrients that are present in the body. Those external supply of a particular type of nutrients are called as dietary supplements. These supplements are present in various forms such as capsules, pills, liquid or tablets.
Potassium iodide is a crystalline salt which is used as a dietary supplement, medication and a chemical component. As a medication, potassium iodide is used to treat radiation emergencies, hyperthyroidism and helps protect the thyroid gland. Potassium iodide as a supplement is used for patients having low iodine content in the body.
Potassium Iodide and its Properties:
In the developing world, potassium iodide is used to treat various skin problems such as phycomycosis and sporotrichosis. The chemical formula for potassium iodide is KI and it is commercially made by mixing iodine with potassium hydroxide. It is being used for medication purpose from 1820 and is one of the World Health Organization's List of Essential Medicines. Potassium iodide is considered to be the most effective and a safe medicine by the human beings.
As a generic medicine, potassium iodide is available across all the counters. Due to the increasing demand for potassium iodide, it is being incorporated by the salt manufacturers. This will help by meet the iodine requirement by the consumers. There are very less side effects observed post consumption of potassium iodide. As a dietary supplement potassium iodide can also be used in the animal feed.
Since there is an increasing demand for iodine present salt in every region, it is expected that the potassium iodide market is expected to grow with a considerable CAGR.
Global Potassium Iodide Market: Segmentation
On the basis of end use, the global potassium iodide market has been segmented as:
Global Potassium Iodide Market: Market Participants
Some of the market participants operating in the global Potassium Iodide market identified across the value chain include Hanwei Chemical, JIODINE Chemical, Tocean Iodine Products, Youlian Fine Chemical, Taiye Chemical, Iofina, Boyuan Pharmaceutical & Chemical, William Blythe, Jindian Chemical, Lingang Chemical, Honghe Pharmacy, Ajay-SQM, Shengdian S&T, GODO SHIGEN Co., Ltd., Adani Pharmaceuticals, Merck Millipore, Iofina Plc, Nippoh Chemicals Co., among the other potassium iodide manufacturers.
Opportunities for Participants in the Potassium Iodide Market:
Due to the speedy expansion of pharmaceutical industry, increasing awareness programs about health and wellness, the demand for iodide compounds to make novel formulations, which helps propel the potassium iodide market.
It is an emerging iodide compound when compared to any other iodide compound and the demand for potassium iodide is also from the textile and food sectors. Increasing demand for nutritional food, rising health concerns, are certain factors which directly enhances the usage of potassium iodide. A diet that includes potassium iodide as a supplement, then it is known to avoid certain health conditions such as cretinism, goitre, and hyperthyroidism. The FDA (US Food and Drug Administration) suggests to use potassium iodide as dietary supplement for the animals in the feed and as a food additive for humans.
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