Global Sterility Indicators Market Worth Around USD 1.24 billion by 2026: Acumen Research and Consulting
The global sterility indicators market is anticipated to reach USD 1.24 billion by 2026 in terms of revenue. It is expected to grow at a CAGR of 10.8% during the forecast period.
Stringent regulations regarding healthcare products and greater emphasis on sterility parameters and methods for the prevention of Hospital Acquired Infections are anticipated to drive the global sterility indicator market growth.
Growing elderly population prone to chronic conditions is mostly driving the demand for drugs and medical devices worldwide. Governing bodies in developing economies like India and China are focusing on offering cost-effective, better quality medications. The Union Cabinet of India has plans to fund an amount approximate to USD 13.16 billion to the National Health Mission during the period April 2017 to March 2020. Presently, India is among the highest U.S. Food and Drug Administration approved manufacturing facilities outside the U.S. It also accounts for about 22.0% of the overall approved U.S. FDA plants. Therefore, demand for sterility testing services and products is anticipated to rise during the forecast period.
Consistent manufacturing protocols, introduction of novel products, and acceptance of modern technologies has led to synchronization of quality and sterility testing standards in the healthcare industry. This factor has shaped a requirement for aseptic manufacturing techniques and also for more efficient and dependable sterilization monitoring process. Additionally, many organizations such as the Agency for Healthcare Research and Quality and Centers for Medicare and Medicaid Services are also promoting awareness about the need for strict regulations for quality and safety testing services of healthcare products. Many of these factors anticipate driving of the expansion of the global sterility indicators market during the forecast period.
The global sterility indicator market is segmented into type, technique, end-user and region. On the basis of product the global sterility indicators market is segmented into chemical indicators and biological indicators. Chemical indicators are further sub-segmented into class 1, class 2, class 3, class 4, and class 5. Biological indicators are further sub-segmented into Spore Ampoules, Spore Suspensions, Spore Strips and Self-contained Vials . On the basis of technique, the global sterility indicator market is segmented into heat sterilization, low temperature sterilization, filtration sterilization, radiation sterilization, and liquid sterilization. On the basis of the end-user the global sterility indicators market is segmented into hospitals, pharmaceutical companies, medical device companies, clinical laboratories/research centers, and others. On the basis of region the global sterility market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
In 2017, Biological indicator segment among the sterility indicator type, captured the larger market share. Widespread usage comparatively to chemical indicators owing to its dependability is anticipated to propel the segment growth during the forecast period.
North America sterility indicator market is anticipated to continue its dominance with greater market share during the forecast period due to the presence of a large number of established companies and a greater adoption of advanced technologies in the market among the consmers. Asia Pacific sterility indicator market is accounted to exhibit a significant CAGR over the forecast period. Existence of most of the untapped market and abundance availability of supportive government regulations and standards are expected to attract global players in the region.
Some of the major players in the global sterility indicators market include Cantel Medical Corporation; Getinge AB; Cardinal Health Inc.; 3M Company; Matachana Group; Mesa Laboratories; and Anderson Products Inc. The global players are continuously investing in R&D and innovating new product portfolio to attract more and more business opportunity from the emerging nation such as China and India. Players are also involved in merger and acquisition, strategic partnership in order to sustain in the competitive market and to build a competitive shield again the competitors. Additionally, changing customers’ needs are encouraging global players to develop innovative technology solution to cater best to the market. Also, increasing R&D investments coupled with technological advancements to commercialise highly efficient products are anticipated to offer lucrative opportunities for industry participants. Majority of the companies are focusing on continuous product development and offering products at competitive prices, especially in developing countries due to the stern competition from local manufacturers.
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