Pune, India, June 08, 2021 (GLOBE NEWSWIRE) -- The global steam and hydrogen peroxide biological indicators market size is expected to gain momentum by reaching USD 1,051.4 million by 2028. Fortune Business Insights in its report, titled “Steam and Hydrogen Peroxide Biological Indicators Market, 2021-2028.”, mentions that the market stood at USD 553.1 million in 2020 and is likely to exhibit a CAGR of 8.5% between 2021 and 2028. Factors such as the increasing prevalence of chronic diseases and the growing focus on adoption of advanced biological indicators in the pharmaceutical sector will propel the product’s demand in the forthcoming years. According to the data by the Center for Disease Control and Prevention (CDC), on any given day, 1 among 31 hospitalized patients suffer from healthcare-associated infection worldwide. This has led to the hospitals primarily focusing on sterilization of medical components to prevent the spread of chronic diseases.
COVID-19 Impact: Market Exhibited Astounding Growth Rate of 16.2% in 2020; Fear of Infection to Surge Demand
With fear of contracting the novel coronavirus looming amongst the people, the visits to healthcare facilities has turned into a task for them. This has led the hospitals to adopt optimum hygiene protocols to ensure safety of the patients. Several biotechnology and pharmaceutical companies are focusing on efficient sterilization monitoring processes to avoid any type of viral or bacterial infection. This has led to the surging demand for sterilization products that has benefitted the market amid the pandemic. With a growth rate of around 16.2% in 2020, the market is anticipated to experience positive growth during the forecast period.
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Industry Development:
- May 2020 – Getinge AB introduced the Getinge Assured Superfast 20 Biological Indicator. The company reports that the product provides consistent and accurate results in 20 minutes.
REGIONAL INSIGHTS
North America – The region stood at USD 195.4 million in 2020 and is projected to hold the highest position in the market during the foreseeable future. This is attributable to the increasing focus on the development of pharmaceutical and other healthcare facilities that will propel the demand for advanced steam and hydrogen peroxide biological indicators in the region.
Europe – The region is expected to showcase exponential growth backed by the presence of a large number of ageing patients that suffer from chronic ailments. The longer hospital stay is likely to lead to the high adoption of the product in the region between 2021 and 2028.
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COMPETITIVE LANDSCAPE
Facility Expansion by Major Companies to Intensify Industry Competition
The market comprises small, medium, and large companies striving to maintain their stronghold by focusing on expanding their facilities to cater to the growing demand for sterilization from the healthcare facilities. Moreover, other key players are striving to maintain their presence by adopting strategies such as collaborations and partnerships to gain a competitive edge over their rivals in the global marketplace.
What does the Report Provide?
The global market for steam and hydrogen peroxide biological indicators report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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DRIVING FACTORS
Increasing Demand from Pharmaceutical Industry to Promote Growth
It is necessary for the pharmaceutical and biotech industries to ensure the highest levels of sterility owing to stringent regulations and standards to ensure the safety of the patients. The healthcare companies are focusing on developing several drugs such as parenteral on account of the rising chronic incidence worldwide. These drugs are required to be free from pyrogenic substances, viable microorganisms, and visible particulates.
This is possible only due to highly sterile conditions in which they are administered to the patients. Therefore, owing to this, the high demand for sterilization devices is expected to contribute to the global steam and hydrogen peroxide biological indicators market growth in the forthcoming years.
List of Steam and Hydrogen Peroxide Biological Indicators Companies:
- 3M (Minnesota, U.S.)
- STERIS (Ohio, United States)
- Getinge AB (Sweden)
- Cantel Medical (New Jersey, U.S.)
- Mesa Labs, Inc. (Colorado, United States)
- Tuttnauer (Hauppauge, U.S.)
- Bioquell, An Ecolab Solution (Hampshire, U.K.)
- Terragene (Rosario, Argentina)
- Other Prominent Players
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Value Chain
- Key Mergers, Acquisitions, Partnerships, etc.
- Covid-19 Impact on the Market
- Global Steam and Hydrogen Peroxide Biological Indicator Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Product Type
- Self-contained Vials
- Spore Strips
- Spore Suspensions
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Application
- Pharmaceutical & Medical Device Companies
- Healthcare Facilities
- Others
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Steam and Hydrogen Peroxide Biological Indicator Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Product Type
- Self-contained Vials
- Spore Strips
- Spore Suspensions
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Application
- Pharmaceutical & Medical Device Companies
- Healthcare Facilities
- Others
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Steam and Hydrogen Peroxide Biological Indicator Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Product Type
- Self-contained Vials
- Spore Strips
- Spore Suspensions
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Application
- Pharmaceutical & Medical Device Companies
- Healthcare Facilities
- Others
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Country/ Sub-region
- U.K.
- Germany
- France
- Italy
- Russia
- Rest of Europe
TOC Continued……!!!!!!
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