NEWARK, Del, March 27, 2024 (GLOBE NEWSWIRE) -- The current market valuation of the global Bowie-Dick test kit market is US$ 203 million. This valuation is expected to reach US$ 218.2 million by the end of 2024 and US$ 410 million by 2034, the end of the forecasted period. This market advancement is fast-paced at a moderate CAGR of 6.5%. Many market drivers help the market grow.
The rising prevalence of chronic diseases surges the demand for surgeries. This often requires heavy instrumentation, which drives the allied markets, including the subject market—consequently, the demand for surgical instruments surges, which requires sterilization to maintain hygiene. Therefore, Bowie-Dick test kits are needed on a larger scale.
Governments have been emphasizing the standardization of surgical devices. Due to this, there is more inclination to standardize procedures, including cleaning medical instruments and devices. This process relies heavily on sterilization, which drives the subject market.
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More emphasis has been placed on eliminating risks posed by hospital-acquired and surgical-site infections (SSIs). This requires the test kits, as sterilization can prevent the spread of disease by decontaminating instruments. Therefore, this creates a great surge in the subject market, thereby driving the industry.
Technological advancement allows manufacturers to integrate modern facilities in test kits, which produce accurate and precise results. Also, the development of medical science has sparked a surge in the sterilization market, which drives market growth. Hence, this is another crucial market driver for the Bowie-Dick test kit market.
Key Takeaways from the Bowie-Dick Test Kit Market Study
- The South Korean market is estimated to advance at a promising CAGR of 9%, the largest among Asian countries.
- The United States of America is forecasted to reach US$ 72.9 million by 2034, becoming the largest market shareholder.
- Pharmaceutical and medical device companies are the largest end-user market segment for the Bowie-Dick test kit market, with 75.4% share.
- The subsequent decade is expected to show moderate growth for the said market at a CAGR of 6.5%.
“Pharmaceutical organizations and medical device companies often require sterilization test kits to meet strict government guidelines. As a result, they form an integral part of the market, which secures about 75.4% of the marketplace,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape from the Bowie-Dick Test Kit Market:
Key competitors with differentiated product portfolios share the global Bowie-Dick test kit market. Organizations expand using other strategies, including mergers and acquisitions, innovation, diversification, product launches, etc. The following are some of the most important developments made by organizations within the market: -
- In April 2019, Fortive Corporation acquired the Advanced Sterilization Products (ASP). This organization's development has helped the business develop a niche in the market. The latter is a business established by Ethicon, a subsidiary of Johnson & Johnson.
- In December 2020, STERIS launched Spordex. The important component of steam autoclave cycles could be analyzed by liquid sterilization. This allowed the business to innovate and create a niche in the market.
- In November 2021, Getinge acquired Verrix LLC. Technological integration into medical devices was the aim of the strategic move, which led to a differentiated product portfolio for the organization.
Key Companies Profiled in the Bowie-Dick Test Kit Market:
- Medline Industries Inc.
- 4Crosstex Air View
- Steris
- EDM3 Health Link
- Getinge AB
- PMS Medical
- Propper Manufacturing Co. Inc.
- Clinic hem
- Crosstie International Inc.
- EFELAB SRL
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Bowie-Dick Test Kit Market - Key Segments
By Product Type:
- Single-Use
- Reusable
By End User:
- Pharmaceutical & Medical Device Company
- Laboratories
- Clinics
- Hospitals
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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Authored by
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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