The latest market report published by Credence Research, Inc. “Sterilization Indicators Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global sterilization indicators market was valued at US$ 590.2 Mn in 2017 and expected to reach US$ 1,460.9 Mn by 2026, expanding at a CAGR of 10.6% from 2018 to 2026.
The growth in demand for sterilization indicators is expected to be a major result of increasing emphasis on medical device reprocessing and refurbishing as a means of reducing healthcare expenditure. Technological advancements in the nature of surgical instruments and endoscopes have also contributed to increased requirement for sterilization processes compatible to these instruments. Additionally, rise in the number of surgical procedures across the world is also considered as a prime market driver. As the global pool of geriatric individuals is set to rapidly grow, the prevalence of chronic diseases is also rising correspondingly. This has led to consistent growth in the rate of surgical procedures and therefore sterilization of surgical instruments and other medical equipment.
Furthermore, due to growing rate of chronic diseases, worldwide, there has been an impending need for innovating new treatment drugs and medical devices. Not only the R&D processes, but the overall pharmaceutical production rate has therefore increased in tow. This has therefore led to increased uptake of sterilization equipment and indicators in pharmaceutical and medical device industries, as well as in research and academia. With the growing global population, and as the consumers are more widely travelling and experiencing new foods, the demand for global cuisines is emerging due to curiosity and greater exposure. This phenomenon has also resulted in increased demand for a wide variety of processed foods. Moreover, there is also a prevailing trend that while the consumers are keen to adopt global produce and processed foods, they also want to ensure safety of such products. This has therefore contributed to increased demand for sterilization indicators in order to ensure swift uptake of processed food and beverages.
Other factors determining the prevailing and upcoming trends in the global sterilization indicators market are increasing standardization of manufacturing and operational practices, and rapid introduction of novel sterilization products and their growing adoption. Harmonization in the sterility testing standards has led to increased demand for efficient sterilization monitoring practices and therefore sterilization indicator products.
Pharmaceutical sterilization also plays a critical hole in healthcare as sterilization processes pharmaceutical manufacturing assists in making drugs safe administration, help in ensuring prevention of infections, adverse effects and consequent drug recalls. Physical sterilization practices such as filtration and radiation sterilization are often used in such environments. The importance of sterilization in medical packaging is also well recognized, especially in finished products such as syringes, scalpels, bottles, needles, etc. in research laboratories, steam sterilization is the most used with a view to avoid interference in research process, samples and test research outcomes. Therefore, with a wide range of applications, the global sterilization indicators market is expected to witness steady growth during the forecast period from 2018 to 2026.
Browse the full report Sterilization Indicators Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://www.credenceresearch.com/report/sterilization-indicators-market
Key Market Movements:
- Consistent growth in demand for pharmaceuticals and medical devices due to growing prevalence of chronic diseases
- Perpetually growing rate of surgical procedures performed worldwide
- Growing demand for exotic foods and processed foods, resulting in ensuring food safety and optimum quality
- Escalating demand for sterilization in emerging economies of Latin America and Asia Pacific
- Growing contract research development and manufacturing, and medical tourism industries in Asia Pacific
- Widespread presence of local players intensifying the competition among the manufacturers