The global sterilization indicator tape market is set to gain momentum from the rising usage of steam autoclaves for purifying surgical instruments, such as lancets, forceps, and scalpels. The National Center for Biotechnology Information declared that when used for 3-12 hours, chemicals, namely, hydrogen peroxide (7.5%), glutaraldehyde (≥2.4%), and peracetic acid (PAA) (0.2%) can sterilize instruments. As per a report by Fortune Business Insights™, titled, “Sterilization Indicator Tape Market, 2021-2028,” the market size was USD 120.3 million in 2020. It is projected to grow from USD 125.4 million in 2021 to USD 171.5 million in 2028 at a CAGR of 4.6% in the forecast period.
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COVID-19 Pandemic: Rising Importance of Sterilizing Medical Instruments to Aid Growth
The outbreak of the COVID-19 pandemic has positively impacted this industry. This occurred mainly due to the surging emphasis on the significance of having infection-free and sanitized medical instruments amid surgical and dental procedures to curb transmission of the virus, as well as prevent hospital acquired infection (HAIs). Our research reports will help you to overcome this grave situation by selecting the right strategy.
Segments-
Steam Indicator TapesSegment to Lead Backed by Sterilization of Reusable Instruments
Based on the application, the market for sterilization indicator tap is divided into healthcare facilities, pharmaceutical & medical device companies, and others. By type, it is segregated into steam indicator tapes and hydrogen peroxide tapes. Amongst these, the steam indicator tapes segment generated the largest sterilization indicator tape market share in 2020. The rising sanitization of reusable instruments would drive the segment.
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Report Coverage-
The report aims to analyze the sterilization indicator tapes industry by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
Increasing R&D Activities in Pharmaceutical and Biotechnology Industry to Boost Growth
The rapid expansion of the pharmaceutical and biotechnology industry is one of the most vital reasons responsible for the sterilization indicator tape market growth. Manufacturing facilities are nowadays utilizing these indicator tapes for keeping up with the strict regulatory policies associated with sanitization processes. At the same time, increasing research and development activities worldwide to introduce novel products would bolster growth. The Pharmaceutical Research and Manufacturers of America, for instance, mentioned that in 2018, the biopharmaceutical industry in the U.S. provided a fund of around USD 102 billion in the U.S. to conduct R&D of new products. However, in emerging countries, the lack of awareness about the sterilization process may hamper growth.
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Regional Insights-
North America Generated Revenues of USD 45.4 Million in 2020: Fortune Business Insights™
Geographically, North America procured USD 45.4 million in 2020 in terms of revenue. The presence of strict regulatory policies governing the sterilization of medical devices and the rising number of hospitals would propel the demand for sterilization indicator tape in this region. On the other hand, Europe is likely to showcase a considerable share in the forthcoming years fueled by the urgent need to prevent hospital-acquired infections. In Asia Pacific, the increasing production of pharmaceutical drugs would accelerate the demand for these indicator tapes.
Competitive Landscape-
Key Players Aim to Compete with Rivals through Mergers and Acquisitions
The global market contains several renowned companies that are majorly focusing on mergers and acquisitions to compete with their rivals. Some of the educational institutions are also conducting extensive R&D activities to come up with innovative products. Below are the two significant industry developments:
December 2020: Researchers at the Indian Institute of Technology Bombay and Massachusetts Institute of Technology (MIT) developed a state-of-the-art system to sterilize medical instruments by utilizing solar heat. It contains a standard autoclave indicator tape that can change color as per minimum exposure requirements.
October 2019: Cantel Medical Corporation acquired Hu-Friedy Mfg. Co., a renowned manufacturer of instrument reprocessing workflow systems and instruments, especially for the dental industry. It will help Cantel to improve the supply chain efficiency of its dental division and cater to the surging concerns of training, education, and technology.
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