Steam and Hydrogen Peroxide Biological Indicators Market
Number of pages: 100 | Report Format: PDF | Published date: November 01, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
|
Market size value in 2021 |
US$ 595.5 billion |
|
Revenue forecast in 2030 |
US$ 1180.52 billion |
|
Growth Rate |
CAGR of 7.9% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
Product, Application, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global steam and hydrogen peroxide biological indicators market was pegged at US$ 595.5 million in 2021 and is expected to witness a CAGR of 7.9% during the forecast period.
Market Fundamentals
A steam and hydrogen peroxide biological indicator (SHPBIs) are used to keep track of sterilization procedures. SHPBIs have a microbiological culture inside of them that is sterilized. The microbial culture will be eliminated if the sterilization procedure is successful. SHPBIs are employed to validate that sterilizing procedures are effective and that the products are secure for usage.
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Market Dynamic
The expanding need for sterilization services, the rising number of hospitals and clinics, the rising number of surgical procedures, and the growing awareness of the value of sterilization are the main factors driving the global steam and hydrogen peroxide biological indicators market. There is a strong need for surgical and reusable equipment due to the increasing prevalence of chronic diseases, the increased focus on enhancing healthcare infrastructures, and the vast patient pool globally. Healthcare facilities must provide the patient's maximum safety while ensuring the total eradication of hazardous germs. This is encouraging the widespread use of cutting-edge sterilization techniques, which is expected to favorably impact the growth of the global steam and hydrogen peroxide biological indicators market during the forecast period.
Market Ecosystem
The global steam and hydrogen peroxide biological indicators market has been analyzed from three perspectives: product, application, and region.
Steam and Hydrogen Peroxide Biological Indicators Market by Product
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Based on product, the steam and hydrogen peroxide biological indicators market has been divided into, spore suspension, spore strips, and self-contained vials. Self-contained vials dominate the global market. This is attributed to its high adoption in both developing and developed economies due to the benefits provided by the same. The benefits include fast reliable and consistent results which assure effective sterilization. On the other hand, the spore strips segment s expected to grow in the upcoming years. The low cost of this product would lead to its high demand in sterilization monitoring in small clinics and healthcare setups.
Steam and Hydrogen Peroxide Biological Indicators Market by Application
Based on application, the global steam and hydrogen peroxide biological indicators market is subdivided into, healthcare facilities, and pharmaceutical and medical device companies. The healthcare facilities segment dominates the global steam and hydrogen peroxide biological indicators market. This is because of large patient footfall in hospitals and hospital-acquired illnesses are becoming more common, which is driving up demand for sophisticated sterilization goods globally. Whereas, in the upcoming years the pharmaceutical and medical device companies’ segment is expected to observe a high growth rate due to strict regulations imposed by government authorities to undergo sterilization.
Steam and Hydrogen Peroxide Biological Indicators Market by Region
Based on region, the global steam and hydrogen peroxide biological indicators market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Most of the market share for steam and hydrogen peroxide biological indicators is anticipated to be held by North America. This is due to the region's growing need for modern steam and hydrogen peroxide biological indicators and the increased attention being paid to the construction of pharmaceutical and other healthcare facilities. Europe is anticipated to have the exponential expansion, supported by the presence of numerous aging individuals who have chronic illnesses. Longer hospital stays are probably to blame for the high rate of product adoption in the area.
Competitive Landscape
Some of the prominent players operating in the global steam and hydrogen peroxide biological indicators market are: -
Strategic Developments
The global steam and hydrogen peroxide biological indicators market is expected to grow at a CAGR of 7.9% in the forecast period.
3M, GE Healthcare, Steris, etc. are a few key players in the global steam and hydrogen peroxide biological indicators market.
The self-contained vial segment dominates the global steam and hydrogen peroxide biological indicators market.
Asia Pacific region is expected to witness the highest global steam and hydrogen peroxide biological indicators market growth in the forecast period.
*Insights on financial permanence is subject to availability of information in public domain