The global sterilization indicator tape market size is projected to grow from USD 125.4 million in 2021 to USD 171.5 million in 2028. The implementation of strict norms regarding the sterilization of medical devices and hospital instruments by government bodies worldwide is set to affect growth positively. As per the CDC, for instance, medical devices that often come in contact with bodily fluids and tissues have to be sterilized to prevent microbial contamination for curbing disease transmission. This information is given by Fortune Business Insights™ in a published report, titled, “Sterilization Indicator Tape Market, 2021-2028.” As per the report, the market stood at USD 120.3 million in 2020. It would exhibit a CAGR of 4.6% in the forecast period between 2021-2028.
Request for Free Sample Report PDF @ https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/sterilization-indicator-tape-market-105448
Healthcare Facilities Segment Held High Share Stoked by High Demand for Sterilization
Based on the application, the market is divided into healthcare facilities, pharmaceutical & medical device companies, and others. Out of these, the healthcare facilities segment earned the largest sterilization indicator tape market share in 2020. This growth is attributable to the high demand for sterilization from clinical laboratories, clinics, and hospitals globally.
Presence of Established Healthcare Infrastructure to Help North America Remain at Forefront
In 2020, North America procured USD 45.4 million in terms of revenue. The presence of a well-established healthcare infrastructure is anticipated to help the region to dominate in the near future. The American Hospital Association (AHA), for instance, mentioned that in 2019, the total number of hospitals reached up to 6,090 in the U.S. from 5,686 in 2013. In Europe, on the other hand, the presence of strict regulatory policies in the pharmaceutical industry would propel the demand for sterilization indicator tapes.
Key Players Focus on Acquisitions to Strengthen Their Product Portfolios
The global market houses a large number of sterilization indicator tape manufacturers that are presently aiming to broaden their pre-existing product offerings through acquisitions. A few others are also investing huge sums in R&D activities to compete in the market. STERIS plc, Advanced Sterilization Products, and 3M are the leading companies that are persistently striving to boost their distribution networks. Below is one of the important industry developments:
- October 2020: STERIS plc acquired Water Street Healthcare Partners, LLC’s portfolio company named Key Surgical for USD 800 million. This acquisition would help the former to strengthen its geographic footprint and product offering across the globe. It would also enable the company to focus on the sterile processing department.
Fortune Business Insights™ lists out the names of renowned sterilization indicator tape manufacturers operating in the global market. They are as follows:
- STERIS plc. (U.S.)
- 3M (U.S.)
- Crosstex International, Inc. (U.S.)
- Healthmark Industries Company, Inc. (U.S.)
- Advanced Sterilization Products (ASP) (U.S.)
- GKE GmbH (Germany)
- Terragene (Argentina)
- Getinge (Sweden)
- VP Group (Germany)
- Certol International (U.S.)
- Propper Manufacturing (U.S.)
- PMS Healthcare Technologies Corporation (Turkey)
- Kartell (Italy)
- Deltalab (Spain)
- Hu-Friedy Mfg. Co., LLC (U.S.)
- Defend by Young Mydent LLC (U.S.)
- Shinva (China)
- Jiangmen New Times Adhesive Technology Co., Ltd. (China)
- Excelsior Scientific (UK)
- 4A Medical (Turkey)
Continued. . .
Related Article @
NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. We aim to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.