Cobalt 60 Sterilization Market 2022 | Size, Growth, Demand, Opportunities and Forecast 2030

The Global Cobalt 60 Sterilization Market size is estimated to be USD 3.63 billion in 2019 and is predicted to reach USD 9.18 billion by 2030 with a CAGR of 8.8% from 2020-2030.

Cobalt 60 Sterilization is a type of gamma radiation which is used for the sterilization of various objects and materials in the healthcare and pharmaceutical industry for the sterilization purpose. In the entire sterilization process the cobalt isotopes 60 are used which emits the gamma radiation which leads to the mutation in living cells and ultimately led to the death of bacteria and provide effective sterilization.

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Top Companies: STERIS, Bruce Power, Nordion Inc., Tuttnauer, Sterigenics U.S., LLC, The 3M Company, and StarFish Product Engineering Inc. and others.

Market Dynamics and Trends

The fast developing healthcare industry and increasing modernization and development in the healthcare infrastructure with technological advancement are expected to propel the market growth. Furthermore, increased demand for effective sterilization with increasing demand from different end users is further expected to enhance the growth of cobalt 60 sterilization market.

The other factors include wide applications coupled with increased prevalence of hospital acquired infections. Moreover, increase in surgical procedure and increased use of surgical instruments also increased the demand for cobalt 60 sterilization. However, increase in environmental concerns coupled with stringent regulatory policies is expected to inhibit the growth of cobalt 60 sterilization market. Moreover, increase in research and development coupled with innovation is further expected to create ample opportunities in the cobalt 60 sterilization market in the near future.

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Market Segmentations and Scope of the Study:

The global cobalt 60 sterilization market share is analyzed on the basis of product, end users, and geography. On the basis of product, the market is segmented into Implants, Devices, Instruments, Accessories and Other Medical Supplies. On the basis of end users, the market is divided into Hospitals & Clinics, Pharmaceutical Industry, Medical Device Companies and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to dominate the cobalt 60 sterilization market over the forecast period owing the increased adoption of cobalt 60 sterilization coupled with development in healthcare facilities. Furthermore, technological advancement coupled with increased demand of effective sterilization is expected to support the growth of cobalt 60 sterilization market.

Asia Pacific is expected to show significant growth over the forecast with gradual increase in market share owing to the increased prevalence of hospital acquired infections coupled with increase in surgical procedures and wide applications with increasing demand from end users are also expected to accelerate the growth of cobalt 60 sterilization market over the forecast period.

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