Sterilization Indicator Tape Global Market By Production, Manufacturer, Revenue Analysis And Forecast Outlook 2028

Market Overview

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.

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Fortive Corporation Acquires ASP Business of Ethicon, Inc. worth $2.7 Billion

In April 2019, Fortive Corporation acquired Ethicon, Inc.'s Advanced Sterilization Products (ASP) business worth USD 2.7 billion. This acquisition would help the company to surge its commitment to improve the safe operations of healthcare facilities and hospitals worldwide. It would also broaden the company's ASP portfolio for gaining more value from customers.

COVID-19 Pandemic May Obstruct Growth Backed by Supply Chain Disruptions

The COVID-19 pandemic has created more awareness regarding the significance of the sterilization monitoring process in dental clinics and hospitals across the globe. On the contrary, it has also resulted in disruptions in supply chains. STERIS, for instance, mentioned that it had to shut down its facilities temporarily in a few countries to reduce the transmission of coronavirus. Such factors are likely to obstruct the demand for sterilization indicator tape amid the pandemic.

Report Coverage-

The research report contains an in-depth study of various regions. It was curated by our team of highly skilled analysts after studying and observing numerous factors that determine regional growth, such as political, technological, social, economic, and environmental status of that particular region. The competitive landscape section was developed to help our clients better understand the collaborations and strategies that sterilization indicator tape vendors are focusing on to compete with their rivals globally.

Drivers & Restraints-

Rising Cases of Hospital Acquired Infections to Boost Growth

The increasing prevalence of hospital acquired infections is expected to accelerate the sterilization indicator tape market growth in the near future. The National Institute for Health and Care Excellence stated that more than 300,000 patients within the NHS facilities suffer from hospital acquired infections in Europe every year. Out of these, 15.7% patients suffer from surgical site infections, 17.2% acquire urinary tract infection, and 22.8% suffer from respiratory infections. The efficient usage of these indicator tapes can prevent these conditions from occurring. However, several hospitals and clinics in emerging economies avoid using these tapes to reduce the overall cost. It may hinder growth.

Segments-

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.

Regional Insights-

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.

Competitive Landscape-

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.
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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. . .

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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.

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This release was published on openPR.