According to Future Market Insights (FMI) the worldwide yearly tracker, vendor revenue in global biological & chemical indicators market will grow 9.1% year over year to 396.8 Mn in 2020. Global shipments will rise 9.7% year over year to 830.7 Mn units in 2020.
Irrespective of the COVID-19 pandemic, demand for biological and chemical indicators has been surging tremendously as sterilization has always been at forefront of duties of healthcare facilities.
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However, the role will be put to test in near future as epidemiological numbers continue to rise amidst the public health crisis. As such, FMI foresees healthy growth trail for global biological and chemical indicators market over forecast period 2020-2030.
Biological & Chemical Indicators Market Size Study
- Thermal sterilization will remain preferred sterilization type through 2030
- Biological indicators (BI) continue to stay high in demand, enzyme indicators to gain traction
- Players to stay glued to self-contained BIs, as they lead to shorter required incubation times
- Biopharma industry to remain primary end user of biological and chemical indicators over following decade
- Stakeholders to reap substantial revenue from North America and Europe, given presence of advanced healthcare infrastructure
“After oral administration, parenteral dosage is the most prevalent way of providing drugs to patients. At present, about 95% of recently approved biopharmaceuticals are parenteral dosage form. This rise in commercialization and manufacturing of parenteral drugs will propel the adoption of biological and chemical indicators in biopharmaceuticals companies,” says analyst at FMI.
COVID-19 Impact on Biological & Chemical Indicators Market
The COVID-19 pandemic will trigger the demand for biological and chemical indicators for short-term to validate sterilization process in hospitals, ambulatory surgical centers (ASC), and clinics.
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The pandemic has put pressure on frontline healthcare workers to follow strict cleaning and disinfection protocols as they are specifically at risk of contracting and spreading the infection. This has triggered the need for sterilization measures enacted during surgical procedures due to concerns of COVID-19 transmission among hospitalized patients.
The World Health Organization (WHO) has advised personal protective equipment (PPE) industry and governments to ramp up their manufacturing by 40% to cater to surging worldwide demand. This high pool of medical equipment with need for proper sterilization will bode well for biological & chemical indicators market in immediate future.
Biological & Chemical Indicators Market – Competitive Intelligence
The global biological & chemical indicators market is highly consolidated with top 5 players – 3M Company, Steris Plc., and Thermo Fisher – collectively accounting for around 4/5 of overall market revenue. In order to sustain competition due to increasing number of new and small companies, leading players are focusing on mergers and acquisitions (M&A). For instance,
- Thermo Fisher Scientific Inc. has acquired QIAGEN N.V. – leading worldwide provider of sample preparation and molecular diagnostics technologies. This acquisition will enable the company to leverage its industry-leading capabilities and R&D expertise to speed up innovation and deal with emerging healthcare needs.
- McKesson Medical-Surgical Inc. has entered into an agreement with Walgreens Boots Alliance to combine their respective pharmaceutical wholesale businesses in Germany.
- Cantel Medical has taken over Hu-Friedy, which manufactures dental instruments and reprocessing equipment.
Want to Know More About Biological & Chemical Indicators Market?
Future Market Insights, in its new study, provides compelling insights about the biological & chemical indicators market that encloses industry analysis for 2015 – 2019 and opportunity assessment for 2020 – 2030. The report offers unbiased assessment on biological & chemical indicators market through five different categories – sterilization type, indicator class, packaging form, end user, and region. The global biological & chemical indicators market research study delivers insights of pricing by different life cycle analysis, product life cycle, major market trends and technologies that are being utilized in the development of biological & chemical indicators and product adoption in various end users.
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