UV Infection Control Devices Market is expected to hit $524.8 million by 2026
Pune, Maharashtra, India, December 16 2020 (Wiredrelease) Allied Analytics –:According to the report, the global UV infection control devices industry was pegged at $317.4 million in 2018, and is expected to hit $524.8 million by 2026, registering a CAGR of 6.5% from 2019 to 2026. The report provides a detailed analysis of changing market trends, major segments, current market size & projections, market share, and competitive scenario.
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Rise in government focus on infection control programs, increase in the prevalence of hospital-acquired infections, and rise in adoption of technology advanced UV equipment fuel the growth of the global UV infection control market. On the other hand, high cost of UV infection control devices and stringent government regulation restrain the growth to some extent. However, high growth prospects in emerging markets is expected to create lucrative opportunities in the near future.
Focus of governments on infection control programs, surge in prevalence of hospital acquired infections (HAI), and increase in adoption of technologically advanced UV equipment drive the growth of the global UV infection control devices market. However, high costs and strict government regulations hinder the market growth. On the other hand, untapped potential in emerging countries create new opportunities in coming years.
Surge in government focus on infection control programs and increase in the prevalence of hospital acquired infections (HAI) are the major factors that contribute to the growth of the UV infection control devices market. Furthermore, rise in adoption of technologically advanced UV equipment further supplement the growth of the market. However, high cost of UV infection control devices and stringent government regulations hinder the growth of the market globally. On the contrary, high growth prospects in emerging markets can provide newer opportunities for the UV infection control devices market growth.
The end user segment to dominate during the estimated period-
Based on end user, the hospital segment held the major share in 2018, generating nearly half of the global UV infection control market. The segment is anticipated to maintain its dominance throughout the forecast period. Moreover, the same segment would showcase the fastest CAGR of 6.8% during the study period. This is attributed to the fact that hospitals receive different types of patients that require surgeries, which leads to increase the adoption of UV infection control devices and therefore drives the growth of the segment.
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Based on region, North America held the highest market share in terms of revenue, contributing to more than two-fifths of the total market share in 2018, and is estimated to maintain its highest share throughout the forecast period. However, Asia-Pacific is expected to witness the highest CAGR of 8.1% from 2019 to 2026. The research also analyzes segments including Europe and LAMEA.
Frontrunners in the industry-
CVS Health Corporation
Express Scripts Holding Company
Giant Eagle Inc.
Optum Rx Inc.
The Kroger Co.
Walmart Stores Inc.
North America to retain its dominance in terms of revenue-
Based on geography, North America accounted for more than two-fifths of the global UV infection control market revenue in 2026, and is projected to maintain the lion’s share from 2019 to 2026. The region is anticipated to maintain its dominance throughout the forecast period. This is attributed to the rise in the number of cases of HAIs and presence of key players lead to easy availability of these devices in this region. On the other hand, the region across Asia-Pacific is expected to manifest the fastest CAGR of 8.1% from 2020 to 2027. This is due to the improvements in health standards, surge in disposable incomes, and advancements in technology for the development of new UV infection control devices in this region.
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