What are the Opportunities in the Sterilants Market?
The global sterilants market is forecast to surpass the valuation of US$ 3.2 Bn by the end of 2031 projects ESOMAR-certified consulting firm Future Market Insights (FMI). Surging demand for sterilized medical equipments and rising inclination towards low-temperature sterilization are leading sterilants market drivers.
Hospitals are working tirelessly to avoid cross contamination by using sterilants wherever necessary, boosting the market demand. COVID-19 pandemic heightened the demand for hygienic environment to curb the transmission and control the virus outbreak. This created a surge in demand of sterilants from hospitals and clinics. Governments across the globe changed their approval policies for new product as a measure to combat the viral infection. Many market players are working towards developing aseptic and effective sterilants creating conducive environment for market growth.
Lethal nature of sterilants is one of the leading restraints to market growth. Prolonged exposure to sterilants can cause adverse reproductive effects, respiratory irritation, shortness of breath, neurotoxicity among others. The difficulty related to disposal of biomedical waste and harmful environmental effects of chemical sterilants will further hinder the market growth. Occupational Safety and Health Administration (OSHA) has levied heavy restrictions biomedical waste disposal and chemical usage in sterilants. Increasing R&D towards developing safer sterilants will elevate the market demand in upcoming years.
“Increasing government initiatives and campaigns to spread awareness regarding hygiene coupled with growing research towards creating better sterilizing agents will fuel the sterilants market growth,” says the FMI analyst
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- Growing customer preference towards better hygiene in the wake of pandemic has significantly boosted the demand for sterilants in the U.S.
- The sterilants market in China is forecast to experience am impressive growth of 6.2% CAGR throughout 2021 to 2031. The growth can be attributed to growing affordable healthcare services, better insurance policies and increasing purchasing power of the customer.
- India is expected to offer lucrative market growth opportunities during the forecast period. Rising clinical trials, low research and development cost and emergence of new market players will increase the sterilant demand in the country.
- Soaring popularity of ethylene oxide for medical device sterilization along with its high effectiveness against the bacteria and viruses will increase its market demand.
- Hospital will continue being the highest consumer of sterilants on the backs ofincreasing cases of human associated infections (HAIs), rising number of surgical procedures and escalating number of hospitals globally.
FMI has profiled some of the prominent market players providing sterilants that include Steris Plc., Evonik Industries AG, Thor Group, Ecolab Inc., LANXESS, OZU Corporation, Veltek Associates, Inc., Gul Biyoloji Laboratuvari, 3M Company, Cantel Medical Corporation, Arkema S.A., Metrex Research, LLC, Solvay SA, Contec, Inc., Cetylite, Inc., Whiteley Corporation. Industry leaders are developing customized sterilants to satisfy the consumer needs.
They are expanding their product range to expand their global foothold. Strategic acquisition, merger, collaboration with regional distributors are in the cards to gain competitive edge among leading players. COVID-19 pandemic surged the demand for versatile sterilants promoting market players to develop efficient products to cater the demand.
For instance, Lanxess launched “Rely+On Virkon” disinfectant in response to the pandemic in 2020. The product works best on hard surfaces and equipment and reduces the contamination of surfaces.
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More Insights on the Global sterilants Market
Future Market Insights, in its new offering, provides an unbiased analysis of the sterilants market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the sterilants market with a detailed segmentation on the basis of product type (ethylene oxide (ETO), glutaraldehyde, hydrogen peroxide gas plasma (HPGP), vaporized hydrogen peroxide, immersion and vapor phase peracetic acid, others), form (liquid, spray), end use (hospitals, clinics, ambulatory surgical centers, diagnostic laboratories, reference laboratories, rehabilitation centers, long term care centers, critical care centers, pharmaceutical & biotechnology companies, academics and research institutes, homecare settings) across major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa)
Key Questions Covered in the Report
- How will the sterilants market expand through 2031?
- Which top manufacturing companies are leading the global sterilants market?
- What are the key drivers and trends that will stimulate the sterilants sales?
- What are the challenges that will affect the sales of sterilants market?
- Which region will remain the most lucrative throughout the forecast period?
- What is the impact of Covid-19 on sterilants market?
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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