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The global sterilization indicator tape market size is projected to show robust growth by attaining USD 186.6 million by 2030. Fortune Business Insights™ in its report titled “Sterilization Indicator Tape Market Size, Share & COVID-19 Impact Analysis, By Type (Steam Indicator Tapes and Hydrogen Peroxide Tapes), By End-user (Healthcare Facilities, Pharmaceutical & Medical Device Companies, and Others), and Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 127.7 million and is expected to reach USD 133.6 million in 2023. Rising product application in the pharmaceutical and biotechnology industry and growing occurrence of hospital-acquired and surgical site infections are the key factors aiding market proliferation.
MicroCare LLC Gained Acquisition of Certol International to Expand Product Portfolio
MicroCare LLC, a leading manufacturer of high-performance cleaning tools and fluids, acquired Certol International, a specialty cleaning and disinfecting products producer. This move will help the company to strengthen its position as a leading supplier in the industry. The company will also be able to deliver an enhanced product portfolio to a larger customer base while capitalizing on latest trends in the dental and medical sectors.
Rising Usage of Reusable Medical Equipment Aided Market Proliferation Amid the Pandemic
The growing number of COVID-19 cases in several economies resulted in a sudden increase in the number of sterilization procedures as healthcare providers and patients were increasingly focused on staying safe from infections. The stellar rise in the number of people visiting healthcare providers encouraged the usage of reusable medical instruments. While industry leaders recorded positive trends such as rise in revenue generated, supply chains disturbances hampered market augmentation in some cases. For example, 3M recorded a growth of 39.2% in its medical solutions segment in FY 2020 as compared to the previous year.
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Growing R&D Activities in Pharmaceutical and Biotechnology Sectors to Aid Market Augmentation
Increasing research and development activities in pharmaceutical and biotechnology sectors have propelled the need for a sterile setting with sterilized products and devices. This has elevated the usage of sterilization equipment such as chemical and biological indicators to achieve sterility during the manufacturing process. The rapid expansion of pharmaceutical and biotechnology industries over the past 10 years has escalated the number of sterilization procedures, thus propelling the demand for sterilization indicator tapes and other products. The launch of advanced products by market players will further propel market expansion.
On the other hand, lack of strict policies for routine evaluation of sterilizers in developing countries and limited usage of sterilization indicators by healthcare facilities to cut costs will hamper the sterilization indicator tape market growth.
Mergers and Acquisitions Undertaken by Industry Leaders to Drive Market Augmentation
Leading sterilization indicator tape companies are making strategic decisions such as partnerships, product launches, collaborations, and mergers and acquisitions to maximize profits, enhance geographical reach, and gather larger revenues. For instance, August 2021, Microcare, LLC announced the acquisition of Certol International, a specialty cleaning and disinfectant product manufacturer.
Notable Industry Development
List of Key Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
CAGR of 4.9% from 2023-2030
Value (USD million) and Volume (1,000 Units)
By Type, End-user, and Region