Sterility Testing Market Size to Grow by $ 1.02 bn through 2020-2024
The sterility testing market is expected to grow by $ 1.02 bn, accelerating at a CAGR of almost 19% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus. View Free Sample Report
Sterility Testing Market: Segmentation by Product
This report provides a detailed analysis of the market by Product (Consumables, Devices, and Services) and Geography (North America, Europe, Asia, and ROW). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.
Sterility Testing Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. bioMérieux SA, Charles River Laboratories International Inc., Ecolab Inc., Eurofins Scientific SE, Merck KGaA, Sartorius AG, SGS SA, Sotera Health LLC, STERIS Plc, and Thermo Fisher Scientific Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Technavio has been monitoring the global sterility testing market and it is expected to grow by USD 1.02 billion accelerating at a CAGR of almost 19% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report
Sterility Testing Market: Segmentation by Product
During 2019, the consumables segment accounted for the major share of the Sterility Testing Market. Consumables used in sterility testing comprise of reagents, kits, test media, solutions, dilution fluids, and disinfectant fluids. The demand for sterility testing is increasing due to the rising number of biological research companies and pharmaceutical companies, which is ultimately influencing the market growth for consumables. The availability of a wider range of products with improved features and functions is also leading to the highest market share of consumables. However, market growth in the consumables segment will be slower than the growth of the market in the devices and services segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the sterility testing market size.
Healthcare users, including hospital-based inpatients, are the primary consumers for sterility testing product manufacturers. This is primarily because the FDA has laid down several regulations and guidelines to ensure that healthcare practitioners and patients follow the best practices for sterility testing. Sterility testing is becoming a norm in hospitals and healthcare settings to free the hospital environment from microbial contamination and ensure the utmost patient safety. With the rising awareness about sterility testing, the sterility testing market will witness significant growth in the coming years.
the growing cases of HAI to be one of the primary growth factors for the sterility testing market. In recent years, the cases of hospital-acquired infection (HAI) witnessed a considerable increase, which, in turn, has led to a rise in the number of deaths and also increased healthcare costs. This will induce hospitals to conduct tests to ensure better patient safety and reduce the risk of contamination from medical instruments, disposables, and patient rooms. Since sterility testing is one of the routine processes that hospitals usually undergo to prevent the spreading of contaminating microorganisms, the market is expected to record significant growth.
Sterility Testing Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. bioMérieux SA, Charles River Laboratories International Inc. and Ecolab Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
