Bio Decontamination Market Segmentation by Product (Equipment, Service, and Consumables); by Agent (Chlorine, Hydrogen Peroxide, Nitrogen, and Peracetic Acid); and by End User (Biotech, Medical Devices, Pharma, Life Sciences, and Hospital) – Global Demand Analysis & Opportunity Outlook 2031
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
August 2020- Chargepoint announced a partnership with Steris to provide integrated sterile transfer solutions, by combining its AseptiSafe Bio Transfer Valve with the VHP Biodecontamination Systems from Steris.
February 2020- Bioquell, an Ecolab Inc. solution, showcased their end-to-end bio decontamination systems at the Tampa Convention Center in Florida.
The global bio decontamination market is estimated to garner a large amount of revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing prevalence of hospital-acquired infections (HAIs), coupled with rising number of surgical procedures performed across the world. As per the Eurostat statistics of the European Union, in 2018, at least 1.4 million C-sections surgeries were performed in the EU-27 alone. Whereas, about 4.3 million cataract surgeries were conducted in the region that same year.
Along with these, governments of several developed and developing nations have imposed stringent regulations for preventing viral contamination. This in turn is also expected to drive market growth in the forthcoming years. Furthermore, growing demand for chamber decontamination, and escalating deployment of equipment with less manual intervention in healthcare facilities are projected to offer lucrative opportunities to the market in the near future.
The market is segmented by end user into biotech, medical devices, pharma, life sciences, and hospital, out of which, the medical devices segment is anticipated to hold the largest share in the global bio decontamination market. This can be accounted to the growing adoption of bio decontamination products by medical device manufacturers in order to adhere to the strict healthcare protocols. Apart from this, rising emphasis of companies to maintain hygienic environment in bio-pharma units is also predicted to drive growth to the market segment in the future. Additionally, on the basis of product, the equipment segment is assessed to grab the largest share during the forecast period owing to the increasing launch of advanced instruments with lesser manual intervention by market players.CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global bio decontamination market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing production and export of pharmaceutical products in the region. In addition, rise in the number of government initiatives to enhance healthcare infrastructure is also expected to drive market growth in the region in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the surging demand for bio decontamination to reduce the risk of HAIs, and high healthcare expenditure in the region. According to the Centers for Medicare & Medicaid Services, the healthcare spending in the United States grew 9.7% in 2020, reaching USD 4.1 trillion or USD 12,530 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 19.7%.
The global bio decontamination market is further classified on the basis of region as follows:
Our in-depth analysis of the global bio decontamination market includes the following segments:
Ans: The major factors driving market growth are increasing prevalence of hospital-acquired infections (HAIs), and rising number of surgical procedures performed globally.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022-2031.
Ans: Less awareness about the benefits of bio decontamination in developing countries is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the growing production and export of pharmaceutical products in the region.
Ans: The major players in the market are Ecolab Inc., STERIS PLC, TOMI Environmental Solutions Inc., Howorth Air Technology Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, agent, end user, and by region.
Ans: The medical devices segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
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