Product Launches and Acquisitions were the Key Growth Strategies Adopted by Leading Market Players in the Global Sterilization Monitoring Market
The global sterilization monitoring market is expected to grow at a CAGR of 7.5% between 2017 and 2022. Growth in this market is primarily driven by factors such as rising incidence of hospital-acquired infections, increasing number of surgical procedures coupled with rising chronic diseases, technological advancements in sterilization monitoring products, and rising focus on food sterilization. However, lack of awareness on sterilization monitoring and dearth of skilled professionals are the key factors limiting the growth of this market.
The major players in the global sterilization monitoring market include 3M Company (U.S.), Getinge Group (Sweden), Cantel Medical Corp. (U.S.), STERIS plc (U.S.), Cardinal Health, Inc. (U.S.), Mesa Laboratories, Inc. (U.S.), Propper Manufacturing Co. Inc. (U.S.), PMS Healthcare Technologies (Turkey), Hu-Friedy Mfg. Co., LLC (U.S.), and gke-GmbH (Germany). Analysis of the market developments between 2013 and 2017 reveals that product launches and acquisitions are the most widely adopted growth strategy by players in the global sterilization monitoring market. Players adopted this strategy to strengthen their product portfolios, expand their geographic reach, and maintain a competitive position in the market. In October 2016, Mesa Laboratories, Inc. introduced its new biological indicator, ExpoSure, a self-contained biological indicator (SCBI) for use in monitoring the efficacy of STERRAD sterilization cycles. Furthermore, in July 2016, 3M launched its new 3M Attest Rapid Readout Biological Indicator System, providing biological results for vaporized hydrogen peroxide sterilization in just four hours. The new system helps surgical personnel achieve faster and accurate results and increases patient safety.
Key players also adopted acquisitions as their growth strategy to expand their product portfolios, extend their geographic presence, and gain access to novel technologies. For instance, in March 2016, Cantel Medical Corp. (U.S.) acquired NAMSA's (U.S.) Sterility Assurance Monitoring Products division. NAMSA (North American Science Associates Inc.) is a medical research organization (MRO) that is engaged in manufacturing indicators to monitor the effectiveness of sterilization processes. Likewise, in March 2015, STERIS Corporation (U.S.) purchased all the outstanding shares of Dana Products, Inc. (U.S.), a manufacturer of chemical indicators which are used in steam sterilizers.
Other strategies adopted by market players include agreements and geographic expansions to enter new markets and strengthen their positions. For instance, in March 2016, 3M Company (U.S.) established a new R&D laboratory at its headquarters in St. Paul, Minnesota, U.S. This helped the company to strengthen its scientific capabilities by allowing its scientists and researchers to work under one roof to ensure endless opportunities and creation of new and useful solutions for its customers.
Related Reports:
Sterilization Monitoring Market by Technology (Biological, Chemical), Product (Self-contained Vials, Integrating, Emulating & Bowie-dick Indicators), Method (Steam, EtO), Process (Pack, Load), End User (Hospitals, Pharma Companies) - Global Forecast to 2022
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