Hydrogen Peroxide Chemical Indicator Market Size, Share & COVID-19 Impact Analysis, By Type (Type 1, Type 4, and Others), By Application (Hospital & Surgery Centers, Pharmaceutical Production, and Others), and Regional Forecast, 2021-2028

The global hydrogen peroxide chemical indicator market size was USD 31.2 million in 2020 and is projected to grow from USD 33.3 million in 2021 to USD 56.1 million in 2028 at a CAGR of 7.7% during the 2021-2028 period. North America dominated the hydrogen peroxide chemical indicator market with a market share of 39.1% in 2020.

The global impact of COVID-19 has been unprecedented and staggering, with hydrogen peroxide chemical indicator witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge growth of 10.8% in 2020. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

The Association of Advanced Medical Instrumentation (AAMI) and the International Organization of Standardization defined chemical indicators as devices used to confirm the attainment of sterilization parameters. They ensure that the sterilant has achieved efficient penetration in the sterilized product, typically by a change in color of the indicator ink. Hydrogen peroxide chemical indicators are used explicitly in the H2O2 vaporization process. The indicator ink on these strips changes color permanently when it comes in contact with the H2O2 gas. The change is compared with the standard scale, and the strips are stored to keep records. As these indicators provisions convenience of visual assessment, lower absorption of hydrogen peroxide, and good shelf life, it is a finding requirement in medical organizations to study the sterilization of various equipment and machinery.

Excessive Pressure on Healthcare Facilities During the Pandemic Created Novel Growth Pathway for these Indicators

The COVID-19 outbreak has been a disruptive factor in the supply chain of the industry. The production of indicator inks was severely affected due to the unavailability of raw materials, owing to restrictions in the movement of raw materials. However, the manufacturers' chemical indicator production and logistic facilities came under essential services, which resulted in their distribution activities being largely uninterrupted.

The spread of the Covid-19 pandemic has put immense pressure on the existing healthcare facilities, with around 124 Mn people detecting disease contraction by the end of March 2021, as estimated by the WHO. With such immense pressure, the demand for healthcare products and equipment required for effective patient treatment is also increasing. Many products and equipment such as syringes, thermometers, ventilators, and nebulizers had to be reused for multiple patients and required constant sterilization to avoid cross-infection. The sterilization units are needed to contain indicators that detect the effectivity. Thus, the spread of Covid-19 has proved to be advantageous for the market's growth in recent times.

LATEST TRENDS

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Rising Demand for Sterilization in Food, Beverage and Cosmetics Manufacturing to Push Growth Opportunities

Food manufacturing companies have constantly been under the scanner from governmental and healthcare organizations for contaminants and pathogens in food products. Furthermore, many organizations have pushed for the introduction of regulations for the maintenance of quality in foodstuffs. Therefore, to maintain safety in the manufacturing process, companies have started to use hydrogen peroxide as a sterilizing agent. The beverage manufacturers also employ a similar process for ensuring the sterility of the packaging products from possible pathogenic contamination.

As these companies utilize H2O2 as the sterilizer, they also require the corresponding chemical indicators to conform to the efficiency of the process. Another industry that utilizes hydrogen peroxide chemical indicator is the cosmetics industry. A large number of these products come in direct contact with skin and hence require sterilization to avoid microbial infection.

DRIVING FACTORS

Sterilization in Hospitals and Healthcare Facilities to Drive the Market Growth

Across the globe, governments and healthcare-based organizations such as WHO and National Medical Agencies are putting efforts to improve the healthcare infrastructure, including hospitals, medical units, and surgery centers. These institutions require a large amount of equipment and machinery that come in direct contact with various people and patients suffering from a myriad of diseases. To avoid the infection spread from the equipment, the institutions utilize sterilant to disinfect the wards and the containing machinery safely. Similarly, pharma companies also employ hydrogen peroxide as a sterilant for effective cleansing of their production systems.

On a similar note, medical equipment manufacturers also use the sterilization process before delivering their offerings to avoid the contagion from possible pathogenic infection. As hydrogen peroxide proves to be an effective sterilizer, its usage is gaining traction, driving up the demand for sterilization monitoring products such as H2O2 chemical indicators.

RESTRAINING FACTORS

Availability of Safer Sterilants in Place of Hydrogen Peroxide Diminishing the Market Potential

According to the National Institute of Occupational Safety and Health (NIOSH), exposure to H2O2 can irritate the eyes, nose, skin, and throat. Furthermore, the New Jersey Department of Health classified it as a low-level mutagenic material that can also be poisonous, corrosive, and a highly reactive oxidizer. It recommends using the material under extreme caution. Therefore, health institutions are skeptical about using the material for sterilization activities. Also, many other alternative ways for sterilization are available, which are way safer than hydrogen peroxide usage. These include the likes of ethylene oxide, steam, and radiative sterilization. These products are easier to eliminate from the system, making them better alternatives, thus indirectly reducing the market for H2O2 chemical indicators. Another factor affecting the market's growth is the availability of alternative indicators in the form of biological indicators, which prove to be better as they contain viable microbes, which provide a defined resistance to a specific sterilization process.

SEGMENTATION

By Type Analysis

Type 1 Chemical Indicator to Hold Largest Share in The Global Market

According to type, the hydrogen peroxide chemical indicator market is segmented into type 1, type 4, and others segment. Type 1, the most basic type of chemical indicator, also known as throughput indicators, is used to confirm individual items' sterilization. Examples of Type-1 indicators are tape and the indicators found on paper or plastic peel pouches. These indicators are generally placed on the external parts of the sterilization package and exhibit a simple visual color change that demonstrates the package's exposure to the environment during the sterilization process. As these CIs are used in large quantities for individual sterilized items, the segment held the largest share in the analysis period and is projected to be the fastest-growing type during the forecast period.

On the other hand, type 4 indicators or multi-parameter indicators are highly accurate than other previous generation indicators. They react to two or more vital parameters of the sterilization process and indicate the equipment's exposure to the sterilization cycle at predetermined values of the chosen parameters. They are required to be placed within the package that is being sterilized, in an area that is determined to be the least accessible to sterilant contact. This product type is more accurate than the type 1 indicators, but is considerably costly, which is the key reason behind the segment trailing in the global market. 

By Application Analysis

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Hospitals & Surgery Centers Lead the Global Market

According to our market analysis, the categorization of the market by application is done into hospitals & surgery centers, pharmaceutical production, and others. Sterilization is a critical operation carried out in hospitals and surgery centers to ensure instruments and equipment from contaminants such as bacteria, fungi, and other microbes. If these contaminants enter the human body during check-ups and surgeries, they can cause many diseases and even, in some cases, death. Therefore, healthcare professionals make it a point to sterilize their tools before every usage. However, it is required to monitor the sterilization process to confirm its effectiveness over the entire package, and hence the demand for hydrogen peroxide chemical indicator is expanding in this segment. According to our analysis, this segment is expected to be dominant, given that every surgical and medical equipment is required to undergo sterilization before packaging or reuse.

On the other hand, Pharmaceutical companies are bounded by a stringent regulatory framework that requires them to have proper cleanliness and sterilization in their production lines so that the pharmaceutical formulations do not get contaminated with contaminants micro-organisms. Therefore, pharmaceutical companies are compelled to carry out timely sterilization of the production machinery and its area. As H2O2 acts as an effective sterilizer, its demand for sterilization in these establishments is inflating and driving the demand for monitoring products such as chemical indicators during the study period.

REGIONAL INSIGHTS

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The hydrogen peroxide chemical indicator market size in North America stood at USD 12.2 million in 2020. Owing to the robust healthcare infrastructure in the region, the medical and pharmaceutical industries are expected to grow at a steady rate in the near future. Furthermore, the presence of top STEM institutions & universities in the North American region has expanded the awareness regarding proper sterilization of healthcare instruments and equipment, which is expected to push the demand for sterilization indicators and hydrogen peroxide chemical indicator production in the region.

On the flip side, the market in Europe is inflating on account of the increasing operative procedures such as cancer, artery bypass, and prostatectomy being carried out in Western European nations. These operations require instruments and equipment to enter the body of human beings, and hence sterilization of these instruments is of utmost importance. Thus, the utilization of sterilization monitoring products such as hydrogen peroxide chemical indicator is expanding in the region

The governments in the Asia Pacific region are primarily focused on developing healthcare infrastructure for the provisioning of excellent facilities to the growing population in the region. A major fragment of the region's population is in the working-age aka millennial generation, which shall provide increased demand for medical facilities for the newborns and infant population that are expected to breathe in the countries such as China and India in the near future. These nations' governments have made their priority to offer financial and medical support to newborns and their mothers, which shall be a key reason behind the growth of the market for sterilization monitoring products in the region.

Countries such as Brazil and Mexico were largely affected by the coronavirus pandemic due to their weak healthcare sector, which has made the governments and local companies invest heavily to develop it. This factor is expected to be the critical driver shaping the Latin America hydrogen peroxide chemical indicators market during the next few years. On the other hand, cheaper availability of medicines and healthcare facilities has improved the medical tourism sector in the Middle East & Africa, which is the key factor that will shape the market during the forecast period.    

KEY INDUSTRY PLAYERS

Leading Manufacturers to Focus on Product Launches and Merger & Acquisition Strategies to Garner Market Share

Acquisition of smaller enterprises and expansion are essential strategies used by the leading companies to maintain their positions in the market. Steris is a prominent infection prevention, procedural product, and services provider operating in the market. The company offers a unique mix of healthcare and medical products such as sterilizers, washers, surgical tables, and consumables such as gastrointestinal endoscopy accessories, microbial reduction products, and sterilization monitoring instruments. The company acquired Key Surgical's business, a subsidiary company of Water Street Healthcare Partners, LLC, for improvement of its production and distribution services.

Another prominent company operating in the market is 3M. The company is a renowned global manufacturer of diverse products, technology trendsetter and supplier of a wide variety of products and services. It is one of the manufacturers having FDA clearance for its VH2O2 sterilization chemical indicator. The company has corporate operations in around 70 countries and have sales network spread across 200 countries across the globe

LIST OF KEY COMPANIES PROFILED:

• Steris (U.S.)


• Crosstex International, Inc. (U.S.)


• GKE (Germany)


• Teknomar Ltd. (Turkey)


• Bioquell (UK)


• Getinge AB (Sweden)


• 3M (U.S.)


• Terragene (Argentina)


• Advanced Sterilization Products, Inc. (U.S.)


• Shinva Medical Instrument Co., Ltd. (China)


• Other Key Players

KEY INDUSTRY DEVELOPMENTS:

• May 2020 – Getinge U.S., a subsidiary of Getinge AB, signed a new lease agreement of a new sales and service facility located in Wayne, New Jersey. The new facility is located at former Toys’R’Us world headquarters. It is expected to improve the customers' experience about the company's products and provide collaboration opportunities for the company.


• May 2018: GKE announced new VH2O2 room indicator strips with modified color alteration and reduced turnaround time. The new indicator reduced the SV time from originally 6 minutes to 4 minutes.

REPORT COVERAGE

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The hydrogen peroxide chemical indicator market research report provides a detailed analysis of the market and focuses on crucial aspects such as indicator types and application segments. Also, the report provides market estimates, growth rate, and forecasts by region. In addition, it offers insights into market trends, price trends and highlights vital industry developments such as merger acquisition scenario. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the market growth over recent years. The competitive landscape section covers the detailed profiles and SWOT analysis of leading market players operating in the global market.

Report Scope & Segmentation