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Formaldehyde Low Temperature Sterilization Market: Segmented: By Application (University, Ambulatory Surgical Centre, Clinics), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2030
[170+ Pages Research Reports] Formaldehyde Low-Temperature Sterilization Market to surpass USD 199.0 million by 2030 from USD 138.1 million in 2021 at a CAGR of 4.1% in the coming years, i.e., 2022-30.
Product Overview
Sterilize materials and equipment that are heat-sensitive and cannot withstand the normal conditions of an autoclave system. This means the autoclave unit has to operate at lower cycle temperatures, which can adversely affect its sterilization efficacy. Therefore, to maintain the sterility of the target object, formaldehyde (a strong microbicidal agent) is introduced to the sterilization cycle. This sterilization method is known as low-temperature steam formaldehyde (LTSF) sterilization.
The Formaldehyde Low-Temperature Sterilization Market is expected to project a notable CAGR of 4.1% in 2030.
The surge in the prevalence of hospital-acquired infections (HAIs), rising incidence of chronic disease, and increasing number of surgical procedures across the globe are among the major factors driving this market's growth.
The Ambulatory Surgical Centre segment is expected to grow with highest Market Value during 2022-30
Formaldehyde Low-Temperature Sterilization Market is categorized on the basis of Application into University, Ambulatory Surgical Centre, and Clinics. Over the projected period, the Ambulatory Surgical Centre segment is expected to see a highest Market Value. Ambulatory surgery centers include a variety of services such as surgical care, and diagnostic and preventive procedure. These centers conduct surgeries for pain management, urology, orthopedics, restorative, reconstructive, or alterative plastic surgeries and Gastrointestinal (GI) related surgeries. Increase in geriatric population is a major factor driving the market, as elderly people are more susceptible to chronic conditions such as cardiovascular diseases, diabetes, kidney disorders, and musculoskeletal conditions.
Increasing Healthcare Expenditure and Growing Awareness About Hygiene & Disinfection Procedures
In recent years, due to technological advancements and increasing awareness, there has been an exponential increase in organ transplant surgeries. These surgeries are anticipated to be one of the key drivers for the growth in the market. The pandemic increased consumer awareness about the virus that can spread through indirect contact and any touchpoint can become an infection source. Consumers who are safety-obsessed no longer see efficiency and cleanliness as trade-offs but as expectations. The Safety Obsessed mostly benefits hygiene goods. In order to meet stricter hygiene regulations, manufacturers are releasing value-added products. This has sparked innovations that prioritize cleanliness as a crucial product aspect.
Growing Prevalence and Early Onset of Chronic Diseases
Gradual rise in the number of patients suffering from chronic disorders requiring surgical procedures, increase in concerns about healthcare-associated infections, and rapid technological advancements in medical devices are among factors expected to positively influence adoption of high-level disinfection services in healthcare settings. The world's shortage of service providers is getting worse as a result of the older population's rapid growth, which is also increasing the burden of medical expenses.
Impact of Formaldehyde on Health
Low quantities of formaldehyde exposure may irritate the skin, nose, throat, eyes, or airways. Due to the fact that some people are more sensitive than others, an exposure that doesn't bother some people may make them feel ill or uncomfortable. Formaldehyde's effects might be more noticeable in younger people, the elderly, persons with asthma, and people who have other respiratory issues. Exposure to formaldehyde at greater concentrations might result in skin rashes, breathing difficulties, wheezing, and modifications to lung function.
Recent Developments
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Formaldehyde Low-Temperature Sterilization Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2021, North America's Formaldehyde Low-Temperature Sterilization market held the largest revenue share 2021 globally its leading market share can be attributed to the COVID-19 pandemic, which significantly increased demand for high-level disinfectants. Stringent regulatory policies regarding delivery of safe & quality healthcare services, such as the presence of the Patient Protection and Affordable Care Act, mandate the use of high-level disinfection solutions and services in hospitals & clinics. These factors are anticipated to fuel market growth over forecast period.
The sudden and severe outbreak of COVID-19 caused due to Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) is affecting millions of people globally. This unprecedented growth in cases has significantly increased global demand for advanced healthcare facilities and services to treat patients. As high-level disinfection products are a crucial part of healthcare, their demand has significantly increased across the globe during the COVID-19 pandemic.
Formaldehyde Low-Temperature Sterilization Market is further segmented by region into:
Formaldehyde Low Temperature Sterilization Market Segments:
| Report Attribute |
Details |
| Market Size Value in 2021 | USD 138.1 million |
| Revenue Forecast in 2030 | USD 199.0 million |
| Growth Rate | CAGR of 4.1% from 2022 to 2030 |
| Base Year for Estimation | 2021 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Application, and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
3M, Getinge AB, Johnson & Johnson, Steris Corporation, Belimed AG, TSO3 Inc., Dickinson and Company, Sterigenics LLC, Cantel Medical Corporation, E-BEAM Services, Inc., and Other Prominent Players. |
Formaldehyde Low-Temperature Sterilization Market to surpass USD 199.0 million by 2030 from USD 138.1 million in 2021 at a CAGR of 4.1% in the coming years, i.e., 2022-30.
Formaldehyde Low-Temperature Sterilization Market: Key Players 3M Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis Getinge AB Johnson & Johnson Steris Corporation Belimed AG TSO3 Inc. Dickinson and Company Sterigenics LLC Cantel Medical Corporation E-BEAM Services, Inc. Other Prominent Players
The Ambulatory Surgical Centre segment is expected to grow with highest Market Value during 2022-30 is anticipated to hold the Formaldehyde Low Temperature Sterilization Market.
Increasing Healthcare Expenditure and Growing Awareness About Hygiene & Disinfection Procedures
Sterilize materials and equipment that are heat-sensitive and cannot withstand the normal conditions of an autoclave system. This means the autoclave unit has to operate at lower cycle temperatures, which can adversely affect its sterilization efficacy.
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