Medical device cleaning involves usage of various cleaning agents and disinfection technologies to remove dirt, contaminants, and microorganisms from medical equipment and devices. It helps prevent the transmission of healthcare-associated infections and plays a crucial role in compliance with regulatory guidelines. Products used in medical device cleaning include enzymatic and non-enzymatic detergents, disinfectants, sterilants and air disinfectants. Rise in surgical procedures and growing healthcare infrastructure in emerging nations have augmented the demand for various medical devices, fostering the need for effective cleaning solutions.
The global medical device cleaning market is estimated to be valued at US$ 8.06 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Stringent regulatory landscape regarding cleaning, disinfection and sterilization of medical devices has created substantial opportunities for market players. Standards such as the FDA’s Quality System Regulations and European Union’s Medical Device Regulation demand that manufacturers demonstrate appropriate cleaning and disinfection practices before devices can be marketed. Demonstrating compliance to such norms requires adoption of advanced cleaning technologies, quality monitoring equipment and validation services. This has significantly boosted demand for services and solutions aiding compliance management. Growing focus on regulatory adherence is expected to remain a major driver propelling the medical device cleaning market during the forecast period.
Porter's Analysis
Threat of new entrants: The medical device cleaning market faces moderate threat of new entrants due to the requirement of technical expertise and certifications. However, large untapped growth opportunities attract new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and established buyers. However, stringent regulations provide some bargaining power to existing players.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute raw materials and inputs.
Threat of new substitutes: Threat of substitutes is low as medical device cleaning has no close substitute and alternatives require high investment.
Competitive rivalry: The market witnesses high competitive rivalry due to global presence of key players and differentiation in technologies used.
SWOT Analysis
Strengths: Growing healthcare industry, stringent regulations on disinfection, and rising focus on infection control boost demand.
Weaknesses: High initial investment and maintenance costs. Lack of awareness in developing nations.
Opportunities: Emerging economies offering lucrative growth opportunities. Rising surgical procedures drive segment growth.
Threats: Presence of toxic chemicals and fluctuations in raw material prices are major challenges.
Key Takeaways
The global Medical Device Cleaning Market Growth is expected to witness high growth during the forecast period due to rising prevalence of diseases and growing healthcare expenditure worldwide.
Regionally, North America dominates the global market and is expected to grow at a high rate during the forecast period due to advancement in healthcare facilities and presence of key players in the region. The Asia Pacific market is expected to grow at the fastest rate during the forecast period owing to growing medical tourism industry and improving healthcare infrastructure in emerging economies such as China and India.
Key players operating in the medical device cleaning market are Hexion Inc., Dow Chemical Company, Aditya Birla Chemicals Co. Ltd., Huntsman Corporation, BASF SE, Royal DSM N.V., Eastman Chemical Corporation, Conren Limited, Gellner Industrial LLC, and AllCoat Technology Inc. These players are focusing on new product developments and expansion of existing facilities to strengthen their market presence.
For more insights, read- https://www.pressreleasebulletin.com/medical-device-cleaning-market-trends-size-and-share-analysis/
