Rising Demand for Chemical Indicator Inks from APAC and North America to Drive Market Value to US$53.1 Million
Chemical indicator inks are employed in sterilization, a crucial procedure in healthcare. Chemical indicator inks provide visual indications through alteration in color of the ink when exposed to certain specific conditions. Correct sterilization methods are crucial for medical supplies, equipment, and instruments that are used in care of patients and affect their safety and wellbeing. Chemical indicator inks monitor sterilization for effectiveness. The change in color of chemical indicator inks indicates the effective accomplishment of sterilization. The vital importance of sterilization in the healthcare sector is expected to drive the chemical indicator inks market at an 8.4% CAGR from 2014 to 2020.
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Steam and Ethylene Oxide Sterilization Leading Chemical Indicator Inks Market
The chemical indicators inks market is segmented based on sterilizing process, printing processes, application, and product. Steam sterilization is among the prime sterilization processes in the global chemical indicator inks market and occupied 40% of the market in 2013. The ethylene oxide sterilization process is set to grow quickly in terms of market share within the aforementioned forecast period. High microbial disinfection through ethylene oxide and low temperature sterilization efficacy are among reasons for rapid growth in the chemical indicator inks market.
The largest product segment in the global chemical indicator inks market, expanding at a CAGR of 7.7% in the forecast period, is that of water-based chemical indicator inks. These had a 50% market share in 2013. This product segment is expected to lead the market in the chemical indicators inks during the forecast period. Among printing processes flexographic printing is estimated to be the rapidly growing segment in the market for chemical indicators inks. Flexographic printing provides ease of printing, cost-effective components, and improved flexibility of printing on several substrates, which will drive this segment in the coming years.Among application segments, tapes hold the top spot and are projected to grow rapidly over the forecast period; tapes accounted for 25% of the market in 2013. Application of chemical indicator inks in tags and labels is also expected to pick up speed in the coming years.
Asia Pacific and North America to Show Rapid Growth in Global Market for Chemical Indicator Inks
Regional segments of the global chemical indicator inks market include Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific is anticipated to be the fastest growing regional market for chemical indicators inks during the forecast period. The North America chemical indicator inks market is also expected to have a high growth rate, with a 35% market share in 2013 and growing demand for medical sterilization. The economic recovery in the U.S. is seen as a major growth factor for chemical indicators inks.
Other reasons for the high expected growth of the chemical indicators inks market are growing awareness about hospital-acquired infections, need for efficient sterilization monitoring methods, and the entry of cost-effective chemical indicators inks from China. Market restraints on the global chemical indicators inks market include low shelf life of indicator inks.The major players in the chemical indicators inks market are RIKEN CHEMICAL Co., NiGK Corporation, 3M, Tempil (LA-Co Industries), STERIS Corporation, 3M, Terragene SA, Ltd., North American Science Associates Inc. (NAMSA), Propper Manufacturing Co. Inc., and Crosstex (subsidiary of Cantel Medical Corporation).
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