A global medical instruments disinfection market report from Research and Markets predicts growth in the coming years.
The global medical instruments disinfections market is expected to reach $4.8 billion by 2024.
The surface disinfectants market is expected to reach $789 million by 2022 while growing at a compound annual growth rate (CAGR) of 8.3 percent from 2017 to 2022, according to MarketsandMarkets. The increasing number of surgical procedures, rising geriatric population and subsequent growth in the prevalence of chronic diseases are major factors that are driving the growth of this market.
A report from Grand View Research also predicts growth for the market.
“Global surface disinfectant market is expected to reach over $600 million by 2022, growing at an estimated CAGR exceeding 11 percent over the forecast period. Increasing health care expenses, increasing number of hospital-acquired infections and increasing surgical operations are expected to drive market growth over next seven years,” according to Grand View Research.
“Strict guidelines along with legislative guidelines such as Affordable Care Act have forced hospital authorities to ensure cleanliness in their facilities. Rising concern regarding health care-acquired infections, as it affects the base line of existence of these facilities, is expected to drive the surface disinfectant demand over the forecast period,” according to Grand View Research.
According to the World Bank estimates, global health care spend has witnessed remarkable growth from 2003 to 2013, growing at a CAGR of 7 percent over the forecast period. In the same period, public health care spending increased at a CAGR of 7.28 percent. This high growth rate along with huge size of health care spending is expected to drive surface disinfectant market growth.
“Rapidly increasing geriatric population and consequent rise in chronic diseases have increased health issues. Increasing incidents of infectious and human-transmitted diseases, especially within health care workers, have put forward the need for surface disinfection in hospitals. Government initiatives to increase awareness regarding need for cleanliness and disinfection are expected to foster market growth,” according to Grand View Research.
Rising awareness regarding home cleanliness and need for disinfection is also expected to fuel the product demand. Rising disposable income coupled with increasing focus on child health has positively affected the home disinfectants demand. Recent infectious disease outbreaks such as Ebola, influenza and chikungunya are expected to fuel the surface disinfectant demand over the forecast period.
“North America holds maximum share in the global surface disinfectant demand and is expected to retain its position over the forecast period. High standards of living have driven home cleanliness and other hygienic habits in consumers. Government initiatives and enforcements regarding public health and hygiene have also driven market growth,” according to Grand View Research.