The bio decontamination market is projected to reach USD 175 million by 2024 from USD 130 million in 2019, at a CAGR of 6.1% from 2019 to 2024. Market growth is largely driven by factors such as the rising incidence of hospital-acquired infections (HAIs), growth in the pharmaceutical and biotechnology industries, and increasing outsourcing of bio decontamination services. Emerging economies are expected to provide a wide range of growth opportunities for players in the market.
Based on products & services, the bio decontamination market is segmented into equipment, consumables, and services. The equipment segment accounted for the largest share of the bio decontamination market in 2018. The launch of new and advanced instruments, better portability, and the reduced need for manual intervention are factors driving the growth of this segment.
On the basis of agent type, the bio decontamination market is segmented into hydrogen peroxide, nitrogen dioxide, chlorine dioxide, and peracetic acid. The hydrogen peroxide segment accounted for the largest share of the bio decontamination market in 2018. Hydrogen peroxide offers advantages, such as material compatibility and safety with minimum residue. These advantages are driving the adoption of the hydrogen peroxide segment.
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By end user, the bio decontamination market is segmented into pharmaceutical & medical device manufacturing companies, hospitals & healthcare facilities, and life sciences & biotechnology research organizations. Pharmaceutical & medical device manufacturing companies held the largest share of the bio decontamination market in 2018. The large share of this segment can be attributed to the growing adoption of bio decontamination products & services by pharmaceutical and medical device manufacturing industries to adhere to stringent regulations.
On the basis of region, the bio decontamination market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2018, North America accounted for the largest share of the bio decontamination market due to the growing demand for bio decontamination technologies from the healthcare industry to minimize the occurrence of hospital-acquired infections and the presence of major players in the region.
Key players can also explore the possibilities of expanding to the economies of developing countries such as India, Brazil, and China as they are high-growth markets.