Global Chemical Indicator Inks Market: Rising Demand from Surgical Instruments Sector Points at Flourishing Future
The global chemical indicator inks market has reported impressive growth in recent times. The demand from surgical instrument for chemical indicator inks is registering a continual rise, owing to which this market seems to be thriving. The value of the market was US$30.2 million in 2013, according to U.S.-based market intelligence firm Transparency Market Research.
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Let’s take a look at the current and upcoming trends in the global chemical indicator inks market:
- Sterilization by steam is one of the common processes for sterilization prevalent in current times. In 2013, this market segment captured 40% of the overall market for chemical indicator inks, based on sterilization process. However, the fastest growth is expected to be reported by the market for ethylene oxide sterilization in terms of market value in the near future.
- The water-based inks segment is the biggest product category in the global chemical indicator inks market. It occupied half of the overall market, thus holding the top spot in 2013. Over the period from 2014 to 2020, the market segment is developing at a CAGR of 7.7% and is projected to maintain its dominance during this period.
- Flexographic printing led the global chemical indicator inks market based on printing process with a majority share in 2013. In the near future, experts predict that this market segment will post the fastest growth among all the printing process segments of the market. Low cost of raw materials, simple handling, and adaptability to printing on various types of substrates are expected to accelerate the demand for flexographic printing in the years to come.
- Tapes are the leading segment of the chemical indicator inks market by application. In 2013, this segment occupied 25% of the overall market, positioning itself at the top. The trend is expected to continue in the forthcoming years. The market for tags and labels is also projected to exhibit high demand for chemical indicator inks in the next few years.
- The chemical indicator inks market in North America have registered extensive growth in the past. In 2013, the regional market achieved the leading position in the market, holding a 35% share of the overall market. Increased demand for medical sterilization drove the North American market to the first place. In the next few years, this regional market is expected to maintain its position. The economic recovery in the U.S., resulting in rising disposable incomes and willingness on the part of consumers to spend more on health-related issues is foreseen as the key driver for this. The fastest growth in the near future is, however, expected in the Asia Pacific chemical indicator inks market.
Analysts at TMR have predicted that the chemical indicator inks market, worldwide, will expand at a CAGR of 8.4% from 2014 to 2020 and reach a value of US$53.1 million by the end of the forecast period, on account of rising awareness pertaining to hospital-acquired infections, demand for effective sterilization monitoring methods, and the entry of cost-efficient Chinese chemical indicators inks in the global market. However, several cases of inaccurate results produced by chemical indicators have been reported, resulting in bad publicity and eventually restricting the market’s growth prospects. Limited shelf life of indicator inks is also a big issue faced by this industry.
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Tempil, Riken Chemical Co. Ltd., STERIS Corp., Propper Manufacturing Co. Inc., 3M, Terragene SA, Crosstex International Inc., gke GmbH, ETIGAM, North American Science Associates Inc., SteriTec Products Inc., and NiGK Corp. are some of the major participants of the global chemical indicator inks market.