The Global Cobalt 60 Sterilization Market size is estimated to be USD 3.63 billion in 2019 and is predicted to reach USD 9.18 billion by 2030 with a CAGR of 8.8% from 2020-2030. Cobalt 60 Sterilization is a type of gamma radiation which is used for the sterilization of various objects and materials in the healthcare and pharmaceutical industry for the sterilization purpose. In the entire sterilization process the cobalt isotopes 60 are used which emits the gamma radiation which leads to the mutation in living cells and ultimately led to the death of bacteria and provide effective sterilization.
Market Dynamics and Trends
The fast developing healthcare industry and increasing modernization and development in the healthcare infrastructure with technological advancement are expected to propel the market growth. Furthermore, increased demand for effective sterilization with increasing demand from different end users is further expected to enhance the growth of cobalt 60 sterilization market.
The other factors include wide applications coupled with increased prevalence of hospital acquired infections. Moreover, increase in surgical procedure and increased use of surgical instruments also increased the demand for cobalt 60 sterilization. However, increase in environmental concerns coupled with stringent regulatory policies is expected to inhibit the growth of cobalt 60 sterilization market. Moreover, increase in research and development coupled with innovation is further expected to create ample opportunities in the cobalt 60 sterilization market in the near future.
Market Segmentations and Scope of the Study:
The global cobalt 60 sterilization market share is analyzed on the basis of product, end users, and geography. On the basis of product, the market is segmented into Implants, Devices, Instruments, Accessories and Other Medical Supplies. On the basis of end users, the market is divided into Hospitals & Clinics, Pharmaceutical Industry, Medical Device Companies and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America is expected to dominate the cobalt 60 sterilization market over the forecast period owing the increased adoption of cobalt 60 sterilization coupled with development in healthcare facilities. Furthermore, technological advancement coupled with increased demand of effective sterilization is expected to support the growth of cobalt 60 sterilization market.
Asia Pacific is expected to show significant growth over the forecast with gradual increase in market share owing to the increased prevalence of hospital acquired infections coupled with increase in surgical procedures and wide applications with increasing demand from end users are also expected to accelerate the growth of cobalt 60 sterilization market over the forecast period.
The cobalt 60 sterilization market, which is highly competitive and consolidated in nature, consists of few market players. Some of the major market players include STERIS, Bruce Power, Nordion Inc., Tuttnauer, Sterigenics U.S., LLC, The 3M Company, and StarFish Product Engineering Inc. among others.
In the recent past there have been various developments taken place and also expected to takes place in near future. For instance, in April 2019, Nordion Inc. a Sotera Health Company announced the purchase of Cobalt-60 from the Board of Radiation and Isotope Technology (BRIT), a unit of the Government of India Department of Atomic Energy, for distribution to Europe. The collaboration combines Indian-developed technology to produce Cobalt-60 in Pressurized Heavy Water Reactors (PHWRs) with Nordion's industry-leading global logistics and transportation network to open a new supply channel to meet the growing global demand for Cobalt-60.
- The cobalt 60 sterilization market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
- The study comprises a deep dive analysis of the cobalt 60 sterilization market trend including the current and future trends for depicting the prevalent investment pockets in the market.
- The information related to key drivers, restraints and opportunities and their impact on the cobalt 60 sterilization market is provided in the report.
- The competitive analysis of the market players along with their market share in the global cobalt 60 sterilization market.
- The SWOT analysis and Porters Five Forces model is elaborated in the study.
- Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
KEY MARKET SEGMENTS:
- Global Cobalt 60 Sterilization market – By Product
- Other Medical Supplies
- Global Cobalt 60 Sterilization market – By End User
- Hospitals & Clinics
- Pharmaceutical Industry
- Medical Device Companies
- Global Cobalt 60 Sterilization market –By Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of RoW
- North America