The Biological Indicators Market is expected to register a CAGR of 7.1% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Type (Spore Strips, Discs, and threads, Spore Suspensions, Spore Ampoules, Self-Contained Biological Indicators (SCBIs), Custom Biological Indicators), and End Users (Hospitals, Diagnostic Laboratories, Research and Academic institutes, Pharmaceutical Companies, and others). The global analysis is broken down at the regional level and for major countries. The market evaluation is presented in US$ for the above segmental analysis.
Purpose of the ReportThe report Biological Indicators Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Biological Indicators Market Segmentation
Type- Spore Strips
- Discs and threads
- Spore Suspensions
- Spore Ampoules
- Self-Contained Biological Indicators
- Custom Biological Indicators
- Hospitals
- Diagnostic Laboratories
- Research and Academic institutes
- Pharmaceutical Companies
Strategic Insights
Biological Indicators Market Growth Drivers- Rising Demand for Sterilization in Healthcare and Pharmaceutical Industry: An important growth factor in the biological indicators industry is the rising demand for sterilization in healthcare and pharmaceuticals. Sterilization practices are a necessity in the prevention of infection and the safety of patients at healthcare facilities. Biological indicators (with live microbes) testing sterilization efficiency are a crucial step in the validation of sterilizing procedures such as autoclaving, dry heat, and ethylene oxide. As hospitals continue to increase in number and complexity, especially in developing countries, validation of sterilization is increasingly required and proven. The same goes for the pharmaceutical sector which is reliant on sterilization to keep drugs, vaccines, and biologics pure and safe. And, as the number of infections and hospital-acquired infections (HAIs) continues to rise, sterilization norms are strictened all over the world. Market penetration is further driven by regulatory authorities such as the FDA and the European Medicines Agency (EMA) that mandate biological indicators for the validation of sterilization. Furthermore, as the global healthcare market develops and demand for high-tech medical devices, implants, and biopharmaceuticals grows, sterilization testing with biological indicators will also drive the market. Health infrastructure and pharmaceutical production capacity around the world also play key roles in the growth of market demand for biological markers.
- Heavy Regulatory and Compliances on Sterilization: Another growth factor is the rise of heavy regulatory compliances and compliances on sterilization, especially in the fields of medical and manufacturing. There are strict regulations for the safety and effectiveness of sterilization processes in medical devices, pharmaceuticals, and biotech products – all enforced by regulatory agencies such as the FDA, WHO, and ISO. Such rules require the use of biological markers to test whether or not a procedure has been sterilized, making sure that sterilizations have always been free of pathogenic microbes. The more restrictive regulations, and the more complex the modern medical interventions and devices, the more need there will be for biological markers. ISO 11138 standard, for instance, is clear about biological indicators for sterilization monitoring and validation. Moreover, Good Manufacturing Practices (GMP) and Good Laboratory Practices (GLP) require that sterilizing manufacturers employ biological signs in their sterilizing quality control programs. Increasing regulation of sterilization procedures – in the pharmaceutical and biotechnology sectors especially – will mean that biological indicators will be necessary tools for tracking sterilization efficacy. With each of these industries bringing out more products, the need for efficient sterilization monitoring devices will drive the biological indicators market further.
- Technological Advances in Biological Indicator Products: The technological improvements in biological indicator products also help propel the market of biological indicators. With new technology, biological indicators for sterilization have made the process of validation much more precise, swift, and reliable. With a focus on growth from microorganisms, there is a gradual replacement of these with automated tools, providing results quickly and better traceability. Rapid-readout biological indicators now allow hospitals and manufacturers to quickly validate sterilization so as to achieve process compliance with minimal downtime. Microbial strains are under development for biological markers to increase their sensitivity and efficiency under varied sterilization regimes. Genetically modified microbes are also being incorporated into some biological indicators to make them more accurate and to improve the reproduction of microbes that could be present in a given situation of contamination. With the increased adoption of digital technologies, such as cloud-based systems and data analytics in biological indicator products, real-time monitoring and data reporting are becoming easier to implement for better quality assurance and compliance. These new technologies would not only improve the efficacy of biological markers but also reduce the cost of operations which would result in increased adoption in health, pharma, and biotechnology sectors. As technologies advance, the advanced biological indicators market will continue to grow for safer and more effective sterilization.
- Increasing Use of Fast and Real-Time Monitoring Devices: One of the major market dynamics in biological indicators is the increasing use of fast and real-time monitoring devices for sterilization validation. Traditional biological indicators need long incubation times to watch microbial development and delay results and production time. But as efficiency and cost are pushed higher, industries look to rapid-readout biological indicators for quick confirmation of sterilization performance. These indicators are supposed to deliver real-time output, enabling companies in the pharmaceutical and medical industry to make faster decisions about sterilizing the product. This trend applies in production processes with high time pressures for sterilization like medical device manufacturing and biopharmaceutical production. Digital innovations including automated technologies and cloud-based solutions can be used to monitor and report results from sterilization validation in real-time, resulting in much higher efficiency. Furthermore, these systems can be linked to central databases for tracking and data analytics, keeping compliance with regulatory requirements complete. The adoption of these rapid-response biological indicators, not only will it make sterilization procedures more efficient, it also will reduce risks of delayed sterilization confirmation and hence increase the market size.
- Fusion of Biological Indicators With Automation and IoT Solutions: The other trend in the biological indicators industry is the blend of biological indicators with automation and IoT solutions. Sterilization is increasingly automated into healthcare, pharmaceutical manufacturing, etc to produce an accurate, reproducible, error-free output. Biological indicators, when integrated with automated sterilization equipment, can monitor and report on the success of cycles of sterilization in real time. IoT integration also allows biological markers to communicate with centralized networks so that medical centers and manufacturers can monitor sterilization performance from multiple sites. Smart biological indicators, based on sensors enabled via IoT, can give a more direct view of the sterilization process by alerting when there is a change or deviation. This smart sterilization monitoring is improving biological signals’ precision, dependability, and effectiveness. Investing in IoT in the sterilization industry can help in process optimization and compliance management greatly thereby providing a business development space for biological indicators. With industries looking for automation and real-time monitoring, the market for IoT-connected biological indicators will increase.
- Increasing Demand for Customized Biological Indicators: Increasing demand for custom biological indicators for certain sterilizing methods is also one of the prominent trends observed in the biological indicators market. For each sterilization method (eg, steam sterilization, ethylene oxide sterilization, hydrogen peroxide gas plasma sterilization) individual biological indicators must be customized according to the specific environmental and microbial challenges of each technique. As sterilization technologies advance, the need for biological signals that complement each process in particular is only increasing. Manufacturers are investing in R&D for more specific biological indicator formulations capable of meeting these varied sterilization needs. And, as sterilization technologies advance and refine, biological markers will have to adapt to new requirements, such as sterilizing more sophisticated medical instruments and pharmaceuticals. The possibility of designing biological indicators very specific to specific sterilization processes will facilitate sterilization validation, patient safety, and elimination of the risk of unsuccessful sterilization. This market segmentation of biological indicator products will create a new trend in innovation and the market for biological indicator products.
- Increasing Use in Biopharmaceutical Sector: Biopharmaceutical is another important vertical in which the biological indicators market is booming. In the age of rising demand for biopharmaceuticals – monoclonal antibodies, gene therapies, biosimilars, and the like – the sterilization technologies that are needed to produce such elaborate drugs at optimal safety levels are even more essential. Because biopharmaceuticals are fragile, the process of sterilizing them needs a special tool – biological signs to confirm that. Sterilization needs are all the more pressing as biopharmaceutical production gets more and more complex. Also, as the biopharmaceutical industry advances with new treatments, manufacturing facilities must be very clean to prevent contamination and ensure the safety and effectiveness of treatments. Insightful biological measures – by helping to check that sterilization practices work – are part of ensuring those standards. What’s more, the onset of personalized medicine and gene therapy also spurs demand for these markers. As biopharmaceutical manufacturers are more and more striving towards compliance in the international regulatory environment, the implication of biological indicators for compliance and patient safety will grow as much as ever which opens up large growth potential to the market.
- Recent Developments in Biological Indicator Technology: New developments in biological indicator technology are another growth possibility for the market. As industries change, so too does the demand for ever-more sensitive, rapid, and consistent biological indicators. The latest technology is making biological indicators more precise, efficient,t and reliable. For instance, genetic engineering now allows the evolution of microbial strains that are both more precise and sensitive at identifying the efficacy of sterilizations. And rapid-readout biological indicators that are faster to deliver, are becoming more important as industries such as healthcare seek to improve the sterilization process and minimize downtime. The rise of digital, automated biological indicators capable of generating real-time data reports and interfacing with cloud-based services is also a development. These smart indicators not only accelerate sterilization validation time but also help organizations keep up-to-date records of data for compliance and quality control purposes. Since the sterilization process is increasingly demanding more accuracy and speed, new technology in biological indicators will spur market growth and present new avenues for manufacturers to develop new products and services. Further, biological signs being combined with other sterilization monitoring systems will be one of the emerging trends driving the market further and providing growth opportunities.
- Rising Focus on Environmental Sustainability: Another emerging growth opportunity for the biological indicators market is raising attention to environmental sustainability and the need for environment environment-friendly sterilizing process. Sterilization with the older era of ethylene oxide and other chemical sterilants is a polluting source of hazardous waste. Environmental guidelines get stricter and the industries become greener, hence we move to environmentally better sterilizing options. The trend stretches to the ever-popular applications of hydrogen peroxide, ozone sanitization, and steam sanitization, all thought to be environmentally friendly. They not only keep the release of toxic chemicals at a minimum but are safer for workers involved in the sterilization process. It is biological markers that help to verify the efficacy of these non-toxic sterilizing practices by ascertaining their effectiveness in removing unwanted microbes. There is a huge opportunity for manufacturers in the market for biological indicators that are specifically designed to continuously monitor and validate these ecologically sound sterilization methods. Further, a greater sense of urgency for environmentally sensitive sterilization is driving research and development on bio-indicators that work and don’t. In the case of health care and pharmaceutical sectors, for example, suppliers are seeking to produce biodegradable and non-toxic biological indicators per the sustainability initiatives. Biological markers that back these green-washed sterilization techniques will be in demand as green technologies expand their presence in the market and environmental legislation becomes more strict. It is a massive growth potential for the biological indicators market, as industries are seeking to marry sterilization effectiveness with green sustainability.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Biological Indicators Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Biological Indicators Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.

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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities

Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
This text is related
to segments covered.

Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
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to country scope.
Frequently Asked Questions
The Biological Indicators Market is estimated to witness a CAGR of 7.1% from 2025 to 2031.
The major factors driving the Biological Indicators Market are Increasing Demand for Sterilization in Healthcare and Pharmaceutical Industries, Stringent Regulatory Requirements and Standards for Sterilization, and Technological Advancements in Biological Indicator Products.
Future trends in the Biological Indicators Market are Increased Adoption of Rapid and Real-Time Monitoring Systems, Integration of Biological Indicators with Automation and IoT Technologies, and Increasing Focus on Customized Biological Indicators for Specific Sterilization Methods.
Some of the players operating in the market are STERIS Life Sciences, Protak Scientific Limited, Mesa Labs, Inc., 3M, Excelsior Scientific, Crosstex International, Inc. (Cantel Medical), Cardinal Health, Getinge AB, and Andersen Products, Inc.
The report can be delivered in PDF/PPT format; we can also share an excel datasheet based on the request.
Some customization options available based on the request are an additional 3–5 company profiles and a country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation# as our team would review the same and check the feasibility.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Biological Indicators Market - By Type
1.3.2 Biological Indicators Market - By End User
1.3.3 Biological Indicators Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BIOLOGICAL INDICATORS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. BIOLOGICAL INDICATORS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. BIOLOGICAL INDICATORS MARKET - GLOBAL MARKET ANALYSIS
6.1. BIOLOGICAL INDICATORS - GLOBAL MARKET OVERVIEW
6.2. BIOLOGICAL INDICATORS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BIOLOGICAL INDICATORS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. SPORE STRIPS
7.3.1. Overview
7.3.2. Spore Strips Market Forecast and Analysis
7.4. DISCS AND THREADS
7.4.1. Overview
7.4.2. Discs and threads Market Forecast and Analysis
7.5. SPORE SUSPENSIONS
7.5.1. Overview
7.5.2. Spore Suspensions Market Forecast and Analysis
7.6. SPORE AMPOULES
7.6.1. Overview
7.6.2. Spore Ampoules Market Forecast and Analysis
7.7. SELF-CONTAINED BIOLOGICAL INDICATORS (SCBIS)
7.7.1. Overview
7.7.2. Self-Contained Biological Indicators (SCBIs) Market Forecast and Analysis
7.8. CUSTOM BIOLOGICAL INDICATORS
7.8.1. Overview
7.8.2. Custom Biological Indicators Market Forecast and Analysis
8. BIOLOGICAL INDICATORS MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. HOSPITALS
8.3.1. Overview
8.3.2. Hospitals Market Forecast and Analysis
8.4. DIAGNOSTIC LABORATORIES
8.4.1. Overview
8.4.2. Diagnostic Laboratories Market Forecast and Analysis
8.5. RESEARCH AND ACADEMIC INSTITUTES
8.5.1. Overview
8.5.2. Research and Academic institutes Market Forecast and Analysis
8.6. PHARMACEUTICAL COMPANIES
8.6.1. Overview
8.6.2. Pharmaceutical Companies Market Forecast and Analysis
8.7. OTHER
8.7.1. Overview
8.7.2. Other Market Forecast and Analysis
9. BIOLOGICAL INDICATORS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Biological Indicators Market Overview
9.1.2 North America Biological Indicators Market Forecasts and Analysis
9.1.3 North America Biological Indicators Market Forecasts and Analysis - By Type
9.1.4 North America Biological Indicators Market Forecasts and Analysis - By End User
9.1.5 North America Biological Indicators Market Forecasts and Analysis - By Countries
9.1.5.1 United States Biological Indicators Market
9.1.5.1.1 United States Biological Indicators Market by Type
9.1.5.1.2 United States Biological Indicators Market by End User
9.1.5.2 Canada Biological Indicators Market
9.1.5.2.1 Canada Biological Indicators Market by Type
9.1.5.2.2 Canada Biological Indicators Market by End User
9.1.5.3 Mexico Biological Indicators Market
9.1.5.3.1 Mexico Biological Indicators Market by Type
9.1.5.3.2 Mexico Biological Indicators Market by End User
9.2. EUROPE
9.2.1 Europe Biological Indicators Market Overview
9.2.2 Europe Biological Indicators Market Forecasts and Analysis
9.2.3 Europe Biological Indicators Market Forecasts and Analysis - By Type
9.2.4 Europe Biological Indicators Market Forecasts and Analysis - By End User
9.2.5 Europe Biological Indicators Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Biological Indicators Market
9.2.5.1.1 Germany Biological Indicators Market by Type
9.2.5.1.2 Germany Biological Indicators Market by End User
9.2.5.2 France Biological Indicators Market
9.2.5.2.1 France Biological Indicators Market by Type
9.2.5.2.2 France Biological Indicators Market by End User
9.2.5.3 Italy Biological Indicators Market
9.2.5.3.1 Italy Biological Indicators Market by Type
9.2.5.3.2 Italy Biological Indicators Market by End User
9.2.5.4 Spain Biological Indicators Market
9.2.5.4.1 Spain Biological Indicators Market by Type
9.2.5.4.2 Spain Biological Indicators Market by End User
9.2.5.5 United Kingdom Biological Indicators Market
9.2.5.5.1 United Kingdom Biological Indicators Market by Type
9.2.5.5.2 United Kingdom Biological Indicators Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Biological Indicators Market Overview
9.3.2 Asia-Pacific Biological Indicators Market Forecasts and Analysis
9.3.3 Asia-Pacific Biological Indicators Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Biological Indicators Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific Biological Indicators Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Biological Indicators Market
9.3.5.1.1 Australia Biological Indicators Market by Type
9.3.5.1.2 Australia Biological Indicators Market by End User
9.3.5.2 China Biological Indicators Market
9.3.5.2.1 China Biological Indicators Market by Type
9.3.5.2.2 China Biological Indicators Market by End User
9.3.5.3 India Biological Indicators Market
9.3.5.3.1 India Biological Indicators Market by Type
9.3.5.3.2 India Biological Indicators Market by End User
9.3.5.4 Japan Biological Indicators Market
9.3.5.4.1 Japan Biological Indicators Market by Type
9.3.5.4.2 Japan Biological Indicators Market by End User
9.3.5.5 South Korea Biological Indicators Market
9.3.5.5.1 South Korea Biological Indicators Market by Type
9.3.5.5.2 South Korea Biological Indicators Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Biological Indicators Market Overview
9.4.2 Middle East and Africa Biological Indicators Market Forecasts and Analysis
9.4.3 Middle East and Africa Biological Indicators Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Biological Indicators Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa Biological Indicators Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Biological Indicators Market
9.4.5.1.1 South Africa Biological Indicators Market by Type
9.4.5.1.2 South Africa Biological Indicators Market by End User
9.4.5.2 Saudi Arabia Biological Indicators Market
9.4.5.2.1 Saudi Arabia Biological Indicators Market by Type
9.4.5.2.2 Saudi Arabia Biological Indicators Market by End User
9.4.5.3 U.A.E Biological Indicators Market
9.4.5.3.1 U.A.E Biological Indicators Market by Type
9.4.5.3.2 U.A.E Biological Indicators Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Biological Indicators Market Overview
9.5.2 South and Central America Biological Indicators Market Forecasts and Analysis
9.5.3 South and Central America Biological Indicators Market Forecasts and Analysis - By Type
9.5.4 South and Central America Biological Indicators Market Forecasts and Analysis - By End User
9.5.5 South and Central America Biological Indicators Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Biological Indicators Market
9.5.5.1.1 Brazil Biological Indicators Market by Type
9.5.5.1.2 Brazil Biological Indicators Market by End User
9.5.5.2 Argentina Biological Indicators Market
9.5.5.2.1 Argentina Biological Indicators Market by Type
9.5.5.2.2 Argentina Biological Indicators Market by End User
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. BIOLOGICAL INDICATORS MARKET, KEY COMPANY PROFILES
11.1. STERIS LIFE SCIENCES
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. PROTAK SCIENTIFIC LIMITED
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. MESA LABS, INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. 3M
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. EXCELSIOR SCIENTIFIC
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. CROSSTEX INTERNATIONAL, INC. (CANTEL MEDICAL)
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. CARDINAL HEALTH
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. GETINGE AB
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. ANDERSEN PRODUCTS, INC.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. STERIS Life Sciences
2. Protak Scientific Limited
3. Mesa Labs, Inc.
4. 3M
5. Excelsior Scientific
6. Crosstex International, Inc. (Cantel Medical)
7. Cardinal Health
8. Getinge AB
9. Andersen Products, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.