Sterilization Technology Market Overview:
The market for sterilization technology is growing because it has made sterilization easy. Market Research Future (MRFR) has published a research report about the global sterilization technology market that estimates remarkable progress for this market with 8.20% CAGR during the forecast period between 2018 and 2023. In terms of cash, the market is expected to be worth the US $ 8,142.61 million.
Rising demand for prevention of hospital-acquired infections (HAIs) is expected to drive market demand in the healthcare sector for sterilizing medical equipment and apparatus. Sterilization technologies are adopted to create sterile working conditions with the purpose of enhancing external appearances. This trend has gained popularity due to the rising prominence of cosmetic surgical procedures. However, the strict regulations related to sterilization technology can dampen market growth. According to the CDC (Centers for Disease Control and Prevention), the latest UV Bacteria killing robots can kill bacteria with ultraviolet radiations and can clean hospital rooms better than humans, in order to keep the hospitals, HAI-free.
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Key Players:
The key players in the global sterilization technology market include 3M (USA), Advanced Sterilization Products Services Inc (USA), Atec Pharmatechnik GmbH (Germany), Beta Star Life Science Equipment (USA), Donaldson Co. Inc. (USA), Feldmeier Equipment Inc (USA), Sterile Technologies Inc. (USA), and Steris PLC (UK).
Sterilization Technology Market – Regional Analysis
North America accounts for the global leader in the digestible sensors market. Factors positively impacting The regional segmentation of the global sterilization technology market segments the market into continent-based regional markets known as The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA).
In 2017, North America held the largest market share of 40.1%, and this is expected to continue until the end of forecast period. In this region, the important country-specific markets are the United States of America (USA) and Canada. Even without South America, North America alone has the potential of being the biggest market. South America is a smaller market because it has less technological development. The strongest economies in this region are Argentina and Brazil.
Europe is the second largest market after North America. Due to the reasons same as the Americas, Western Europe is a bigger market than Eastern Europe. The crux of the Western European market is formed by France, Germany, Italy, Spain, and the United Kingdom (UK), followed by the rest of Western Europe.
The Asia Pacific is the third largest regional market, and the report predicts growth for this market during the forecast period. The key revenue generating country-specific markets in this region are Australia, China, India, Japan, and South Korea, followed by the rest of the Asia Pacific region. In this region, factors aiding the market expansion include advancement in technology, escalating healthcare expenditure, flourishing medical tourism, high pollution levels, huge patient population, and the growing geriatric population.
In the MEA region, the market is small and limited. Reasons for the limited market growth in this region are lack of awareness, lack of education, lack of technological development, political instability and healthcare not being considered a priority by the government.
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Sterilization Technology Market – Segmentation
By type, the sterilization technology market has been segmented into ionizing radiation, ethylene oxide, filtration, thermal sterilization, and others. The ethylene oxide segment is likely to capture a large market share by 2023 owing to the strength of its radiation and high penetration rate. By process, the market is segmented into physiochemical, chemical process, physical process, and synergetic process. The chemical process segment is touted to generate USD 5,677.43 million by 2023.
Major market end-users include medical device manufacturers, hospitals & clinics, and pharmaceutical industry. The pharmaceuticals industry segment is expected to be the biggest market end-user by the end of the forecast period owing to the rising demand for sterilization to avoid contamination of pharmaceutical ingredients.
The segments and sub-segments covered in the report are analyzed under four major regions – Americas, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA), with respective country-level market sizing. For the scope of research, the standard definition of the product/service “sterilization technology” is included in the report. The report discusses and interprets the current and future opportunities of the industry by delivering an unbiased growth assessment.
Intended Audience
- Academic Institutes and Universities
- Medical Devices Companies
- Research and Development (R&D) Companies
- Government Research Institutes
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