Sterilization Technology Market poised to touch the valuation of USD 8,142.61 million by 2023, expanding at a moderate CAGR of 8.20% during the forecast period (2018-2023)
Sterilization refers to the process of completely eliminating any object or surface from bacteria or other pathogenic agents. However, it is in the medical field that sterilization is given the utmost importance, for preventing the buildup of disease-causing pathogens and the spreading of diseases.
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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The global market for sterilization technology has been segmented on the basis of type, process, and end-user.
The types of sterilization technology in the global market are ionizing radiation, ethylene oxide, filtration, thermal sterilization, and others. Among these, the ethylene oxide segment is most likely to acquire a substantial market share by 2023 as a result of the strength of its radiation as well as the high penetration rate.
Process-wise, the sterilization technology market is segmented into physiochemical, chemical process, physical process, and synergetic process. Here, the market size of chemical process segment is touted to reach the valuation of USD 5,677.43 million by 2023.
The various market end-users in the global sterilization technology market are medical device manufacturers, hospitals & clinics, and pharmaceutical industry. Among all the sub-segments, the pharmaceuticals industry segment is going to be the biggest end-user by the end of the conjectured period on account of the rising demand for sterilization in a bid to avoid contamination of pharmaceutical ingredients.
Market Drivers and Challenges
Rising incidences of hospital acquired infections (HAIs) along with the number of surgeries performed are boosting the sterilization technology market growth. Moreover, the growing usage of e-beam radiation sterilization, advancements in technologies like the use of gas plasma, use of NO2, peracetic acid sterilization, e-beam technology, supercritical CO2 coupled with the expanding healthcare infrastructure are opening new avenues for the sterilization market.
But with the cost of sterilization technology being on the higher side, the market could be negatively impacted to some extent in the future. However, the prominence of cosmetic surgical procedures to enhance the external appearance is resulting in the elevated adoption of sterilization technologies for creating sterile working conditions. This factor will play a significant role in the enhancement of the sterilization technology market in the coming years.
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).
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The regions where the sterilization technology market is prevalent are the Americas (North America and South America), Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
Cornering an estimated market share of 40.1%, North America led the global market with the largest share in 2017, with the market slated to retain its top position well into the forecast period. The region is inundated with well-developed countries such as the United States (US) and Canada that are contributing massively to this market growth. Furthermore, South America is relatively a smaller market due to less technological development. However, the strongest economies in South America are Argentina and Brazil, which are steadily picking up pace in the sterilization technology market.
The Europe market stands second in the global market, backed by the factors like increasing number of pharmaceutical, expanding food and beverages industry, growing investment for the development of healthcare infrastructure, and adoption of newer technologies in the sterilization process.
The Asia Pacific sterilization technology market has secured the third position globally, owing to the burgeoning aging population, growing healthcare expenditure, high pollution levels, expanding pharmaceutical industry, and thriving medical tourism. The expanding healthcare infrastructure in the region is creating massive revenue generation opportunities for the medical device manufacturers leading to adoption of sterilization products and services.
Lastly, increasing prevalence of hospital-acquired infections, coupled with the elevated number of surgical procedures, and government initiations for protection of the public health are bolstering the growth of the sterilization technology market in the Middle East and Africa.
In 2019 – TSO3 Inc., company with the expertise in sterilization technology for medical devices in healthcare sector, announced that the company has received an order for the 100th unit of its industry-leading STERIZONE® VP4 Sterilizer. The bulk of this order is from US and Canadian customers, which is the highest order rate the company has ever received.
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