Sterilization Technology Market Overview
Healthcare-associated infections are among some of the most frequent events within various healthcare settings, including ambulatory service centers, clinics, and hospitals. This rise in incidences of HAIs is progressively leading to a high mortality rate and financial losses in the healthcare system. As a result, the market for sterilization technology could expect significant traction in the near future.
The market also benefits from the increasing demand for sterilized pharmaceutical products as well as the accelerated demand for less invasive surgical procedures. Asian countries present numerous growth opportunities to the market with the constantly expanding aging population and the quickly expanding pharmaceutical and biotechnology industry.
The “Global Sterilization Technology Market Could Touch the Valuation of USD 8,142.61 Million By 2023, Believes Market Research Future (MRFR). It Is Set to Attain A Noteworthy CAGR of 8.20% During the Forecast Period (2018-2023)”.
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The Sterilization Technology Market could expect favorable gains with the rising incidence of healthcare-associated infections (HAIs) along with a subsequent surge in the number of surgeries.
Major Key Players Competitive
Some of the key strategies followed by the players operating in the global sterilization technology market were innovation, product development, acquisition, and expansion.
The prominent players in the global sterilization technology market are Advanced Sterilization Products Services Inc., Atec Pharmatechnik GmbH, Sterile Technologies Inc., Steris PLC, 3M Company, Feldmeier Equipment Co., Donaldson Co. Inc., and Beta Star Life Science Equipment Inc.
The market for sterilization technology has been segmented on the basis of type, process, and end-user.
Global Sterilization Technology Market, by Type of Sterilization
- Ethylene Oxide
- Ionizing Radiation
- Gamma Radiation
- Electron Beam Radiation
- X-Ray Radiation
- Thermal Sterilization
Global Sterilization Technology Market, by Process
- Chemical Process
- Hydrogen Peroxide
- Chlorine Dioxide
- Synergetic Processes
- Psoralens & UVA
- Low-Temperature Steam & Formaldehyde
- Physical Processes
- Pulsed Light System
Global Sterilization Technology Market, by End User
- Pharmaceutical Industry
- Hospitals & Clinics
- Medical Device Manufacturers
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Geographically the global sterilization market covers namely the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa.
The Americas, by generating 40.1% revenue in the year 2017, is dominating the global market and is expected to remain so during the forecast period. Prevalence of chronic diseases and rising number of patients getting admitted in hospitals for surgical procedures is propelling the market. The region also has a well-developed healthcare structure with better facilities and the latest technology in action resulting in better improved surgical outcomes.
Europe is closely following the lead owing to the benefits it reaps from the rising healthcare expenditure, increasing geriatric population, and the presence of a number of big market players.
APAC has opened up volumes of possibilities for the market growth. The region has a huge population base with a significant number of the geriatric population. At the same time, healthcare expenditures are also on the rise with the implementation of the latest technologies boosting the outcome. Governments are also spending much on research & development furthering the market prospects.
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