Global Sterilization Equipment Market is expected to grow at a CAGR of 9.20% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Sterilization Equipment Market by Product and Services (Sterilization Instruments, Sterilization Consumables and Accessories, Sterilization Services), End-Users, and Region and Global Forecast 2018-2025.
As per the report, the global sterilization equipment market is expected to grow from USD 8.15 Billion in 2017 to USD 16.71 Billion by 2025 at a CAGR of 9.20% during the forecast period from 2018-2025. North America possesses huge market growth potential due to increasing demand for sterilization technologies from the healthcare industry to minimize infections and the increasing number of surgeries in this region. Asia Pacific is expected to witness the fastest growth over the forecast period. Involvement of medical facility and government regulations to avoid hospital-acquired infections are governing factors for the growth.
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Prominent players operating in the market are Steris Corporation, Getinge Group, Advanced Sterilization Products, 3M Company, Belimed AG, Cantel Medical, and Sterigenics International, Inc., Matachana Group, Sterile Technologies, Inc. and others. Major firms are incorporating various strategies to increase their market reach.
The product and service segment is divided into instruments, consumables & accessories, and services. The instruments segment is anticipated to grow with the highest CAGR of 12.07% in the forecast period. Portability and better maintenance capability of these devices are the major factors governing their growth. Growing incidence of HAIs, increasing volume of surgical procedures and growing communicable diseases such as viral and bacterial infections is increasing the demand of the segment. End user segment is categorised into hospitals and clinics, medical device companies, food and beverage industry, pharmaceutical companies, and other end users. The hospitals & clinics segment accounted for the largest share of 38.10% in 2017. The growth can be attributed to increasing incidence of healthcare-associated infections (HAIs), growing number of hospitals in developing countries and increasing number of surgical procedures.
Increasing awareness about infection caused due to non-sterile environment and rising investment in research and healthcare infrastructure are boosting demand of market in forecast period. In addition, various sterilization equipment available for complete elimination of microorganisms is also boosting the growth of the market. Stringent regulations for product approvals may restrict the growth of the market. However, research and development activities across the globe to support and facilitate medical advancements are propelling the growth of the market in forecast period.
About the report:
The global sterilization equipment market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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