New York, USA, May 31, 2022 (GLOBE NEWSWIRE) -- Sterilization Equipment Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Sterilization Equipment Market Information by Product, by Services, End User - Forecast till 2027”, the market can surpass USD 21.59 Billion by 2027, attaining a CAGR of 9.23% from 2020 to 2027, according to Market Research Future (MRFR).
Market Scope:
In the healthcare industry, sterilization is required to limit microbial populations, which can compromise product quality. Various research and development initiatives, technological advances in sterilizing procedures, and an increase in chronic wound situations all contribute to the sterilization equipment market expansion.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 21.59 Billion |
| CAGR | 9.23% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Services, End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Developing surgical procedures and growing incidence of hospital-acquired infections |
| Initiatives by the government and implementation of stricter guidelines for sterilization standards in hospitals & research center |
Sterilization Equipment Market Competitive Dynamics:
The market for sterilizing equipment is comprised of numerous global and regional suppliers. The market is extremely competitive, with all participants vying for the largest market share possible. Frequent changes in government policy, intense rivalry, and FDA rules are the primary factors influencing the expansion of the global market.
List of Key Companies Covered in this report:
- 3M (US)
- Cantel Medical (US)
- Gettinge AB (Sweden)
- Steris Plc (US)
- Sterile Technologies Inc. (US)
- Belimed (Switzerland)
- Sterigenics US, LLC (US)
- SAKURA SEIKI Co., Ltd (Japan)
- Andersen Products, Inc. (US)
- Celitron (Hungary)
Market Dynamics:
Sterilization Equipment Market Drivers:
Public awareness is increasing due to strict infection control and medical safety regulations, resulting in shorter hospital stays and cheaper medical expenses. Similarly, given the expanding demand for food and the increasing sales of exotic vegetables and fruits, stringent standards are being implemented to ensure the quality and safety of these items. These variables are generating a substantial demand for sterilization equipment and technologies such as low-temperature and gamma irradiation. In addition, a number of companies are focusing on the introduction of new goods and more advanced sterilizing equipment, which will create several growth prospects in the next years.
Consumers are becoming increasingly conscientious and aware of health and hygiene issues. Thus, businesses are placing a greater emphasis on research and development to adopt more effective preventive and safety measures, giving them a competitive advantage. They are launching new products with innovative features. In the current context, prominent players play a significant role in altering the sterilization equipment market trends for sterilizing equipment. Observed are strategic actions by big organizations, such as a greater emphasis on acquisition and partnership to enhance product portfolio and global science and technology skills. In addition, big businesses engage in business expansion by employing distributors, which has been employed as a sterilization equipment market penetration method to expand regional reach.
Sterilization Equipment Market Restraints:
As long-term and occupational exposure to ethylene oxide has been related to cancer, the regulatory guidelines serve to ensure that the amounts of ethylene oxide on medical devices remain within acceptable limits. In addition, according to European classification and labeling laws, ethylene oxide is categorized as a category-2 carcinogen. Consequently, the detrimental effects of ethylene oxide and increased concerns over the safety of reprocessed surgical tools are likely to impede the sterilization equipment market growth for sterilizing equipment.
Browse In-depth Market Research Report (204 Pages) on Sterilization Equipment: https://www.marketresearchfuture.com/reports/sterilization-equipment-market-6397
Sterilization Equipment Market COVID-19 Analysis:
Since the COVID-19 outbreak, large-scale sterilization of equipment and surfaces has become vitally important because to the virus's abnormally long incubation period, lack of information regarding its mode of transformation, and unknown surface survival. Since the emergence of SARS-CoV-2, sterilizing equipment has become a necessity in hospitals and other public institutions around the world, causing a major increase in demand across all industries. Despite the global lockdown to prevent the spread of the pandemic, there has been a continuous increase in hospital-acquired infections, resulting in an increase in demand for sterilization equipment.
Sterilization Equipment Market Segmentation:
The market for sterilizing equipment has been segmented by type, application, and end user.
By Product
In terms of product, the market is led by sterilization tools as a result of the pandemic's increased demand.
By Services
The Ethylene Oxide Sterilization Services market sector is anticipated to grow significantly over the forecast period.
By End-user
In 2020, the hospitals & clinics category held the biggest market share for sterilizing equipment. The substantial share of this segment can be ascribed to the rising prevalence of HAIs, the growing number of hospitals in Asian countries, the rising number of surgical procedures performed, and the growing number of government programs to combat HAIs.
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Sterilization Equipment Market Regional Evaluation:
In 2020, the North American market was valued at USD 3,951.92 million and is anticipated to grow at a CAGR of 8.52 percent through the end of the forecast period. North America's 34.69 percent market share can be due to its highly developed healthcare infrastructure, high rate of surgical procedures, adherence to tight sterility rules, and adoption of highly advanced technology. Additionally, the presence of important competitors in the region is expected to improve the market's attractiveness.
Due to its well-developed healthcare infrastructure, rising government measures to enhance safety standards, tight sterility criteria, and rising healthcare expenditures, Europe is anticipated to have considerable growth throughout the forecast period. Major manufacturers in the region are deciding to purchase a viable product portfolio in order to produce consistent revenue.
Leading countries such as India, China, Japan, and Australia are expected to drive sustained growth in the Asia-Pacific region into the foreseeable future. This tremendous growth is mostly attributable to the vast supply of raw materials, the massive export of regional goods, and. In addition, the market is driven by the expanding medical tourism industry and stronger regulatory standards in the region.
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The sterilizing equipment market in the Rest of the World is split into the Middle East, Africa, and Latin America. The region's market for sterilizing equipment is expanding rapidly due to the rising number of companies and subsidiaries supplying products. The region has witnessed a rise in safety and hygiene consciousness. However, the COVID-19 pandemic will have a huge impact on the economies of a number of nations because to the disruption of trade, tourism, remittances, financial markets, consumer and corporate confidence.
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