New York, U.S., 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 – Forecasts until 2027”, the market may exceed USD 21.59 billion by 2027, reaching a CAGR of 9.23% from 2020 to 2027, according to Market Research Future (MRFR).
In the healthcare industry, sterilization is necessary to limit microbial populations, which can compromise product quality. Various research and development initiatives, technological advancements in sterilization procedures, and an increase in chronic wound situations are all contributing to the expansion of the sterilization equipment market.
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|Market size||$21.59 billion|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By product, services, end user|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Development of surgical procedures and increased incidence of nosocomial infections|
|Government initiatives and implementation of stricter guidelines for sterilization standards in hospitals and research centers|
Sterilization Equipment Market Competitive Dynamics:
The sterilization equipment market is made up of numerous global and regional vendors. The market is fiercely competitive, with all participants vying for the largest possible market share. Frequent changes in government policy, intense rivalry, and FDA rules are the major factors influencing the expansion of the global market.
List of key companies covered in this report:
- 3M (USA)
- Cantel Medical (USA)
- Gete AB (Sweden)
- Steris Plc (USA)
- Sterile Technologies Inc. (USA)
- Belimed (Switzerland)
- Sterigenics US, LLC (USA)
- SAKURA SEIKI Co., Ltd (Japan)
- Andersen Products, Inc. (USA)
- Celitron (Hungary)
Sterilization Equipment Market Driving Factors:
Public awareness is increasing due to strict infection control and medical safety regulations, leading to shorter hospital stays and cheaper medical expenses. Likewise, given the increase in food demand and the increase in sales of exotic fruits and vegetables, strict standards are put in place to guarantee the quality and safety of these products. These variables generate a substantial demand for sterilization equipment and technologies such as low temperature and gamma irradiation. In addition, a number of companies are focusing on introducing new products and more advanced sterilization equipment, which will create several growth prospects in the next few years.
Consumers are becoming more conscientious and aware of health and hygiene issues. Thus, companies rely more on research and development to adopt more effective prevention and security measures, giving them a competitive advantage. They launch new products with innovative features. In the current environment prominent players are playing significant roles in changing Sterilization Equipment Market trends for Sterilization Equipment. Strategic actions of major organizations are observed, such as an increased emphasis on acquisition and partnership to improve the product portfolio and global science and technology capabilities. Also, large companies are engaging in business expansion by employing distributors, which has been used as a method of penetrating the sterilization equipment market to expand regional reach.
Constraints of the sterilization equipment market:
Because long-term, occupational exposure to ethylene oxide has been linked to cancer, regulatory guidelines serve to ensure that the amounts of ethylene oxide on medical devices remain within acceptable limits. Additionally, according to European classification and labeling laws, ethylene oxide is classified as a category 2 carcinogen. Reprocessed surgical tools are likely to hinder the growth of the sterilization equipment market for sterilization equipment.
Browse the 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 outbreak of COVID-19, large-scale sterilization of equipment and surfaces has become vitally important due to the abnormally long incubation period of the virus, lack of information on its mode of transformation and of unknown survival on the surface. Since the emergence of SARS-CoV-2, equipment sterilization has become a necessity in hospitals and other public institutions around the world, leading to a significant 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, leading to an increase in demand for sterilization equipment.
Sterilization Equipment Market Segmentation:
The sterilization equipment market has been segmented by type, application, and end user.
In terms of product, the market is dominated by sterilization tools owing to the increased demand from the pandemic.
The ethylene oxide sterilization services market sector is expected to grow significantly over the forecast period.
Per end user
In 2020, the hospitals and clinics category held the largest market share for sterilization equipment. The substantial share of this segment can be attributed to the increasing prevalence of HAIs, increasing number of hospitals in Asian countries, increasing number of surgeries being performed, and increasing number of government HAI programs.
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Regional Assessment of Sterilization Equipment Market:
In 2020, the North America market was valued at USD 3,951.92 million and is expected to grow at a CAGR of 8.52% till the end of the forecast period. North America’s 34.69% market share can be attributed to its highly developed healthcare infrastructure, high rate of surgical procedures, adherence to strict sterility rules and adoption of very advanced technology. Moreover, the presence of significant competitors in the region is expected to improve the attractiveness of the market.
Due to its well-developed healthcare infrastructure, increasing government measures to improve safety standards, strict sterility criteria and increasing healthcare expenditure, Europe is expected to experience considerable growth while throughout the forecast period. Major manufacturers in the region decide to purchase a viable product portfolio in order to generate consistent revenue.
Leading countries such as India, China, Japan and Australia are expected to generate sustained growth in the Asia-Pacific region for the foreseeable future. This tremendous growth is mainly attributable to the vast supply of raw materials, the massive export of regional goods and. Additionally, the market is driven by the expanding medical tourism industry and stricter regulatory standards in the region.
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The sterilization equipment market in the rest of the world is divided between the Middle East, Africa and Latin America. The region’s market for sterilization equipment is growing rapidly due to the increasing number of companies and subsidiaries supplying products. The area has seen an increase in safety and hygiene awareness. However, the COVID-19 pandemic will have a huge impact on the economies of a number of countries due to the disruption of trade, tourism, remittances, financial markets, consumer and business confidence. .
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