Sterilization Technology Market Overview
Market Research Future (MRFR) confirms that the global sterilization technology market is slated to surge at 8.20% CAGR during the forecast period (2018–2023). Sterilization technologies comprises processes such as gamma radiation, ionizing radiation, thermal sterilization, and many others. The boost in sterilization technology market can be credited to the increasing prevalence of healthcare-associated infections (HAIs), high demand for less invasive surgical procedures, expanding demand for sterilized pharmaceutical products, and burgeoning aging population. Moreover, escalating demand for minimally invasive procedures and growing number of surgeries have been observed globally, which bolster the market growth.
Accompanying the drivers is a restraining factor such as the high cost of sterilization equipment that can curtail the market growth. However, increasing number of healthcare facilities and hospitals across the globe will multiply the demand for sterilization technology, in turn, fortifying the market growth.
The latest trend penetrating the market is the ebeam sterilization process used for sterilizing medical devices. This technology emerged as one of the most efficient technologies for low-density medical devices.
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In accordance with the report, the market is segmented on the basis of type, process, and end user.
By type, the Sterilization Technology Market is segmented into ethylene oxide, ionizing radiation, filtration, thermal sterilization, and others. Ethylene oxide accounts for the maximum market share owing to its high penetration, its exposure time and the strength of the radiation dose. Due to its advantages and growing application areas, the market for ethylene oxide is estimated to amass USD 3824.55 million by 2023.
On the basis of process, the market is segmented into chemical process, physicochemical, synergetic process, and physical process. The chemical process of sterilization is estimated to reach USD 5,677.43 million by 2023. The chemical process of sterilization is highly reliable, cost-effective, and requires very low heat temperature, therefore on account of the pros, it is highly favorable for sterilization.
Key end-users of the sterilization technology market are hospitals and clinics, the pharmaceutical industry, and medical device manufacturers. The growing number of pharmaceutical companies and increasing production of pharmaceutical products can fuel the growth of the pharmaceutical industry.
Region-wise, the market covers Americas, Asia Pacific, Middle East & Africa, and Europe.
The largest revenue contributors in the North American region are the United States and Canada. North America held the largest market share of 40.1% in 2017 of the total market and will continue to dominate throughout the forecast period. A large patient pool and rising admissions in hospitals due to patients suffering from chronic illness can influence the market positively in the region. A strong economy, improving healthcare expenditures, growing awareness regarding infections and diseases, and growing geriatric population in the region give the sterilization technology market the required push. Apart from these factors, technological advancements in healthcare have contributed to the market growth imminently.
The Europe region is bifurcated into Western Europe and Eastern Europe, where the sterilization technology market is thriving. Western Europe comprises of countries like Germany, France, the U.K., Italy, Spain, and the rest of Western Europe, which generates high revenues. Following America, Europe is the second largest market for sterilization technology due to existing ambitious players continuously indulging in mergers and research and development activities along with increasing healthcare cost. Moreover, increasing number of HAIs in the region also propagates the growing awareness among patients, leading to market growth.
Asia Pacific is the third largest market in sterilization technology and showcases strong potential in the healthcare sector. The key revenue generators in the Asia Pacific are Japan, China, India, Australia, the Republic of Korea, and the Rest of Asia Pacific. The market is expanding due to the presence of a huge patient population, and advancement in technology. Apart from these factors, the growing geriatric population, escalating healthcare expenditure, high pollution levels, and flourishing medical tourism can positively impact the market.
Some of the other players include Feldmeier Equipment Co, Donaldson Co. Inc., Atec Pharmatechnik GmbH, Sterile Technologies Inc., and Beta Star Life Science Equipment among others.
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