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. 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)”.
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.
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The market for sterilization technology has been segmented on the basis of type, process, and end-user.
With context to the type, the sterilization technology market includes ionizing radiation, ethylene oxide, filtration, thermal sterilization, and others. The ethylene oxide segment expects to seize the largest share by 2023, as its demand is rising due to the strength of its radiation as well as high penetration rate.
Process-wise, the market covers physiochemical, chemical process, physical process, and synergetic process. Out of these, the chemical process segment will possibly touch the valuation of USD 5,677.43 million by 2023, making it the most profitable segment.
Major market end-users include medical device manufacturers, hospitals & clinics, and pharmaceutical industry. Pharmaceuticals is projected to be the top-most end-user during the forecast period as a result of the high demand for sterilization to prevent contamination of pharmaceutical ingredients.
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.
Some of the key strategies followed by the players operating in the global sterilization technology market were innovation, product development, acquisition, and expansion.
- Medical device manufacturers and distributors
- Government research organizations
- Hospitals and clinics
- Regulatory agencies
- Pharmaceutical companies
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The above segments have been analyzed under the key regions of Europe, the Americas, Middle East & Africa (MEA) and Asia Pacific (APAC).
In 2017, North America reigned as the largest market for sterilization technology with a share of 40.1% and could expect to retain its position even in the future. The unparalleled growth trajectory of the regional market is due to the rising awareness about infections & diseases and the strikingly expanding geriatric population. The region also gains from improving healthcare expenditures, vast patient pool, and the increasing admissions in hospitals as a high number of patients suffer from some form of chronic illness. A strong economy and technological sophistication in healthcare also lead the market to greater heights.
Europe secured the second position in the sterilization technology market, where Western Europe forms a more lucrative market compared to Eastern Europe. Countries like Germany, France, Spain, the United Kingdom (UK) and Italy form the crux of Western Europe. The overall regional market notes considerable growth owing to the presence of ambitious players who indulge in mergers and acquisitions and the mounting awareness among patients. The high healthcare cost, in addition to the rising number of HAIs and research & development (R & D) activities, are presumed to bring favorable gains for the market in the following years.
Asia Pacific stands as the third leading sterilization technology market, with data experts predicting further growth for the market during the appraisal period. The high revenue-generating countries are India, China, Australia, South Korea, and Japan. The market is expanding as a result of the accelerated development in technology and escalating healthcare expenditure. The flourishing medical tourism, along with high pollution levels and mushrooming geriatric population in the region add to the market strength.
MEA is the smallest market for sterilization technology, with a lack of awareness and lack of technological development playing a major role in it. Political instability and less focus on the improvement of healthcare bring the market position a notch down as well.
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