The global sterilization equipment market is likely to register a CAGR of 9.23% during the forecast period and is expected to earn USD 30,212.53 million by 2027.
The sterilization equipment market includes a wide range of technology for products and service providers used in industries such as healthcare, biotechnology and pharmaceutical, medical device, food & beverage, and others. Moreover, ongoing technological advancements, government regulations, and consumer preferences affect the lucrativeness of the global sterilization equipment market. Furthermore, the utility of sterilization equipment has exponentially grown due to the ongoing COVID pandemic.
The growing surgical procedures and the increasing incidences of hospital-acquired infections have increased the need for sterilization equipment applications in hospitals and clinics. Moreover, rising initiatives taken by the government to ensure the adoption of sterilization standards in hospitals & research centers are the factors that further drive the growth of the market. The consumables &accessories segment is sub-segmented into sterilization indicators, pouches, lubricants, and others.
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The sterilization equipment market is expected to register a CAGR of 9.23% during the forecast period of 2020 to 2027.
MRFR recognizes the following companies as the key players in the global sterilization equipment market—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), and Celitron (Hungary).
Segment Analysis
The global sterilization equipment market has been divided based on product, services, and end user.
The market, based on products, has been segregated into sterilization equipment and consumables & accessories. Moreover, sterilization equipment is further bifurcated into heat/high-temperature sterilization instruments, low-temperature sterilization instruments, ionizing radiation instruments, non-ionizing radiation instruments, filtration sterilization instruments, and the consumables & accessories segment is categorized into sterilization indicators, pouches, lubricants, and others.
Based on services, the sterilization equipment market has been divided into ethylene oxide sterilization services, gamma radiation sterilization services, steam sterilization services, x-ray services, electron beam services, and others.
On the basis of end user, the market is bifurcated into hospitals & clinics, biotechnology and pharmaceutical companies, medical device companies, the food & beverage industry, and others.
Regional Analysis
The global sterilization equipment market, based on region, the global sterilization equipment market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The 34.69% market share of North America can be attributed to the well-developed healthcare infrastructure, high rate of surgical procedures, strict sterility guidelines, and adoption of highly advanced technology. The presence of key players is also anticipated to increase the lucrativeness of the market in the region. Moreover, Europe is projected to exhibit significant growth during the forecast period due to well-developed healthcare infrastructure, rising government initiatives to promote norms related to safety, strict sterility guidelines, and growing healthcare expenditure in the region. Furthermore, increasing establishments of R&D laboratories and pharmacy manufacturing facilities across the regionareexpected to drive the Asian sterilization equipment market.
Key Findings of the Study
- The global sterilization equipment market was valued at USD 11,392.71millionin 2020 and is projected to register a CAGR of9.23% during the assessment period.
- North Americaheld the largest share of the global market due to well-developed technology, high healthcare spending, and the presence of the leading players.
- Based on products, the sterilization instrumentssegment accounted for the largest market share of 65.68% in 2020.
- Based on services, the ethylene oxide sterilization servicessegment accounted for the largest market share with a value of USD 5,427.3million in 2020.
- Based on end user, the hospitals & clinics companiessegment accounted for the largest market share with a value of USD 3,962.3million in 2020.
- Gettinge AB (Sweden),Steris Plc (US),Cantel Medical (US),3M Company (US),and Sterigenics US, LLC (US) are the key market players.
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