Sterilization Technology Market Size, Detailed Summary and Future Growth Prospects To 2020-2027

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Market Highlights

The market for sterilization technology is growing because it has made sterilization easy. Market Research Future (MRFR) has published a research report about the global sterilization technology market that estimates remarkable progress for this market with 8.20% CAGR during the forecast period between 2018 and 2023. In terms of cash, the market is expected to be worth the US $ 8,142.61 mn.

Rising demand for prevention of hospital-acquired infections (HAIs) is expected to drive market demand in the healthcare sector for sterilizing medical equipment and apparatus. Sterilization technologies market size are adopted to create sterile working conditions with the purpose of enhancing external appearances. This trend has gained popularity due to the rising prominence of cosmetic surgical procedures. However, the strict regulations related to sterilization technology can dampen market growth. According to the CDC (Centers for Disease Control and Prevention), the latest UV Bacteria killing robots can kill bacteria with ultraviolet radiations and can clean hospital rooms better than humans, in order to keep the hospitals, HAI-free.

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Segmentation

The global sterilization technology market has been segmented on the basis of end user, process, type of sterilization, and lastly, region. Based on the end user, this market has been segmented into hospitals & clinics, the pharmaceutical industry, and medical device manufacturers. During the forecast period, the pharmaceutical industry is expected to be the biggest market. The process-based segmentation of this market segments the market into the chemical process, physical process, physiochemical, and synergetic process. The chemical process is expected to generate US $ 5,677.43 mn by the end of 2023. By the type of sterilization, the market has been segmented into ethylene oxide, filtration, ionizing radiation, thermal sterilization, and others. Due to its radiation and high penetration process, ethylene oxide is expected to capture the largest market share by the end of the forecast period.

Regional Analysis

The regional segmentation of the global sterilization technology market segments the market into continent-based regional markets known as The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). In 2017, North America held the largest market share of 40.1%, and this is expected to continue until the end of forecast period. Factors contributing to the market growth in this region include growing awareness regarding infections & diseases, growing geriatric population, improving healthcare expenditures, large patient pool, rising admissions in hospitals due to patients suffering from chronic illness, a strong economy, and technological advancements in healthcare. In this region, the important country-specific markets are the United States of America (USA) and Canada. Even without South America, North America alone has the potential of being the biggest market. South America is a smaller market because it has less technological development. The strongest economies in this region are Argentina and Brazil.

Europe is the second largest market after North America. Due to the reasons same as the Americas, Western Europe is a bigger market than Eastern Europe. The crux of the Western European market is formed by France, Germany, Italy, Spain, and the United Kingdom (UK), followed by the rest of Western Europe. Factors contributing to the market growth in this region include existing ambitious players continuously indulging in mergers, growing awareness among patients, increasing healthcare cost, increasing number of HAIs, and research & development (R & D) activities regarding cure and treatment for sterilization related infections & ailments.

The Asia Pacific is the third largest regional market, and the report predicts growth for this market during the forecast period. The key revenue generating country-specific markets in this region are Australia, China, India, Japan, and South Korea, followed by the rest of the Asia Pacific region. In this region, factors aiding the market expansion include advancement in technology, escalating healthcare expenditure, flourishing medical tourism, high pollution levels, huge patient population, and the growing geriatric population.

In the MEA region, the market is small and limited. Reasons for the limited market growth in this region are lack of awareness, lack of education, lack of technological development, political instability and healthcare not being considered a priority by the government.

Key Players

The key players in the global sterilization technology market include 3M (USA), Advanced Sterilization Products Services Inc (USA), Atec Pharmatechnik GmbH (Germany), Beta Star Life Science Equipment (USA), Donaldson Co. Inc. (USA), Feldmeier Equipment Inc (USA), Sterile Technologies Inc. (USA), and Steris PLC (UK).

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