With 7.2% CAGR Sterilization Equipment Market to hit USD 9.2 bn by 2024
Sellbyville, DE -- (SBWIRE) -- 11/01/2018 -- The Sterilization Equipment Market to exceed USD 9.2 billion by 2024; according to a new research report by Global Market Insights. Increasing number of technologically advanced sterilization equipment will remarkably drive market growth over the forecast period. Enhanced effectiveness, shorter sterilization cycle times and better penetration power, offer more efficient sterilizers. Various technological advances help to eliminate limitations of older technologies. For instance, low-temperature sterilizers are increasing dramatically due to its application in minimally invasive surgical instruments that are heat-intolerant. Such advancements will foster considerable market growth over the forthcoming period.
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Increasing number of surgical procedures will spur sterilization equipment market in upcoming years. Accelerating number of surgeries in ambulatory surgical centers owing to specialized facilities for surgeries, will in turn increase number of surgical procedures, in foreseeable future. Centers for Medicare and Medicaid Service (CMS) evaluate sterilization and cleaning status of ASC facilities during visits. ASCs require to be compliant with sterility standards provided by local regulatory bodies. This will positively impact demand and thereby drive sterilization equipment industry growth during the forecast period.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- STERIS Corporation
- Fedegari Group
- Midmark Corporation
- Advanced Sterilization Products (ASP) - Belimed
- Boekel Scientific
- Celitron Medical Technologies Kft.
- LTE Scientific
- MMM Group
Heat sterilization equipment will be the fastest growing segment, with a CAGR of over 7.5%. Thermal sterilization is being increasingly used for a wide range of industrial applications including food products, dental equipment, hospital equipment and other products. For instance, heat sterilization is widely utilized to sterilize canned foods to increase shelf-stability. Similarly, autoclaves (steam sterilizers) are commonly used to sterilize critical dental instruments. This will contribute to rapid market growth during the projected timeframe.
Biotech and pharmaceutical companies segment will hold largest revenue, contributing to USD 1,638.1 million in 2017. Segmental growth is attributable to emerging pharmaceutical and biotechnology sector owing to rising incidence of chronic and infectious diseases worldwide. This will result into increased development of drugs and medicines for treatment of these diseases. Technological advancements in this sector will further lead to greater demand for sterile equipment to ensure safe and pathogen-free biopharmaceutical products. This will lead into momentous segmental growth over forecast timeframe.
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U.S. sterilization equipment market dominated in 2017 with revenue size of USD 1,975.2 million, owing to rising number of surgical procedures and increasing cases of hospital acquired infections. Stringent sterility and safety guidelines for healthcare facilities and identification of non-compliance with these guidelines, will drive the demand for sterilization equipment in the U.S. Additionally, adoption of technologically advanced equipment in the country will lead to lucrative regional growth in forthcoming years.
Indian sterilization equipment market will grow at a significant CAGR of 9.7% owing to emerging healthcare facilities and growing pharmaceutical industry in upcoming years. Growing healthcare infrastructure and R&D activities augment large scale manufacturing of biopharmaceutical products. This will need safer and microbe-free products that will propel demand for sterilization equipment. Moreover, growing awareness and education about importance of sterility among the Indian population will impel regional growth throughout the forecast period.