Sarasota, FL -- (SBWIRE) -- 07/30/2018 -- Zion Market Research has published a new report titled "Sterilization Equipment Market by Instrument Type (Heat Sterilization Equipment, Chemical Sterilization, Filtration Sterilization and Ionizing Radiation Sterilization), by End-User (Pharmaceutical Companies, Hospitals & Clinics, Educational Institutes, Food & Beverage Industry, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, the global sterilization equipment market accounted for USD 7,321.1 million in 2017 and is expected to reach approximately USD 11,671.8 million by 2024, growing at a CAGR of around 6.9% between 2018 and 2024.

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Sterilization is a process of sanitization. The process includes chemical or mechanical cleansing of material by using chemicals, heat, and radiations. These sterilization methods are majorly used by the pharmaceutical & biotech companies, medical fields, and food industries. Selection of the sterilization depends upon the type of heat sensitivity of products.

The global sterilization equipment market is expected to witness good growth within the forecast period. The growth is mainly associated with increased demand for the medical procedures across the world. In addition, expansion of pharmaceutical industries across the developing countries like China and India also helps in driving the growth of sterilization equipment market. However, certain factors like government regulation, high cost, and lack of awareness are the key factors which restrict the growth of sterilization equipment market. Nonetheless, ongoing research and technological advancement are considered as a good opportunity which is helping in bringing the growth avenue for sterilization equipment market within the forecast period.

Based on instrument type, the global sterilization equipment market is segmented into four types: heat sterilization equipment, chemical sterilization, filtration sterilization and ionizing radiation sterilization. The heat sterilization equipment is one of the important groups of industrial and commercial equipment market and is approximately contributing for more than 40% of all sterilization equipment sales market. Dry heat and moist heat sterilization equipment are predicted to be the strongest growth segments of the market in future due to growing demand from the pharmaceutical industry and cleaning industry. Various factors like lower production cost and the possibility of large-scale sterilization are expected to propel the growth of the sterilization equipment market.

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Based on end-users, the global sterilization equipment market is segmented into five types which include pharmaceutical companies, hospitals & clinics, educational institutes, food & beverage industry, and others. Sterilization equipment market was dominated by pharmaceutical and food industries in 2017. For instance, sterilization is increasingly used in the pharmaceutical industry for the treatment of various apparatus like utensils, laboratory wears, and others. In addition, sterilization equipment is also used extensively in the food industry for avoiding incorporation of bacteria, fungi and various other organisms in the final preparations.

Based on region, the global sterilization equipment market is fragmented into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America was the largest market in terms of sales of equipment. North America contributed about 35% of the market share in 2017. Rising industries in the Asia Pacific is expected to promote the growth of sterilization equipment market in coming years.

The report covers competitive outlook in detail which includes various reimbursement policies, market shares by segments as well as the company profiles of the key participants operating in the global sterilization equipment market. Some of the key participants include Steris, Getinge Group, 3M, Sortera Health, and Advanced Sterilization Products.

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This report segments the global sterilization equipment market as follows:

Global Sterilization Equipment Market: Instrument Type Analysis

Heat Sterilization Equipment
Dry Heat Sterilization
Moist Heat/Steam Sterilization Equipment
Chemical Sterilization
Ethylene Oxide Sterilization
Hydrogen Peroxide Sterilization
Ozone-based Sterilization
Formaldehyde Sterilization
Others
Filtration Sterilization
Ionizing Radiation Sterilization
E-beam Radiation Sterilization
Gamma Sterilization
Others