Sterilization Technology Market by Business Overview, Growing Demand, Risks and Influences Factors, Key Companies, Opportunity Assessment and Forecast 2032
The Sterilization Technology Market is witnessing a significant surge in demand as industries and healthcare sectors prioritize the need for effective sterilization techniques and equipment. Sterilization plays a crucial role in preventing the spread of infections and maintaining the quality of products, making it an essential component in various fields.
The Sterilization Technology Market Size is expected to reach a CAGR of 7.05% and the market will grow up to 12,701.52 USD million.
In the evolving landscape of sterilization techniques, advancements are continually shaping the market. From traditional methods like autoclaving to innovative technologies such as ionizing radiation and ethylene oxide sterilization, industries are adopting diverse approaches to meet specific requirements. The emphasis is on achieving not only high efficacy but also efficiency and sustainability.
The demand for cutting-edge sterilization equipment is on the rise, driven by the need for precision and reliability. Autoclaves, ultraviolet (UV) sterilizers, and hydrogen peroxide gas plasma sterilizers are among the forefront solutions. These devices offer versatility, accommodating various materials and settings. The market is witnessing a shift towards automated and technologically advanced sterilization equipment, ensuring a streamlined and error-free process.
The increasing focus on infection control and the stringent regulatory landscape are propelling the growth of the Sterilization Technology Market. Healthcare facilities, pharmaceutical companies, and laboratories are investing in state-of-the-art sterilization solutions to enhance patient safety and product quality. Additionally, the growing awareness of the importance of sterilization in various industries is driving the market expansion.
Major Key Players:
The Sterilization Technology Market Players are Steris PLC, Sterile Technologies Inc., Beta Star Life Science Equipment Inc., 3M Company, Advanced Sterilization Products Services Inc., Atec Pharmatechnik GmbH, Donaldson Co. Inc., Feldmeier Equipment Co., and more.
Segment Analysis
The market segmentation for sterilization technology comprises sterilization, process, and end-user.
The types of sterilization technologies are ionizing radiation (electron beam radiation, X-ray radiation and gamma radiation), ethylene oxide, thermal sterilization, filtration, and more. Ethylene oxide technology accounts for the biggest share of 48.1% in the overall market, given its significant penetration, radiation dose’s high strength and exposure time. However, it is likely that the ionizing radiation technology would soon catch up to the ETO segment, as the latter is known to cause neurological conditions and cancer, among other health issues.
The processes involved in sterilization technology include physicochemical (plasma and steam), chemical process (hydrogen peroxide, ozone, and chlorine dioxide), physical processes (microwaves and pulsed light system) and synergetic processes (psoralens & UVA and low-temperature steam & formaldehyde).
The top market end users listed in the report are hospitals & clinics, medical device manufacturers and pharmaceutical industry. Pharmaceutical industry is presently in the lead and had accrued the highest share of 38.4% and value of USD 1948.10 million in 2017. The segment is also touted to hit a valuation of USD 3163.60 million by 2023, since the industry requires efficient sterilization processes and need to ensure the safety of the products and the process units for the maintenance of their quality. The need to adhere to the stringent norms and standards also bolsters the adoption of the sterilization technology in the pharmaceutical industry.
Regional Analysis
The primary regions across which the sterilization technology market is expected to grow over the forecast period include Europe, the Americas, MEA or Middle East & Africa and Asia Pacific or APAC.
In 2017, with the biggest share of close to 40.1%, the American market took the lead and shall remain so throughout the conjectured period. The sterilization technology market in the region is quite lucrative, thanks to the burgeoning pool of patients afflicted with chronic disorders and the resultant growth in hospital admissions as well as surgical procedures. Escalating cases of HAIs, regulations mandating the use of extensively sterilized medical devices and the rising intensity of competition between reputed players in the United States could also translate into significant revenues.
With the fastest growth rate of 8.58%, APAC is strongly backed by the fast developing economies of India and China along with the mounting prevalence of nosocomial infections. The thriving pharmaceutical and medical device industries in the region and the improving healthcare infrastructure have also caused market expansion. The emerging medical tourism trend in the region, particularly for oncology, cardiovascular, fertility treatments and orthopedics is set to bolster the focus of the healthcare system on effective sterilization.
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