Sterilization Equipment Market Size Worth USD 23.3 Billion by 2030 at 9.23% CAGR – Report by Market Research Future (MRFR)

New York, USA, May 02, 2023 (GLOBE NEWSWIRE) — Sterilization Equipment Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Sterilization Equipment Market Information By Services, Product, End User – Forecast till 2030”, the market size was valued at USD 11.5 billion in 2021 and is projected to grow from USD 12.56 Billion in 2022 to USD 23.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.23% during the forecast period (2022 – 2030).

Market Scope:

Sterilization is necessary in the healthcare sector to reduce microbial populations, which can impair product quality. The market is growing as a result of several research and development projects, improvements in sterilization technology, and an increase in chronic wound conditions.

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Report Scope:

Sterilization Equipment Market Competitive Dynamics:

There are several local and international providers on the market for sterilizing equipment. All market players are fighting for the maximum proportion of the available market, which is highly competitive. The main variables impacting the growth of the worldwide market are frequent changes in government policy, fierce competition, and FDA regulations. The major players of this market are:

• 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)
• Celitron (Hungary)

Sterilization Equipment Market Trends:

Market Drivers:

The growing prevalence of nosocomial infections, increased emphasis on the use of sterilization equipment, consumables, and accessories, increased surgical procedures, and increased emphasis on food sterilization and disinfection are the primary factors driving the sterilization equipment market. Strict infection control and medical safety rules are raising public awareness, which leads to shorter hospital stays and lower medical costs. Parallel to this, strict criteria are being created to guarantee the quality and safety of these things due to the growing demand for food and the rising sales of exotic vegetables and fruits. Because to these factors, sterilizing tools and methods including low-temperature and gamma irradiation are in high demand. Also, a lot of businesses are concentrating on the release of novel products and more sophisticated sterilizing machinery, which will open up a number of growth opportunities in the upcoming years.

Consumers are paying more attention to cleanliness and health-related problems. In order to implement more effective safety and preventative measures and gain a competitive edge, firms are emphasizing research and development more than before. They are introducing brand-new goods with cutting-edge functions. In the current environment, well-known players have a considerable impact on changing the sterilizing equipment market trends. Big organizations’ strategic initiatives, such as a stronger focus on partnerships and acquisitions to expand their product portfolios and their access to advanced research and technology, have been observed. Also, large corporations grow their operations through hiring distributors, a strategy that has been used to increase regional reach through market penetration.

Market Restraints:

The regulatory standards guarantee that the levels of ethylene oxide on medical equipment stay within allowable limits because prolonged and occupational exposure to the gas has been linked to cancer. Moreover, ethylene oxide is classified as a category-2 carcinogen in accordance with European classification and labeling standards. Because of these negative consequences of ethylene oxide and growing worries about the safety of reprocessed surgical instruments, the market for sterilizing equipment is anticipated to expand slowly.

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Sterilization Equipment Market COVID-19 Analysis:

Large-scale sterilization of surfaces and equipment has become crucially critical since the COVID-19 outbreak because of the virus’s exceptionally lengthy incubation time, lack of knowledge regarding its method of transformation, and uncertain surface survival. Sterilizing equipment has become essential in hospitals and other public institutions worldwide since the SARS-CoV-2 outbreak, significantly increasing demand in many industries. Hospital acquired illnesses have continued to rise despite the global lockdown to stop the pandemic, leading to an increase in demand for sterilizing equipment.

Sterilization Equipment Market Segmentation:

By Product

In terms of product, the market is led by sterilization tools as a result of the pandemic’s increased demand.

By Services

The Ethylene Oxide Sterilization Services market sector is anticipated to grow significantly over the forecast period.

By End-user

The sector with the largest sterilizing equipment market share in 2020 was hospitals & clinics. The significant share of this market may be attributed to the increasing incidence of HAIs, the expansion of hospitals in Asian nations, the increase in surgical operations, and the expansion of government initiatives aimed at preventing HAIs.

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Sterilization Equipment Market Regional Analysis:

Over the conclusion of the projection period, the North American market, which had a value of USD 3,951.92 million in 2020, is expected to expand at a CAGR of 8.52 percent. Due to its highly developed healthcare system, high number of surgical operations, adherence to stringent sterility regulations, and adoption of extremely cutting-edge technologies, North America holds a 34.69 percent market share. Also, it is anticipated that the market would become more alluring due to the existence of significant rivals in the area.

Europe is expected to see significant expansion over the course of the projection period as a result of its highly established healthcare infrastructure, increasing governmental steps to improve safety standards, strict sterility criteria, and rising healthcare expenditures. Large producers in the area are considering to buy a strong product portfolio in order to generate steady income.

Leading nations including India, China, Japan, and Australia are anticipated to continue to fuel the Asia-Pacific region’s steady expansion for the foreseeable future. The enormous supply of raw resources, the substantial export of local commodities, and other factors collectively account for the majority of this phenomenal increase. The market is also fueled by the growing medical tourism sector and the region’s stricter regulatory framework.

The Middle East, Africa, and South America make up much of the rest of the world’s sterilizing equipment market. Because there are more businesses and subsidiaries selling goods, the market for sterilizing equipment in the area is growing quickly. There has been an increase in cleanliness and safety awareness in the area. Yet, due of the interruption to commerce, tourism, remittances, financial markets, consumer and corporate confidence, and health care spending, the COVID-19 pandemic will have a significant impact on the economy of many countries.

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