Sterilization Technology Market Latest Growth and Technological Advancements 2019-2023 Comprehensive Report on Key Manufacturers

Sterilization Technology Market Research Report Information: Type (Thermal Sterilization) Process (Physiochemical) End-user (Hospitals & Clinics) – Forecast Till 2023

Market Scenario

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.

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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).

Segmentation

By type, the sterilization technology market has been segmented into ionizing radiation, ethylene oxide, filtration, thermal sterilization, and others. The ethylene oxide segment is likely to capture a large market share by 2023 owing to the strength of its radiation and high penetration rate. By process, the market is segmented into physiochemical, chemical process, physical process, and synergetic process. The chemical process segment is touted to generate USD 5,677.43 million by 2023.

Major market end-users include medical device manufacturers, hospitals & clinics, and pharmaceutical industry. The pharmaceuticals industry segment is expected to be the biggest market end-user by the end of the forecast period owing to the rising demand for sterilization to avoid contamination of pharmaceutical ingredients.

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 2018, 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.

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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.

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.

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This release was published on openPR.