Sterilization Equipment Market Worth $23.73 Billion by 2027

Meticulous Research®- leading global market research company published a research report titled "Sterilization Equipment Market by Product & Services {Equipment [Heat, Low-temperature (Ozone, Formaldehyde), Filtration), Consumables (Sterilization Indicators, Sterilants), Services (Gamma, Steam)], End User (Hospitals, Pharma)} - Global Forecast to 2027".

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According to this latest publication from Meticulous Research®, the sterilization equipment market is expected to grow at a CAGR of 12.2% from 2020 to reach $23.73 billion by 2027. The growth of the sterilization equipment market is mainly driven by the factors such as growing incidences of hospital-acquired infections, the impact of the COVID-19 pandemic, rising number of surgical procedures, rising demand for sterilization in the food industry to prevent food-borne diseases, and increasing sterilization demand in pharmaceutical and biotechnology industries. Moreover, the growing demand for sterilization products in emerging economies and increasing e-beam sterilization create significant growth opportunities in this market.

COVID-19 - Driving Force for Sterilization Equipment Market

The current COVID-19 pandemic has increased the demand for advanced healthcare facilities and created a burden on the healthcare industry regarding prevention, isolation, and providing treatment to infected patients. It started with a few deaths in Wuhan, China, with the earliest reported case on November 17, 2019. Since then, the exponential graph for the infected population has grown drastically in several other countries worldwide. As a result of this, there will be huge demand that is expected to face by the global and local players operating in the sterilization equipment market.

In April 2020, STERIS plc received S. FDA Emergency Use Authorization (EUA) for low-temperature sterilizers to enable healthcare providers to decontaminate N95 Respirators on-site by utilizing certain STERIS V-PRO Low Temperature Sterilization Systems.
In April 2020, Getinge AB (Sweden) launched DPTE Transfer Trolley to ensure safety for people, processes, and products in biopharmaceutical production and biomedical research.
In April 2020, 3M Company (U.S.) collaborated with Steris plc, Advanced Sterilization Products (ASP) STERRAD Sterilization System, and Battelle to evaluate whether the proposed decontamination systems could be used in connection with limited respirator reuse during critical shortages due to COVID-19.
In April 2020, Advanced Sterilization Products (U.S.) received S. FDA Emergency Use Authorization (EUA) for sterilizers. This enabled healthcare providers to decontaminate N95 Respirators using STERRAD Sterilization Cycles in hospital settings.

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The sterilization equipment market study of Meticulous Research® presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027- sterilization equipment market by product (equipment, consumables & accessories, services), and end user (hospital & clinics, pharmaceutical companies, food & beverage industry, medical device companies, and others). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on product type, the consumables & accessories segment is expected to grow at the fastest growth rate during the forecast year due to its ability to measure infection control & prevention activities, track HAIs, and provide an overall picture of trends that result from infection control and prevention actions, and the ability to reduce the inventory of very expensive equipment.

Based on end user, the hospitals & clinics segment is projected to command the largest share of the overall sterilization equipment market in 2020 due to a growing number of hospital admissions, increasing HAIs prevalence, and predominantly due to sudden outbreak of COVID-19.

This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S., Canada), Europe (France, U.K., Germany, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and RoAPAC), Latin America and Middle East & Africa. North America is expected to dominate the overall sterilization equipment market in 2020, followed by Europe and Asia-Pacific. The factors such as well-established healthcare system in the region, greater adoption of advanced technologies, growing incidences & prevalence of infectious diseases, presence of a large number of hospitals, growing aging population, and greater access to healthcare supported the largest share of North America in the sterilization equipment market.

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The key players operating in the sterilization equipment market are STERIS plc. (U.S.), Cantel Medical Corp. (U.S.), Getinge AB (Sweden), 3M Company (U.S.), Advanced Sterilization Products (U.S.), MMM Group (Germany), MATACHANA group (Spain), Cardinal Health, Inc. (U.S.), Sotera Health (U.S.), and Belimed (Switzerland), among others.

Key questions answered in the report-

Which are the high growth market segments in terms of product type, end user, and region/countries?

What was the historical market for sterilization equipment across the globe?
What are the market forecasts and estimates for the period 2020-2027?

What are the major drivers, restraints, opportunities, and challenges in the sterilization equipment market?

Who are the major players in the sterilization equipment market?

How is the competitive landscape, and who are the market leaders in the sterilization equipment market?

What are the recent developments in the sterilization equipment market?

What are the different strategies adopted by the major players in the sterilization equipment market?

What are the geographical trends and high growth regions/ countries?

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