Sterilization Technology Market - Global Industry Analysis, Size, Growth and Demand, 2023

Global sterilization technology market is forecasted to attain $7.5 billion value by 2023, growing at a CAGR of 9.0% during 2017-2023. The boost in demand of sterilization processes is due to the increasing prevalence of healthcare associated infections (HAIs), growing demand for sterilized pharmaceutical products, expanding demand for less invasive surgical procedures, and growing aging population.

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In terms of products & services, the sterilization technology market has been segmented into devices, consumables and services. The devices market occupied the largest share in the global market in 2016, mainly attributable to the increasing number of HAIs, growing number of hospitals, rising pharmaceutical, biotechnologies and medical device industries. The vendors in this market offer two major types of sterilization services, contract sterilization and sterilization validation, of which contract sterilization services occupy the larger share in the market.

There are various sterilization technology devices available in the market that are based on steam, low temperature, heat, radiation, filtration, liquid, and ultrasound. Among different type of devices, heat sterilizers are expected to register the fastest growth of 9.3%, in the sterilization technology market during the forecast period. Its growth is due to the increasing adoption of heat sterilizers in the instrument reprocessing operations, pharmaceutical and biotechnology manufacturing units for sterilization of bulk product for sterilizing products that are moisture sensitive and are medicinal in nature and cannot be sterilized with steam.

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Globally, the key providers in the sterilization technology industry are launching new products to gain a larger market share. In June 2017, Advanced Sterilization Products (ASP), Ethicon, Inc. received the USFDA clearance for its 30-minute STERRAD VELOCITY BI system. The system has reduced the result time from several hours to 30 minutes, and this new enhancement to the company's complete sterile ecosystem gives hospitals the opportunity to raise their standard of care by running a BI in every cycle, every day. It minimizes the need for manual documentation and thereby reducing the potential for human error.

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Some of the other key players operating in the sterilization technology market include STERIS plc, Getinge AB, Belimed AG, Cantel Medical Corp., MATACHANA GROUP, Anderson Products, Inc., B. Braun Melsungen AG, 3M Company, and Sterigenics International, LLC.

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