The global sterilization equipment market size was worth USD 4.3 billion in 2016 which is anticipated to grow at a CAGR of more than 9.5% during the forecast period. Various factors, which led to such huge market growth, include increase in the aging population, rise in the number of surgeries conducted, and surging incidences of chronic diseases. Also, there are number of changes in the government policies and regulations which in a way is helping the sterilization equipment market to grow and advance. Such changes in the policies have resulted in increase in the adoption of sterilization equipment by various hospitals and diagnostic centers.
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Key Players:
Some of the top companies
operating in this industry are STERIS Corporation; Advanced Sterilization
Products Services, Inc.; Getinge Group; 3M; Cantel Medical; Belimed; and
others.
Growth Drivers:
Similarly, increase in the number
of government initiatives, which are stringent enough to ensure utmost quality
of the product, is making way for the sterilization equipment market to grow.
Advancement in technologies of sterilization equipment such as gamma ray
filtration, radiation, microfiltration and many more have created wide scope
for sterilization equipment in the food industry.
Government bodies of developing
countries such as Japan, Mexico, and Brazil, are making huge investments to
spread awareness about the application of sterilization equipment, and thereby
focusing on quality and safety. Such equipment are mainly used for
sterilization and disinfection before surgeries. In regions such as Latin
America, Middle East and Asia Pacific, the market is witnessing increase in
foreign investments, which is leading to revenue generation for the market.
Technique Insights
The heat sterilization technique
captured the largest market share in 2016 in which hydrated state is preferred
more than dry state due to its greater reliability in use. It is estimated that
the low temperature market segment is expected to grow at the highest CAGR due
to compatibility with thermo-labile products, lesser complex in handling and
monitoring. The introduction of various advancements in technology of the
equipment for sterilization technique has led to better business expansion and
penetration to various regions around the globe.
End User Insights
The hospital segment captured the
largest market share in the year 2016, due to growing infection burden, rising
number of surgeries performed, advancing technologies and rise in the number of
patients being admitted. The ever-increasing need for quality assurance and
quality control by pharmaceutical company in its manufacturing and storage
processes resulted it to be the second largest segment in the global market.
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