Sterilization Equipment Market by Product & Service (Instrument (Heat, Filtration, Low Temperature), Consumables and Accessories (Detergents, Indicators), Services (E beam, Gamma)), End User (Hospitals, Pharmaceutical Companies) - Global Forecast to 2023
“The global sterilization equipment market projected to grow at a CAGR of 7.0% during the forecast period.”
The sterilization equipment market is expected to reach USD 11.14 billion by 2023 from USD 7.94 billion in 2018, at a CAGR of 7.0%. The major factors driving the growth of this market are the rising incidence of hospital-acquired infections, increasing number of surgical procedures, rising focus on food sterilization and disinfection, technological advancements in sterilization equipment, and increasing number of hospitals in Asia. On the other hand, the presence of stringent regulations may restrain the growth of this market during the forecast period.
“The consumables and accessories segment is anticipated to grow at the fastest growth rate during the forecast period.”
On the basis of product and service, the sterilization equipment market is segmented into instruments, consumables & accessories, and services. The consumables and accessories segment is expected to register the highest CAGR during the forecast period. The regular and bulk purchases of consumables coupled with product launches are the key factors driving the growth of this market.
“The pharmaceutical companies segment is estimated to grow at a rapid rate during the analysis period.”
On the basis of end user, the sterilization equipment market is segmented into pharmaceutical companies, hospitals and clinics, medical device companies, food and beverage industry, and other end users. The pharmaceutical companies segment is expected to grow at the fastest rate during the forecast period.
“Asia Pacific is estimated to register the highest CAGR during the study period.”
In this report, the sterilization equipment market is segmented into four major regional segments—North America, Europe, Asia Pacific, and the Rest of the World. The sterilization equipment market in the Asia Pacific is projected to register the highest growth rate during the forecast period. Factors such as rising awareness about sterilization, rising geriatric population, growing volume of surgical procedures performed, increase in healthcare expenditure, strengthening of the healthcare infrastructure, and growing per capita income are driving the growth of the sterilization equipment market in this region.
The primary interviews conducted for this report can be categorized as follows:
By Company Type - Tier 1 - 70% and Tier 2 - 30%
By Designation - C level - 62%, Director level - 21%, Others - 17%
By Region - North America - 50%, Europe - 20%, Asia- 30%
The key players in the sterilization equipment market include Steris Corporation (US), Getinge Group (Sweden), Advanced Sterilization Products (US), 3M Company (US), Belimed AG (Switzerland), Cantel Medical (US), and Sterigenics International, Inc. (US).
The report analyses the sterilization equipment market on the basis of product and service, end user, and region. Apart from a comprehensive geographic product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the company profiles include the product portfolios, developments, and strategies adopted by prominent market players to maintain and increase their shares in the market. Market research data, current market size, and forecast of the future trends will help key market players and new entrants to make the necessary decisions regarding product offerings, geographic focus, change in strategic approach, and levels of output to remain successful in the market.
Key benefits of buying the Report:
This report will enable both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help these firms garner greater market shares. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the sterilization equipment market
Product Development/Innovation: Detailed insights on the product approvals, R&D activities, and product launches in the sterilization equipment market
Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments, and product portfolios of the leading players in the sterilization equipment market
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various sterilization equipment across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the sterilization equipment market