Sterilization Technology Market Analysis by Product Type (Chemical & Gas Sterilization, Filtration Sterilization, Ionizing Radiation Sterilization, and Thermal Sterilization); and by End User (Pharmaceuticals, Food & Beverages, Agriculture, Cosmetics, Manufacturing, Medical Devices, and Others)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031
28 Oct 2022
Healthcare & Pharmaceuticals
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022...
The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2035 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2022 as base year, 2023 as estimated year and forecast to 2035. This will have market drivers, recovery rate in the market, insights and competitive analysis.
Global Sterilization Technology Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global sterilization technology market is estimated to garner a revenue of USD 16.0 Billion by the end of 2031 by growing at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 8.0 Billion in the year 2021. The growth of the market is estimated to grow to the rise in infectious diseases that continue to spread at a constant pace. Moreover, sterilization technology helps to reduce the spread of communicable diseases such as COVID-19 from one person to another. According to the statistics gathered by the World Health Organisation (WHO), the global deaths attributed to COVID-19 in 2020 are at least 3 million, which represents 1.2 million more deaths than the 1.8 million deaths that were officially reported.
Sterilization is the process followed to eliminate all forms of microbial life through a variety of chemical and physical methods. The sterilization technology is categorized on the basis of product type into chemical & gas sterilization, filtration sterilization, ionizing radiation sterilization, and thermal sterilization. Moreover, the importance of sterilization and disinfection has increased owing to the increasing incidence of Health-care associated infections (HAI) related deaths. As per the data provided by the European Center for Disease Prevention and Control in 2018, approximately 8.9 million healthcare-associated infections occur every year in European long-term care facilities and hospitals.
Global Sterilization Technology Market: Growth Drivers and Challenges
Rise in Surgical Procedures – Many surgical devices are used for performing multiple surgeries, so it is important to get devices sterilized to kill the germs present on them, and it is anticipated to drive the growth of the global sterilization technology market. According to the data published by the National Library of Medicine in 2020, approximately 310 million major surgeries are performed every year.
Rapid Growth of the Pharmaceutical Industry– As per the statistics stated by the Indian Brand Equity Foundation, Indian pharma exports reached nearly 5.78 billion between April 2021 and June 2021.
Rise in the Number of Hospitals- Sterilization technology is required for cleaning and sterilization of various equipment used in hospitals in order to reduce the spread of infection. The total number of hospitals has been increased to 10, 899 in Colombia, 8,238 in Japan, and 6,090 in the United States in 2020.
Increasing Investment in Research and Development in Pharma Sector– The development of advanced sterilization technology owing to the increasing investment in research and development in pharma is anticipated to surge the growth of the global sterilization technology market. According to the Congressional Budget Office, the pharmaceutical industry in the United States invested in Research and development of nearly USD 83 billion in 2019.
Increase in Hazardous Waste- Medical waste can be hazardous to the health of the environment, so hazardous waste is sterilized to reduce the toxins substance. As per the World Health Organization, 15 percent of the total amount of waste generated by healthcare activities is hazardous material.
High Maintenance Cost of Sterilization Equipment
Rules and Restrictions Imposed by the Government in Different Countries Owing to Sterilization Equipment’s Harmful Emission of Greenhouse Gases
Noncompliance with the Sterilization Procedures
The global sterilization technology market is segmented and analyzed for demand and supply by end-user into pharmaceuticals, food & beverages, agriculture, cosmetics, manufacturing, medical devices, and others. The medical devices segment is anticipated to hold the largest share of the global sterilization technology market and is expected to witness growth with a steady CAGR during the forecast period. The growth of the segment can be attributed to the expansion in surgical procedures and the growth of the medical device industry. According to the Plastic Surgery Statistics Report published by the American Society of Plastic Surgeons, cosmetic surgical procedures have shown an increasing trend from 1,901,049 in 2000 to 2,678,302 in 2019.
Global Sterilization Technology Market Regional Synopsis
Regionally, the global sterilization technology market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031. This can be attributed to its exceptional list of pharmaceutical and healthcare industries since the market period of 2021. However, the market in the Asia Pacific region is estimated to garner the highest growth with a rising CAGR during the forecast period owing to factors such as the constant rise in chronic diseases, government focus on the improvement of healthcare facilities, a steady acceleration in economic growth, and a rise in the population that increases the risk of transmission of diseases. According to the World Bank, India’s population has increased from 1.15 billion in 2005 to 1.39 billion in 2021.
Our in-depth analysis of the global sterilization technology market includes the following segments:
By Product Type
By End User
Key Companies Dominating the Global Sterilization Technology Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global sterilization technology market that are included in our report are Becton, Dickinson and Company, ASP Global Manufacturing GmbH, MEDIVATORS Inc., 3M, Sterile Technologies, Inc., Noxilizer, Inc., Nordion, Getinge AB, Atec Pharmatechnik GmbH, E-BEAM Services, Inc., and others.
Global Sterilization Technology Market: Latest Developments
February, 2022- Becton, Dickinson, and Company’s board of directors approved Embecta Spinoff of a diabetes care business and declared its distribution.
April, 2021: 3M launched its 3M Silicon Adhesive to help improve medical devices which are intended for people with fragile skin.
Key Reasons to Buy Our Report
The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.
It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.
The report includes detailed company profiles of the major players dominating the market.
We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
Rise in the surgical procedures, rapid growth of pharmaceutical industry, rise in infectious diseases, increase in hazardous waste, and rise in the number of hospitals.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2031.
High maintenance cost of sterilization equipment, rules and restrictions imposed by the government in different countries owing to sterilization equipment’s harmful emission of greenhouse gases and noncompliance with the sterilization procedures.
Which region will provide more business opportunities for growth of sterilization technology market in future?
The market in Asia Pacific region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Becton, Dickinson and Company, ASP Global Manufacturing GmbH, MEDIVATORS Inc., 3M, Sterile Technologies, Inc., Noxilizer, Inc., Nordion, Getinge AB, Atec Pharmatechnik GmbH, E-BEAM Services, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, end user and by region.
The medical devices segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
Please enter your personal details below
- Dickinson and Company
- ASP Global Manufacturing GmbH
- MEDIVATORS Inc.
- Sterile Technologies Inc.
- Noxilizer Inc.
- Getinge AB
- Atec Pharmatechnik GmbH
- E-BEAM Services Inc