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Sterilization Technology Market Global Worth Expected To Increase valuation of USD 8,142.61 million by 2023
Global Sterilization Technology Market: Information by Type of Sterilization (Ethylene Oxide, Ionizing Radiation, Filtration and Thermal Sterilization), by (Chemical Process, Physicochemical, Synergetic Processes and Physical Processes), End User (Pharmaceutical Industry, Hospitals & Clinics and Medical Device Manufacturers) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2023
Sterilization Technology Market Outlook
The latest report by Market Research Future (MRFR) states that the sterilization technology market is poised to touch the valuation of USD 8,142.61 million by 2023, expanding at a moderate CAGR of 8.20% during the forecast period (2018-2023).
Sterilization refers to the process of completely eliminating any object or surface from bacteria or other pathogenic agents. Moreover, opting for a specific particular method of sterilization is dependent on various aspects like constituents of the sterilizing object, microbial load, type of application, classification and suitability of sterilization method and so on.
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The global sterilization technology market is inundated with various competing players, which include Advanced Sterilization Products Services Inc (USA), 3M (USA), Beta Star Life Science Equipment (USA), Donaldson Co. Inc. (USA), Sterile Technologies Inc. (USA), Atec Pharmatechnik GmbH (Germany), Steris PLC (UK), Feldmeier Equipment Inc (USA), among others.
The global market for sterilization technology has been segmented on the basis of type, process, and end-user.
The types of sterilization technology in the global market are ionizing radiation, ethylene oxide, filtration, thermal sterilization, and others. Among these, the ethylene oxide segment is most likely to acquire a substantial market share by 2023 as a result of the strength of its radiation as well as the high penetration rate.
Process-wise, the sterilization technology market is segmented into physiochemical, chemical process, physical process, and synergetic process. Here, the market size of chemical process segment is touted to reach the valuation of USD 5,677.43 million by 2023.
The various market end-users in the global sterilization technology market are medical device manufacturers, hospitals & clinics, and pharmaceutical industry. Among all the sub-segments, the pharmaceuticals industry segment is going to be the biggest end-user by the end of the conjectured period on account of the rising demand for sterilization in a bid to avoid contamination of pharmaceutical ingredients.
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Market Drivers and Challenges
Rising incidences of hospital acquired infections (HAIs) along with the number of surgeries performed are boosting the sterilization technology market growth. Moreover, the growing usage of e-beam radiation sterilization, advancements in technologies like the use of gas plasma, use of NO2, peracetic acid sterilization, e-beam technology, supercritical CO2 coupled with the expanding healthcare infrastructure are opening new avenues for the sterilization market.
But with the cost of sterilization technology being on the higher side, the market could be negatively impacted to some extent in the future. However, the prominence of cosmetic surgical procedures to enhance the external appearance is resulting in the elevated adoption of sterilization technologies for creating sterile working conditions. This factor will play a significant role in the enhancement of the sterilization technology market in the coming years.
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The regions where the sterilization technology market is prevalent are the Americas (North America and South America), Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
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The reports of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Mr. Rohit Kamble
Market Research Future