The Global Market for Sterilization Equipment and Supplies is Projected to Reach US$8.6 Billion by 2024
Increased
Emphasis on Reducing HAIs & Government Mandates Drive the Global Sterilization
Equipment and Supplies Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry
segments, trends, growth drivers, market share, size and demand forecasts on
the global Sterilization Equipment and Supplies market. The
global market for Sterilization Equipment and Supplies is projected to reach US$8.6
billion by 2024, driven by rise in geriatric population, growing emphasis
on reducing hospital-acquired infections, increased investments in healthcare
infrastructure, and various recent changes in government policies.
The
global market for sterilization equipment and supplies is bracing for strong
growth driven by increasing demand for sterilized equipment in healthcare
settings, rising number of pharmaceutical companies, increase in healthcare
infrastructure investments, rise in geriatric population, increasing hospital-acquired
infections, and growth of the F&B sector. Owing to the high concerns
over post-surgery acquired infections in hospitals, the demand for sterilized
equipment is witnessing a steady increase. Governments are also investing high
amounts in healthcare infrastructure and enforcing stringent standards for
sterilization of medical devices, which positively drives the market growth.
Increasing
percentage of GDP is spent on healthcare infrastructure and setting up of new
hospitals, which leads to more surgical procedures and increased chances of
post-surgery infections, driving the demand for sterilization equipment. Also,
various recent changes in government policies enforced the use of sterilization
equipment by various diagnostic facilities and hospitals, which lead to
significant market growth. The sterilization equipment and supplies market worldwide is restrained
by factors, such as preference for disposable medical devices, increasingly
stringent government regulations, especially in developed regions, and excise
duty imposed on medical device manufacturers. Mature market conditions of
developed markets also represent a major constraint.
Filtration
accounts for bulk of the revenue generated in the global market for sterilization
equipment. Methods and techniques for sterilization are undergoing constant
changes and moving towards safer, speedier, and cost-effective processes. Low-temperature
sterilization is the fastest growing segment, owing to the increased efficiency
offered by the technology. Quicker
turnaround time and easy access to wrapped, sterile devices and instruments are
the major fetching factors for this process. The cost-effective and
environmental friendly nature of low-temperature plasma sterilization makes it
a widely popular process, compared to radiation. Rising adoption of Central
Sterile Supply Department (CSSD) framework, growing focus on sterilized
environments, as well as introduction of cheaper and more efficient steam
autoclaves is expected to boost the market for steam
autoclaves. In addition, the growing need for management of ever-increasing
bio-hazardous and medical waste is expected to accelerate steam autoclaves
market growth.
As
stated by the new market research report on Sterilization
Equipment and Supplies, the United States represents the largest market worldwide,
supported by aging population, increase in chronic diseases, rise in the number
of hospital admissions, and government efforts to reduce hospital-acquired
infections. Asia-Pacific ranks as the fastest growing market, driven by improving
healthcare infrastructure, rising number of surgical procedures and also the
increasing number of healthcare facilities is driving the Asia-Pacific market.
In Japan, the governmental initiatives and high healthcare spending is expected
to increase sales of sterilization equipment moderately. In the Middle East and
Africa, higher healthcare investment bodes well for the sterilization equipment
market.
Major players in the market
include 3M Company, Advanced Sterilization Products, Andersen Products Inc., Belimed
AG, Cantel Medical Corp., Cardinal Health Inc., Getinge
AB, Matachana Group, Sotera Health LLC, Nordion Inc., Sakura SI Co., Sterile
Technologies Inc., STERIS Plc., TSO3 Inc., and Tuttnauer Company, among others.
The
research report titled "Sterilization
Equipment and Supplies: A Global Strategic Business Report" announced by
Global Industry Analysts Inc., provides a comprehensive review of the market
scenario, current market trends, growth drivers, issues, major market players, mergers
and acquisitions, and other strategic industry activities. Market
estimates and projections are provided in US$ thousand for all major geographic markets, including
the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain,
Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of
Asia-Pacific), The Middle East, and Latin America (Brazil, and Rest of Latin
America). Product markets analyzed include Filtration Sterilization, Heat
Sterilization, Low-Temperature Sterilization, and Radiation Sterilization.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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