Market Analysis: Sterilization Equipment
Sterilization Equipment Market to Surpass $6 Billion.
Sterilization equipment is vital when it comes to health care. The prevention of infections and other complications can be directly related to the use of proper sterilization equipment and supplies.
The shift in the U.S. health care industry caused by the Affordable Care Act and other legislation makes the safety of patients even more important as extended patient stays, readmitted patients, healthcare-acquired infections and other negative outcomes can decrease reimbursements and otherwise punish health care providers.
The sterilization market is expected to hit new highs by the close of the decade.
“The global sterilization market is expected to reach $6,142.7 million by 2020 from $4,258.4 million in 2015, at a CAGR (compound annual growth rate) of 7.6 percent,” according to the research firm MarketsandMarkets.
“On the basis of type, sterilization equipment market is segmented into heat sterilization/high-temperature sterilization, low-temperature sterilization, ionizing radiation sterilization, and filtration sterilization. The heat sterilization/high-temperature sterilization segment is expected to account for the largest share of the global sterilization equipment market in 2015,” according to the report. “Governments in various countries are taking regulatory actions to fortify hospitals with essential sterilization standards and prevent infections, which is a major driving factor for this market.”
“The sterilization equipment market, by product and service, is segmented into equipment, consumables and accessories, and contract sterilization services. The consumables and accessories segment is poised to be the fastest-growing segment during the forecast period,” the report adds. “The contract sterilization services market, by site of sterilization, is segmented into offsite sterilization and onsite sterilization. The offsite segment is expected to be the largest segment of the contract sterilization services market in 2015.”
North America is a major player in this market. Asia is a fast-growing segment of the global market.
“Geographically, the sterilization equipment market was dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). In 2015, North America accounted for the largest share of the market, while Asia witnessed the highest growth rate,” according to MarketsandMarkets.
A report from Global Industry Analysts Inc., a worldwide business strategy and market intelligence source, predicts the sterilization equipment and supplies market will eclipse $7 million by 2022.
‘The global market for sterilization equipment and supplies is projected to reach $7.7 billion by 2022, driven by aging population and its susceptibility to infections, alarming rise in hospital-acquired infections (HAIs), and growing awareness over the importance of infection control,” according to Global Industry Analysts Inc. “Other factors such as increasing public and professional awareness, need for reducing hospital stays and health care costs, shifting of patient care from acute care to alternate sites, growth of less invasive surgical and diagnostic procedures and the rising number of transmittable and antibiotic-resistant infectious diseases, are leading to increased demand for safe and efficient sterilization equipment.”
Major players in the sterilization equipment market include STERIS Corp., Getinge Group, Advanced Sterilization Products, 3M Company, Belimed AG and Sterigenics International Inc.