Sterilization equipment market size to grow by USD 3.70B from 2021-26

The sterilization equipment market size is estimated to grow by USD 3.70 billion from 2021 to 2026, growing at a CAGR of 7.93%. North America is estimated to account for 36% of the growth of the global market during the forecast period. US and Canada are the key markets for sterilization equipment in North America. Market growth in this region will be faster than the growth of the market in the European and ROW regions. The expanding healthcare sector in the region, the increasing number of hospital-acquired infections (HAIs), and the strong market presence of the leading vendors will facilitate the sterilization equipment market growth in North America over the forecast period. According to The World Bank Group, between 2005 and 2018, healthcare expenditure in North America increased from 14.10% of the gross domestic product (GDP) in 2005 to 16.41% in 2018. The healthcare expenditure in the US increased by 9.7%, reaching USD 4.1 trillion or USD 12,530 per person in 2020. The country’s healthcare expenditure had a share of 19.7% of the GDP in 2020. Globally, the US healthcare sector is the leading healthcare sector. Therefore, owing to these factors, the region’s sterilization equipment market is expected to grow during the forecast period.

Vendor landscape
The sterilization equipment market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments.

Major drivers & challenges-
The strategic initiatives of market players are the key factors driving the growth of the sterilization equipment market. The international sterilization equipment market is highly competitive and the vendors in the market adopt strategies such as mergers and acquisitions (M and A), expansion projects, new product launches, and growing production capacity to tackle the competition in the market. Vendors invest in developing customized solutions to augment their foothold in the market. However, intense competition in the market is anticipated to force established vendors to expand their market presence through M and A and strategic alliances. Further, the healthcare facilities such as hospitals and clinics are selecting vendors based on their product’s degree of excellence and properties. With the growing demand for sterilization equipment from end-users, vendors are opting for M and A and strategic alliances to enhance their market reach and customer base. These strategic alliances and partnerships among vendors are supporting them, improving their operations and increasing their geographical presence. Therefore, such activities will fuel the growth of the global sterilization equipment market during the forecast period.

The disadvantages and harmful effects of ETO sterilizers will be a major challenge that may impede the sterilization equipment market during the forecast period. Even though ETO is regarded as one of the widely used sterilization techniques, it has different destructive effects on patients and healthcare workers. It is considered a known human carcinogen. Also, the drawbacks associated with its use can result in a preference for other alternatives such as hydrogen peroxide sterilizers. Such factors can lead to its lowered adoption and adverse effect on the growth of the global sterilization equipment market during the forecast period. The main drawbacks associated with ETO sterilizers are the prolonged cycle time, its potential dangers to patients and staff, and the high costs associated with the ETO sterilization process. The harmful effects of ETO and growing safety concerns regarding the use of surgical instruments sterilized through ETO sterilization processes are expected to hinder the growth of the market.

Key trends-
The increasing number of surgical procedures is a sterilization equipment market trend that is expected to have a positive impact during the forecast period. HAIs are mainly acquired by patients obtaining long-term treatments such as surgical treatments. HAIs are especially acquired in surgical centers, clinics, hospitals, ambulatory surgical centers, and long-term care facilities, such as rehabilitation centers and nursing homes. HAIs not only pose a hazard to the patient’s health but also lead to long hospital stays, thereby creating an economic disadvantage to patients and healthcare systems. The increasing majority of chronic conditions such as obesity, diabetes, cardiovascular disease, and cancer have led to an upsurge in the hospital admission rate. Various types of sterilization equipment are important requirements in hospitals and clinics, which decreases the risk of infection transmission among patients and leads to enhanced patient care. The rising number of cancer cases in regions all across the world has resulted in an increased need for surgical procedures to treat cancer. Therefore, the increasing prevalence of chronic conditions and the demand for surgical procedures will lead to an augmented incidence rate of SSIs. Therefore, such factors will have a favourable impact on the growth of the global sterilization equipment market.

Company profiles
The sterilization equipment market report includes information on the product launches, sustainability, and prospects of leading vendors including 3M Corp., ACMAS Technologies Pvt. Ltd., Andersen Sterilizers, C.B.M. S.r.l. Medical Equipment, Cantel Medical., Cardinal Health Inc., Continental Equipment Co, Cosmed Group, De Lama Spa, Fortive Corp., Getinge AB, Merck KGaA, MMM Group, Noxilizer Inc., Sotera Health Co., Steelco SpA, STERIS Plc, Stryker Corp., Systec GmbH, Tuttnauer, and YATHERM SCIENTIFIC.

Competitive analysis
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

Market segmentation
This report extensively covers sterilization equipment market segmentation by product (low-temperature sterilizers, heat sterilizers, sterile membrane filters, and radiation sterilization devices) and geography (North America, APAC, Europe, and the Rest of the World (ROW)).

• The sterilization equipment market share growth by the low-temperature sterilizers segment will be significant during the forecast period. This segment holds the largest share of the global sterilization equipment market. There is an increasing need for sterilization of heat-sensitive medical devices and equipment, which is driving the demand for low-temperature sterilizers. Further, the use of expensive, moisture-sensitive, and delicate medical devices that are tough to sterilize, such as endoscopes, is driving the growth of the market segment.

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