Sterilization technologies market to teach $12.78B by 2030

Allied Market Research recently published a report, titled, “Sterilization Technologies Market by Type (Chemical and Gas Sterilization, Filtration Sterilization, Ionizing Radiation Sterilization, and Thermal Sterilization) and end user (pharmaceuticals, medical devices, food and beverages, agriculture, cosmetic, manufacturing, and others): Global opportunity analysis and industry forecast, 2021–2030.” According to the report, the global sterilization technologies industry was pegged at $7.20 billion in 2020, and is expected to reach $12.78 billion by 2030, growing at a CAGR of 5.9% from 2021 to 2030.

Rise in number of hospital-acquired infections, growth in the geriatric population, expansion of the processed food & beverage market, and increase in adoption of sterilization technologies in medical and cosmetic industries drive the growth of the global sterilization technologies market. However, increase in regulatory pressures, high installation and utility costs associated with sterilization technologies, and introduction of disposable devices, such as syringes, bandages, sutures, and gowns, impede the market growth. On the contrary, R&D activities by key leading players and continuous advancements in the medical device industry are expected to create lucrative opportunities in the industry.

Covid-19 scenario-

• The outbreak of Covid-19 is expected to impact the growth of the global sterilization technologies market positively. The rapid spread of Covid-19 boosted the demand for sterilization equipment and services due to rise in cases of HAIs in hospital settings.
• The rise in healthcare expenditure due to the Covid-19 outbreak and increase in number of temporary hospitals are propelling the growth of the market.
• Factors such as rise in demand for hospital beds and intensive care units (ICUs), the expansion of isolation facilities, and increased consumer awareness of sterilizing products and services for medical devices and single-use products have all fuelled sterilization products and service demand.

The chemical and gas sterilization segment to dominate by 2030-
By product, the chemical and gas sterilization segment accounted for more than half of the global sterilization technologies market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to their effectiveness in sterilizing the reusable medical instruments, surgical instruments, and other materials required for various microbial-safe environments. The ionizing radiation sterilization segment, however, would showcase the fastest CAGR of 6.2% by 2030. The report also includes an analysis of filtration sterilization and thermal sterilization segments.

The medical devices segment held the lion’s share in 2020-
Based on end user, the medical devices segment held the lion’s share in 2020, contributing to nearly one-third of the global sterilization technologies market, and is expected to continue its lead during the forecast period. This is owing to growing incidence of hospital-acquired infections (HAIs) and the rising number of surgical procedures propelling the growth of the medical devices industry. However, the manufacturing segment is expected to witness the highest CAGR of 6.8% by 2030. The report also includes an analysis of the pharmaceuticals, food and beverage, agriculture, and cosmetics segment.

By region, North America garnered the major share in 2020, contributing to nearly two-fifths of the global sterilization technologies market, and is expected to continue its dominance throughout the forecast period. This is owing to the growing demand for sterilization technologies from the healthcare industry to minimize the occurrence of HAIs, the increasing number of surgical procedures performed, and the presence of key players in the region. However, the market across Asia-Pacific is expected to witness the fastest CAGR of 6.7% during the forecast period. This is due to accelerated economic growth, rise in government focus on the healthcare sector, increase in prevalence of chronic diseases, the outbreak of Covid-19, investment from government bodies to expand healthcare facilities, and favorable regulatory reforms.

Key players in the industry-

• AtecPharmatechnik GmbH
• Advanced Sterilization Products Services Inc.
• Sterile Technologies Inc.
• Belimed AG
• Nordion Inc.
• Stryker Corporation.
• Getinge Group
• Noxilizer, Inc.
• Steris Plc.
• The 3M Company

Allied Market Research