London, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Meticulous Research®, in its latest publication, titled “Sterilization Equipment Market by Product & Services {Equipment [Heat, Low-temperature (Ozone, Formaldehyde), Filtration), Consumables (Sterilization Indicators, Sterilants), Services (Gamma, Steam)], End User (Hospitals, Pharma)} - Global Forecast to 2027”, states that the sterilization equipment market is expected to grow at a CAGR of 12.2% from 2020 to 2027 to reach $23.73 billion by 2027.
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The growth of the sterilization equipment market is mainly attributed to the growing incidences of hospital-acquired infections, impact of the COVID-19 pandemic, rising number of surgical procedures, rising demand for sterilization in the food food-borne diseases, and increasing sterilization demand from pharmaceutical and biotechnology industries. However, the harmful effects of ethylene oxide and concerns regarding the safety of reprocessed instruments restrict the market's growth to some extent.
Sterilization equipment are one of the core parts of any healthcare facility. The current COVID-19 pandemic has changed the way markets function at both the demand and supply side. Moreover, increasing demand for vaccines supported the growth of the market. For instance:
- As per the data from Fierce Pharma, in April 2020, Sinovac Biotech Ltd. (China), one of many drugmakers seeking a COVID-19 vaccine, was leveraging China's aid to help it cross the finish line. For this, the company needs to build out a massive new facility on the government's dime. Hence, the company plans to build vaccine production facilities on 230,000 square feet of land to help speed the development of 100 million COVID-19 shots per year.
Wish to customize this report or get any additional specific information of your interest? Let us know here- https://www.meticulousresearch.com/custom-research.php - In March 2020, CanSino Biologics Inc. (China) received regulatory approval to conduct a Phase I trial of its recombinant novel coronavirus vaccine (adenovirus type 5 vector) candidate. Moreover, the state-owned Wuhan Institute of Biological Products also received government approval to move ahead with trials.
Such initiatives create opportunities for local players of each country to gear up their manufacturing capacity and cater to the rising demand for the various types of sterilization equipment.
To provide efficient analysis, Meticulous Research® has segmented this market by product (equipment, consumables & accessories, services), end user (hospitals & clinics, medical device companies, pharmaceutical companies, food & beverage industry, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
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Geographically, North America is projected to command the largest share of the overall sterilization equipment market in 2020, closely followed by Europe and Asia-Pacific. However, Asia-Pacific countries, namely, China and India, are slated to register the highest growth during the forecast period primarily due to the recent outbreak of COVID-19 and various government initiatives to boost sterilization equipment production.
Based on end user, the hospitals & clinics segment is projected to dominate the overall sterilization equipment market due to the rising hospitalization rate with growing COVID-19 cases, increasing HAIs among healthcare facilities, and the need to maintain a sterile environment for quality care.
The key players operating in the global sterilization equipment market are STERIS plc. (U.S.), Cantel Medical Corp. (U.S.), Getinge AB (Sweden), 3M Company (U.S.), Advanced Sterilization Products (U.S.), MMM Group (Germany), MATACHANA group (Spain), Cardinal Health, Inc. (U.S.), Sotera Health (U.S.), and Belimed (Switzerland), among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/sterilization-equipment-market-5141/
Scope of the Report:
Sterilization Equipment Market, by Product
- Equipment
- Heat Sterilization Equipment
- Moist Heat Sterilizers
- Dry Heat Sterilizers
- Low-temperature Sterilization Equipment
- Hydrogen Peroxide / Gas Plasma Sterilization
- Ethylene Oxide Sterilizers
- Ozone-based Medical Sterilizers
- Formaldehyde Sterilizers
- Others
- Radiation Sterilization Equipment
- Filtration Sterilization Equipment
- Heat Sterilization Equipment
- Consumables & Accessories
- Sterilization Indicators
- Biological Indicators
- Chemical Indicators
- Sterilants
- Instrument Packaging & Pouches
- Others
- Sterilization Indicators
- Services
- Ethylene Oxide Sterilization Services
- Gamma Sterilization Services
- E-beam Sterilization Services
- Steam Sterilization Services
- Other Sterilization Services
Sterilization Equipment Market, by End User
- Hospitals & Clinics
- Medical Device Companies
- Pharmaceutical Companies
- Food & Beverage Industry
- Other End Users
Sterilization Equipment Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research.php
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