LONDON, Oct. 30, 2018 (GLOBE NEWSWIRE) -- According to the latest publication from Meticulous Research®, the global sterilization equipment market is expected to grow at a CAGR of 7.0% from 2018 to reach $10.51 billion by 2023, driven by increasing need to reduce HAIs in the healthcare industry and thereby improve the quality of care and reduce cost of healthcare. Increasing demand for sterilization equipment and consumables in the pharmaceutical manufacturing and food and beverages industry is also expected to contribute to the growth of the sterilization equipment and consumables market during the forecast period. Similarly, growth in the contract sterilization services market is primarily driven by the increasing outsourcing of complex sterilization needs from healthcare providers and medical device manufacturers to third party service providers.
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Within sterilization equipment, the low temperature sterilizers segment dominated the market, mainly driven by technological advancements in medical devices industry that require sterilizers that are compatible with heat sensitive materials and are able to provide effective sterilization. However, the radiation sterilization segment comprising, e-beam and gamma sterilizers is expected to grow at the fastest CAGR during the forecast period, owing to their benefits, such as shorter sterilization cycle time, lower cost of sterilization, and compatibility with majority of the advanced medical devices available in the market.
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Geographically, India and China represent the fastest growing sterilization equipment and consumables markets. In China, apart from the growth in hospitals and clinics end user segments, the increasing demand for sterilization technologies among pharma and medical device manufacturers is also supporting the growth of this market.
The major players operating in the sterilization equipment market are Steris, Getinge, Sotera Health, Advanced Sterilization Products, 3M, Belimed, MMM Group, Matachana Group, and Cantel Medical. While there are numerous regional and local players in the sterilization equipment and consumables market, the contract sterilization services market is dominated by Steris and Sotera Health. Some of the other key players in the contract sterilization services market are Cretex Companies, Medistri, COSMED Group, E-BEAM Services, Cantel Medical, Stryker Corporation, and Centurion Medical Products.
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