According to analysts the global medical sterilization equipment market accounted for around $6.11 billion in 2019 and is slated to amass lucrative gains from 2020 to 2025.
A rising prevalence of chronic diseases and neurological as well as cardiovascular ailments, increasing cases of gastrointestinal disorders, growing geriatric population and soaring investments toward incorporating advanced sterilization technologies are stimulating the overall market outlook.
Additionally, a growing focus of industry players toward offering advanced, high-quality sterilization technologies to hospitals amid the COVID-19 pandemic, coupled with the evolution of the trend of partially outsourced sterilization services, are positively swaying the global medical sterilization equipment market dynamics.
Based on mode of sterilization, the market is split into radiation, low temperature and high temperature. Among these, the high temperature segment is projected to attain substantial expansion over the forecast period. This projected growth is based on an increasing prevalence of infectious diseases across the globe, surging demand for sterilization in hospitals and strategic alliances between manufacturers and pharmaceutical establishments.
With regards to services offered, the industry is fragmented into contract sterilization and in-house sterilization.
Moving on to end-user terrain, the worldwide medical sterilization equipment business sphere primarily comprises of pharmaceuticals, hospitals and others. The hospital segment is predicted to generate noteworthy profits over 2020-2025, primarily due to a high prevalence of infectious diseases, growing efforts of companies in developing effective sterilizers and escalating product demand from health care establishments to curb the coronavirus.
A Market Study Report analysis states that Europe and North America are expected to emerge as major revenue generators for the market over the forecast period, owing to rising per capita expenditure on the health care.
The report lists prominent organizations that influence global trends include MMM Group, Sterigenics International Inc., Andersen Products Ltd., Belimed Inc., Advanced Sterilization Products Services Inc., Cantel Medical Corp., 3M Company, Getinge AB, TSO3 Inc. and Steris Plc.
A second report also predicts market growth.
According to the current analysis of Reports and Data, the global sterilization equipment market was valued at $7.8 billion in 2018 and is expected to reach $13.3 billion by the year 2026.