Areport on the sterilization equipment market by MarketsandMarkets sees continued growth. The sterilization equipment market is expected to reach $11.14 billion by 2023 from $7.94 billion in 2018, at a compound annual growth rate (CAGR) of 7.0 percent, according to a news release.
“The major factors driving the growth of this market are the rising incidence of hospital-acquired infections, increasing number of surgical procedures, rising focus on food sterilization and disinfection, technological advancements in sterilization equipment, and increasing number of hospitals in Asia. On the other hand, the presence of stringent regulations may restrain the growth of this market during the forecast period,” according to the MarketsandMarkets release.
Sterilization instruments accounted for the largest market share in 2017, the release adds.
“By product and service, the sterilization equipment market is classified into instruments, consumables and accessories, and services. The sterilization instruments segment accounted for the largest market share in 2017. The large share can be attributed to the growing incidence of HAIs and the growing volume of surgical procedures across the globe,” the release states.
“On the basis of end user, the sterilization equipment market has been segmented into hospitals and clinics, medical device companies, food and beverage industry, pharmaceutical companies and other end users,” it adds. “The hospitals and clinics segment accounted for the largest share of the sterilization equipment market in 2017. The large share of this segment can be attributed to increasing incidence of healthcare-associated infections (HAIs), growing number of hospitals in Asian countries and increasing number of surgical procedures.
North America is estimated to command the largest share of the market in new and future data.
“In 2018, North America is expected to account for the largest share of the global sterilization equipment market. The increasing demand for sterilization technologies from the health care industry to minimize the occurrence of HAIs and the increasing number of surgeries in this region are the major factors supporting the growth of the sterilization equipment market in North America,” according to the release, which was released before the 2018 data was available.
Grand View Research also predicts market growth in the coming years.
“The increasing number of surgical procedures and aging population are the major factors expected to propel the growth. In addition, the rise in the incidence of chronic diseases and various initiatives taken by the government to ensure adoption of essential sterilization standards in hospitals and research centers is expected to drive the growth of the sterilization equipment industry during the forecast period. Currently, stringent medical safety and infection control norms are increasing public awareness of the global population resulting in shorter hospital stays and lesser health care costs,” according to Grand View Research.