Sterilization Equipment Market Worth USD 23.7 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

Sterilization Equipment Market Worth USD 23.7 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

PR Newswire

LONDON, Nov. 2, 2020

LONDON, Nov. 2, 2020 /PRNewswire/ -- According to a new market research report "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", published by Meticulous Research®, the sterilization equipment market is expected to grow at a CAGR of 12.2% from 2020 to reach USD 23.7 billion by 2027.

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Sterilization equipment is an essential measure across the healthcare industry to avoid infectious diseases. Infectious diseases are caused by pathogenic microorganisms, such as bacteria, viruses, parasites, or fungi. These diseases can be spread, directly or indirectly, either from one person to another, from infected or non-sterilized surgical or medical devices used to treat a person, or from being in the infected environment of any healthcare facility. Thus, to prevent and reduce the occurrence rate of infectious diseases, various healthcare facilities are adopting sterilization equipment methods and programs to improve the quality of care and provide a safe environment to the patients and other personnel working in the same facilities.

COVID-19 Impact on Sterilization Equipment Market

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:

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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.

The sterilization equipment market study by Meticulous Research® presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The study also evaluates industry competitors and analyzes the market at regional and country levels.

On the basis of product type, the equipment segment is expected to command the largest share of the overall sterilization equipment market in 2020. Their ability to sterilize the reusable medical instruments, surgical instruments, and other materials required for various microbial-safe environments, rising number of HAIs, growing focus on the development of vaccines to tackle the recent outbreak of COVID-19 by pharma & biotech companies, and increasing need for food safety drive the growth of this market. However, the consumables & accessories segment is expected to grow at the fastest growth rate during the forecast year due to its ability to measure infection control and prevention activities, to track HAIs and provide an overall picture of trends that result from infection control and prevention actions, and the ability to reduce the inventory of very expensive equipment.

Based on end user, hospitals and clinics are expected to account for the largest market share of the overall sterilization equipment market in 2020. Factors such as increasing chronic diseases associated with the aging population, rising number of hospitalization due to the sudden outbreak of COVID-19, growing awareness among people for quality care, focus on reducing the healthcare burden, and increasing HAIs supported the growth of the market for hospitals and clinics.

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Geographically, North America is poised to dominate the global sterilization equipment market in 2020, followed by Europe and Asia-Pacific. The factors such as well-established healthcare system in the region, greater adoption of advanced technologies, growing incidences & prevalence of infectious diseases, presence of a large number of hospitals, growing aging population, and greater access to healthcare supported the largest share of North America in the sterilization equipment market. However, Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of the Asia-Pacific sterilization equipment market include accelerated economic growth in the region, growing government focus on the healthcare sector, rising prevalence of infectious diseases, including COVID-19, and government initiatives to boost sterilization production equipment products.

The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past four years (2017–2020). The sterilization equipment market has witnessed several new product launches & approvals; acquisitions; and partnerships & agreements in recent years. For instance, in April 2020, Getinge AB (Sweden) launched DPTE Trolley to ensure safety for people, processes, and products in biopharmaceutical production and biomedical research.

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

Sterilization Equipment Market, by End User

Sterilization Equipment Market, by Geography

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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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