Pune, India -- (SBWire) -- 05/21/2020 --Infinium Global Research's recent report on the "Sterilization Equipment Market (End User - Hospitals & Clinics, Scientific Institutes & Laboratories, Pharmaceutical Industry, and Medical Device Manufacturers; Type - Steam Sterilizers (Autoclaves), Dry Heat Sterilizers, Heated Chemical Vapor Sterilizers, Gas Sterilizers, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2024." provides a comprehensive outline of the factors responsible for the growth of the market.
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Sterilization is one of the vital practices in several industries. Sterilization equipment is used in pharmaceutical and biotechnology, medical device manufacturing, and food and beverage processing industry to maintain sterile processing environment within the facility. Besides that, these equipment are extensively used in healthcare institutions to prevent hospital-acquired infections.
Moreover, the current fast-paced healthcare environment has created many challenges for healthcare providers. Health insurance reimbursements are decreasing, which is forcing the healthcare industry to cut costs. Over the past two decades, fewer invasive procedures have been performed and more innovative minimally invasive surgeries have been developed.
This trend has prompted an increase in the use of more sophisticated devices that are often complex and heat-sensitive that require low-temperature sterilization devices for proper disinfection. In 2019, the market was nearly sized USD 7 Million and is predicted to grow with a CAGR of 7.2% over the forecast years.
Furthermore, as measures to control the outbreak of coronavirus have augmented, the demand for sterilization equipment has momentarily increased. Coronavirus Disease 2019 (COVID -19) is an acute respiratory disease caused by a novel Coronavirus (SARS-CoV-2), transmitted in most instances through respiratory droplets, direct contact with cases, and also through contaminated surfaces/objects. Though the virus survives on environmental surfaces for a varied period of time, it gets easily inactivated by chemical disinfectants.
Currently, as the entire health care system is primarily focused on treating this virus, there will be an upsurge in the demand for sterilization equipment as the use of inadequately sterilized critical items represents a high risk of transmitting the disease. The upsurge in demand is also due to the wide margin of safety associated with the sterilization processes used in healthcare facilities.
Additionally, the recent outbreak is also expected to create a shift towards better hygiene and safer practices across several end-use industries which in turn will create increased demand for such products in the future years. This demand is expected to rise at a good pace and there will be enough latent market potential waiting to be exploited through developmental efforts.
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Hospitals and Clinics to be the Major End-Users of Sterilization Equipment
To increase revenue, hospital administrators are requiring rapid turnaround of the OR to allow for the scheduling of more procedures. This demand, along with a limited inventory of costly equipment, has made sterilization as an essential procedure for ensuring that medical and surgical instruments do not transmit infectious pathogens to patients, which in turn increases the burden on the healthcare system.
Moreover, as the number of surgical procedures grows, the demand for sterilization equipment from hospitals and clinics is anticipated to intensify over the forecast years. The report on the "Global Sterilization Equipment Market" offers an in-depth analysis of the segments such as type (Steam Sterilizers (Autoclaves), Dry Heat Sterilizers, Heated Chemical Vapor Sterilizers, Gas Sterilizers, and Others) and End User (Hospitals & Clinics, Scientific Institutes & Laboratories, Pharmaceutical Industry, and Medical Device Manufacturers).
New Product Innovations to Remain the Key Strategy of the Vendors in the Sterilization Equipment Market
The sterilization equipment market is intensely competitive with the presence of several multinational players. Getinge AB, STERIS plc, Belimed, 3M Company, and Cantel Medical Corp. are among the major players in the global market. These players are engaged in organic growth strategies to increase the competitiveness in the market.
Several key players are engaged in new product development and regulatory approval to launch their products in the marketplace. In May 2018, TSO3 Inc. received clearance from the U.S. regulators for its most recent 510(k) submission for the terminal sterilization of multi-channeled flexible endoscopes using its STERIZONE VP4 sterilizer.
Infinium Global Research's recent report on the global Sterilization Equipment Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of product approvals, similar to that of the aforementioned product on the global market.
North America Region to Generate the Largest Revenue in the Global Sterilization Equipment Market
Geographically, the largest revenue was generated in North America. The U.S. contributed the largest revenue in the North America sterilization equipment market. The factors such as the increasing need for sterilization technologies in the healthcare sector to prevent healthcare-associated infection, the growing prevalence of infectious diseases, and the rise in the number of surgical procedures are expected to boost the market in the North America region.
The Asia-Pacific region is anticipated to be the fastest-growing market owing to increasing surgical procedures, rapidly increasing population, and increasing measures to reduce the burden of hospital-acquired infections. Furthermore, a significant rise in the number of pharmaceutical industries and medical device manufacturing companies in courtiers such as China and India will have a noteworthy impact on the growth of the sterilization equipment market in the Asia Pacific region.
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