The global sterilization equipment market size is projected to reach USD 12.5 billion by 2024 from USD 8.9 million in 2019, at a CAGR of 7.0%

NEW YORK, Dec. 9, 2019 /PRNewswire/ --

The global sterilization equipment market size is projected to register a CAGR of 7.0% during the forecast period.

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The global sterilization equipment market size is projected to reach USD 12.5 billion by 2024 from USD 8.9 million in 2019, at a CAGR of 7.0%. Growth in this industry is driven by the increasing number of surgeries performed, rising incidences of hospital-acquired infections, growth in the pharmaceutical and biotechnology industries, increasing outsourcing of sterilization services, and the growing focus on food sterilization and disinfection. On the other hand, harmful effects of ethylene oxide and end user non-compliance to sterilization standards are the burning issues in this market. Additionally, e-beam sterilization and emerging economies are offering growth opportunities for players in the market.

The consumables and accessories segment is anticipated to grow at the fastest growth rate during the forecast period.
The sterilization equipment market by product & services is categorized into instruments, consumables & accessories, and services.The consumables and accessories segment is expected to register the highest CAGR during the forecast period.

The growth of this segment is mainly driven by the rising number of sterilization processes conducted, the growing importance of sterilization, and regulatory guidelines favoring the use of accessories.

The pharmaceutical companies segment is estimated to grow at a rapid rate during the analysis period.
On the basis of end users, the sterilization equipment market is segmented into hospitals and clinics, medical device companies, the food and beverage industry, pharmaceutical companies, and other end users.The pharmaceutical companies segment is expected to remain the fastest-growing segment of the global sterilization equipment market during the forecast period.

Factors such as growth in the number of pharmaceutical companies & contract manufacturers and the demand for sterilization equipment in the pharmaceutical industry are driving the growth of this segment.

Asia Pacific is estimated to register the highest CAGR during the study period.

Geographically, the sterilization equipment market is dominated by North America and followed by Europe in 2018. However, the Asia Pacific region is estimated to grow at the fastest rate owing to an increasing number of hospitals and clinics, growing population, and government initiatives for infrastructural improvements of healthcare facilities.

Breakdown of Profiles of Primary Participants:
-- By Company Type: Tier 1: 32%, Tier 2: 44%, and Tier 3: 24%
-- By Designation: C-level: 30%, Director-level: 34%, and Others: 36%
-- By Region: North America: 40%, Europe: 28%, Asia Pacific: 20%, and the Rest of the World: 12%

The key players in the sterilization equipment market include STERIS Corporation (US), Getinge Group (Sweden), 3M Company Group (US), Belimed AG (Switzerland), MMM Group (Germany), MATACHANA Group (Spain), Sotera Health (US), Cantel Medical (US), Advanced Sterilization Products (US), Cardinal Health (US), Tuttnauer (Netherlands), DE LAMA S.p.A. (Italy), SysTec GmbH (Germany), Steelco S.p.A. (Italy), Noxilizer, Inc. (US), Merck KGaA (Germany), Sartorius AG (Germany), E-BEAM Services, Inc. (US), Life Science Outsourcing, Inc. (US), Cosmed Group, Inc. (US), and Andersen Products, Inc. (US).

Research Coverage:
The report analyzes the sterilization equipment market by products and services, end user, and region.Apart from comprehensive geographic product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by market players over the last three years.

In addition, the company profiles include the product portfolios, developments, and strategies adopted by prominent market players to maintain and increase their shares in the market. Market research data, current market size, and forecast of future trends will help key market players and new entrants to make the necessary decisions regarding product offerings, geographic focus, change in strategic approach, and levels of output to remain successful in the market.

Key Benefits of Buying the Report:
This report will enable both established firms and new entrants/smaller firms to gauge the pulse of the market, which, in turn, will help these firms garner greater market shares. Firms purchasing the report can use anyone, or a combination of the below mentioned five strategies for strengthening their market shares.

The report provides insights on the following pointers:
-- Market Penetration: Comprehensive information on the product portfolios of the top players in the sterilization equipment market
-- Product Development/Innovation: Detailed insights on the product approvals, R&D activities, and product launches in the sterilization equipment industry
-- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments, and product portfolios of the leading players in the sterilization equipment market
-- Market Development: Detailed information about emerging markets.
-- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the sterilization equipment market

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