Sterilization Technology Market is forecasted to grow at a CAGR of 9.0% during 2017-2023

January 15 17:27 2018

The sterilization technology market size is projected to reach $7.5 billion by 2023, growing at a CAGR of 9.0% during 2017-2023. The market is growing mainly due to the increasing prevalence of healthcare associated infections (HAIs), growing demand for sterilized pharmaceutical products, expanding demand for less invasive surgical procedures, and growing aging population.

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On the basis of application, the sterilization technology market has been segmented into medical devices sterilization and pharmaceutical sterilization. Medical devices sterilization is the larger application area of sterilization products and services. Medical devices require sterilization as it prevents the growth and spreading of further infections to the patients. If an unsterilized equipment is used, it can cause an infection and may require surgery upon detection and can lead to further complications.

There has been an increase in the number of biological products available in the market, also new practices to provide high assurance on pharmaceutical sterilization processes has become necessary. At the same time, changes in the type of materials and products required in the manufacturing of pharmaceuticals are driving biopharmaceutical companies to make changes in typical sterilization methods leading to increase in the demand for sterilization technology products. The WHO has set some parameters for making sterilized pharmaceutical products such as quality control, sanitation, isolator technology, and blow/fill/seal technology, to avoid any contamination. Thus, the increasing demand for sterilized pharmaceutical products leads to a positive impact on the global sterilization technology market.

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Europe held the second largest share of 28.6% in the global sterilization technology market, in 2016. The growth in the European market for sterilization technology is mainly led by the increasing incidence of HAIs, growing aging population, outsourcing of sterilization operations, and rising number of surgeries in the region. By 2023, the European market for sterilization technology is expected to cross $2.0 billion dollar, growing at a CAGR of 8.1% between 2017-2023. Among all the European countries, France is expected to witness the fastest growth for sterilization technology devices, consumables and services during the forecast period.

Some of the other key players operating in the sterilization technology market are STERIS plc, Getinge AB, Belimed AG, Ethicon, Inc., MATACHANA GROUP, Anderson Products, Inc., B. Braun Melsungen AG, and 3M Company.

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