Sterilization Equipment Market is expected to reach USD 9.8 billion by 2025: Radiant Insights
Increasing number of hospital stays and growing awareness amongst the patient population regarding hospital-acquired infections (HAI) are propelling the market growth at a global level. Sterilization of medical devices is significant in order to prevent the spread of diseases such as AIDS.
Furthermore, proper sterilization of medical devices also prevents additional surgeries required to treat infections caused by the use of unsterilized devices, thus reducing cost and life-threatening complications. According to various research studies and statistics, sterilization shows almost 100% effective results with the least rate of contamination in hospitals and other medical institutions.
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Further Key Findings from the Study Suggest:
• Heat sterilization technique dominated the overall market in 2015, as it is the most widely used method for the sterilization of maximum medical equipment
• In addition, glassware such as flasks, petri dishes, pipette, burette, and glass syringes are the most compatible with heat sterilization
• Low-temperature sterilization is anticipated to grow at the highest CAGR during the forecast period since the technique is used to sterilize heat-sensitive and moisture-sensitive loads with high efficiency as it destroys even the microorganisms
• Hospitals segment occupied the largest share in 2014. The segment is also expected to witness the highest growth rate during the forecast period as most of the medical equipment finds its application in hospitals.
• North America dominated the segment with the largest revenue share in 2015 due to greater technological advancement, growing awareness, and highly developed healthcare infrastructure.
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• Increasing number of surgical procedures in hospitals is aggressively propelling the demand for sterilization equipment in North America, which is expected to boost the growth in North America
• Asia Pacific is anticipated to show a significant growth during the forecast period, mainly due to increasing government initiatives, large pool of patient population, and increasing incidence of hospital-acquired infections
• Some of the major companies operating in this market are STERIS plc; Getinge AB, Advanced Sterilization Products Services, Inc.; 3M; Belimed; Cantel Medical; MATACHANA GROUP; Sterigenics International LLC; and TSO3.
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Prevalence of supporting regulations in North America is expected to be a key factor responsible for the high growth. Reduction in feed-in tariff rate has hampered market growth, however, the incentive schemes under the Italian legislative regime, highest global subsidies for RES (Renewable Energy Sources) is expected to drive market demand.
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Growing awareness for improving the safety of workers owing to increasing incidences of occupational accidents, government agencies such as OSHA, EASHW, ISO, and CEN have legislated stringent guidelines.
Contact with harmful chemicals in working environments of industries has been one of the major factors concerned with health issues of workers. Emissions of radiation, heat and fumes during industrial processing cause health risks and there is a high risk that these will lead to health issues such as cancers, pulmonary diseases, skin irritation, loss of vision, and other such ailments. In the recent past years, several rounds of examination from various organizations and HSE agencies in the region were done to progress safety standards in industries.
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