Medical Device Sterilization Market will value USD 11.8 billion by 2030 : GreyViews
Medical Device Sterilization Market Size by Product (Reagents, Instruments, and Services), By End-User (Hospitals, Pharmaceutical Companies, Laboratories, Clinics, Medical Device Manufacturers, Academic and Research Institutes, and Others), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the medical device sterilization market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the medical device sterilization market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global medical device sterilization market Getinge AB, 3M, STERIS, Metall Zug AG, Sotera Health, Fortive, Cardinal Health, Merck KGaA, Stryker, Tuttnauer, Noxilizer, Inc., MMM Group, MATACHANA GROUP, Andersen Sterilizers, Steelco S.p.A., DE LAMA S.P.A., C.B.M. S.r.l. Medical Equipment, Cosmed Group, E-BEAM Services, Inc. among others. To achieve a substantial market share in the worldwide medical device sterilization market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
All bacteria and spores, including the toughest ones, are eliminated statistically conclusively through sterilization, which eliminates all bacteria and spores on an object's surface or in its fluid in order to prevent the transmission of disease. There is a growing prevalence of chronic diseases, such as cancer, diabetes and autoimmune diseases, which will increase the need for sterilizing equipment. Antimicrobial resistance, an unhealthy and sedentary lifestyle, smoking, and alcohol consumption are among the main causes of chronic disease prevalence. High-temperature sterilization equipment is the most widely used and the most reliable sterilization equipment, and it is usually nontoxic for patients, staff, and the environment and highly microbicidal. Surgical operations are on the rise as a result of traffic accidents, surgeries related to ageing, and many more factors contributing to the market's expansion. Additionally, the market is growing as cutting-edge surgical goods become increasingly available. Furthermore, it penetrates deep into medical devices and is much less expensive than other sterilization equipment, resulting in a competitive market position. There are some factors which are affecting the market growth such as high costs and stringent government regulations. Technological advancements in the devices will boost the growth of the market during the forecast period.
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Scope of Medical Device Sterilization Market Report:
Report Metric | Information |
Study Period | 2022-2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Market Share Unit | USD Billion |
Segments Covered | Product, End-User, and Regions. |
Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
Major Players | Getinge AB, 3M, STERIS, Metall Zug AG, Sotera Health, Fortive, Cardinal Health, Merck KGaA, Stryker, Tuttnauer, Noxilizer, Inc., MMM Group, MATACHANA GROUP, Andersen Sterilizers, Steelco S.p.A., DE LAMA S.P.A., C.B.M. S.r.l. Medical Equipment, Cosmed Group, E-BEAM Services, Inc. among others |
Segmentation Analysis
Instruments are expected to be the fastest-growing segment in 2022.
The product segment is reagents, instruments, and services. The instruments segment is expected to witness the highest growth rate during the forecast period. In order to counter the spread of chronic diseases, a lot of sterilization equipment is manufactured, creating new opportunities for the instruments industry, which propels the growth of the market.
Hospital is expected to be the fastest-growing segment in 2022.
The end-user segment is hospitals, pharmaceutical companies, laboratories, clinics, medical device manufacturers, academic and research institutes, and others. The hospital segment is expected to witness the highest growth rate during the forecast period. There will be an increase in chronic diseases, such as diabetes, and cancer, which will increase the demand for sterilizing equipment in hospitals in order to maintain a safe and hygienic environment. Chronic diseases are on the rise primarily because of antimicrobial resistance, unhealthy living habits, smoking, and alcohol abuse.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the medical device sterilization market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Over the forecast period, North America's sterilization equipment market is predicted to grow at a significant rate due to positive growth in cross-contamination and hospital-acquired infections. As a result of the rising number of surgeries, the presence of major players in the market, and the increase in R&D procedures, the region is expected to see significant growth in the market.
Country Analysis
Germany
Germany's medical device sterilisation market size was valued at USD 2.62 billion in 2022 and is expected to reach USD 4.72 billion by 2030, at a CAGR of 8.2% from 2023 to 2030.
The rising geriatric population and increasing cases of chronic diseases in the country are boosting market growth. Moreover, rising awareness about cross-contamination infections also affects market growth positively.
China
China’s medical device sterlization market size was valued at USD 2.36 billion in 2022 and is expected to reach USD 4.86 billion by 2030, at a CAGR of 8.4% from 2023 to 2030.
Increasing adoption of preventative measures to lower the incidence of hospital-acquired infections in the region is driving the market in the country.
India
India's medical device sterilisation market size was valued at USD 3.02 billion in 2022 and is expected to reach USD 5.29 billion by 2030, at a CAGR of 8.3% from 2023 to 2030.
It is expected that the prevalence of chronic diseases like diabetes, cancer, and autoimmune disorders will increase, raising the demand for sterilizing equipment, which will boost the growth of the market in the country.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase due to the rising cases of c cardiovascular diseases, propelling the growth of the market across the countries.
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