The global sterilization technologies market size was valued at $7,200.53 Million in 2020, and is projected to reach $12,782.65 Million by 2030, registering a CAGR of 5.9% from 2021 to 2030.
Rise in number of hospital-acquired infections, growth in the geriatric population, expansion of the processed food & beverage market, and increase in adoption of sterilization technologies in medical and cosmetic industries drive the growth of the global sterilization technologies market. However, increase in regulatory pressures, high installation and utility costs associated with sterilization technologies, and introduction of disposable devices, such as syringes, bandages, sutures, and gowns, impede the market growth. On the contrary, R&D activities by key leading players and continuous advancements in the medical device industry are expected to create lucrative opportunities in the industry.
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Sterilization technologies are procedures used to eliminate transmissible agents, such as bacteria, virus, fungi, and prions, by using chemical and physical agents known as sterilants. Increase in number of surgeries, rise in number of hospital-acquired infections (HAIs), and growth in demand for sterilization technologies in various end user industries, including food & beverage, are major factors that drive the market growth globally. Ethylene oxide, formaldehyde, hydrogen peroxide, and propylene oxide are active agents employed in sterilization technologies. Enhancement in low-temperature sterilization systems through continuous innovation has led to reduced processing time and capacity expansion for instrument reprocessing. Regulatory authorities present in this market include the Food and Drug Administration (FDA), International Organization for Standardization (ISO), and Occupational Safety and Health Administration (OSHA). High cost of sterilization equipment & devices and stringent regulations associated with harmful gases hinder the growth of sterilization technologies; however, technological advancements and rise in use of sterilization technologies in emerging economies provide numerous opportunities for market expansion.
- The outbreak of COVID-19 is expected to impact the growth of the global sterilization technologies market positively. The rapid spread of COVID-19 boosted the demand for sterilization equipment and services due to rise in cases of HAIs in hospital settings.
- The rise in healthcare expenditure due to the Covid-19 outbreak and increase in number of temporary hospitals are propelling the growth of the market.
- Factors such as rise in demand for hospital beds and intensive care units (ICUs), the expansion of isolation facilities, and increased consumer awareness of sterilizing products and services for medical devices and single-use products have all fuelled sterilization products and service demand.
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Increase in number of surgeries and prevalence of various diseases, rise in number of hospital acquired infections, and growth in demand of sterilization in food & beverage industry propel the growth of the sterilization technologies market.
The major factors that drive the growth of the market include, increase in rate of infections, rapid growth of biotechnological and pharmaceutical companies, increase in medical procedures, and advancement of technology in the sterilization market. Infectious diseases, such as AIDS and innovation of medicines and initiatives taken by the government are also considered as primary drivers for the growth of the sterilization technologies market.
Key players in the industry-
- AtecPharmatechnik GmbH
- Advanced Sterilization Products Services Inc.
- Sterile Technologies Inc.
- Belimed AG
- Nordion Inc.
- Stryker Corporation.
- Getinge Group
- Noxilizer, Inc.
- Steris Plc.
- The 3M Company
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