Sterilization Equipment Market Intelligence Report Offers Growth Prospects

 

Sterilization Equipment Industry Overview

The global sterilization equipment market size was valued at USD 7.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 10.6% from 2023 to 2030.

Hospital-acquired Infections (HAIs), also known as nosocomial infections, are primarily found in patients receiving long-term treatment, mainly surgical treatment. They can occur in surgical centers, clinics, hospitals, ambulatory surgical centers, and long-term care facilities, such as nursing homes & rehabilitation centers. Generally, the geriatric population, children, and patients with low immunity are prone to HAIs. Factors such as the use of catheters, lack of proper hygiene in healthcare settings, and excessive use of antibiotics can increase predisposition to HAIs.

Gather more insights about the market drivers, restrains and growth of the Sterilization Equipment Market

Furthermore, an increase in the number of surgical procedures in clinics is a major factor contributing to market growth. Maintaining proper hygiene and sanitation is necessary to maintain a healthy environment in the clinic. In addition, the spread of COVID-19 requires the adoption of preventive measures for containing the spread of the disease. These factors are expected to drive the adoption of sterilization equipment in clinics.

Increasing prevalence of HAIs due to lack of sanitation and preventive measures is a key factor anticipated to propel market growth over the forecast period. According to a CDC report in 2018, around 1.7 million cases of HAIs and around 99,000 associated deaths are reported each year in American hospitals. As per a report published by the European Centre for Disease Prevention and Control (ECDC), in 2018, prevalence of HAIs in European countries was around 7.1%. It also reported that over 4,131,000 patients suffer from HAIs in Europe each year. Such cases are boosting the demand for sterilization equipment.

Sterilization equipment is required for sterilization and cleaning of different equipment used in the hospitals as they help in reducing the spread of infections and diseases. An increase in the incidence of chronic diseases, such as diabetes, cancer, and other autoimmune diseases, is anticipated to boost the demand for sterilization equipment. Antimicrobial resistance, increased adoption of unhealthy & sedentary lifestyle, smoking, and alcohol consumption, are some of the major factors contributing to the growing prevalence of chronic diseases.

According to the National Diabetes Statistic Report 2017, by CDC, more than 100.0 million people in the U.S. were living with diabetes or prediabetes. In addition, the WHO reported that in 2015, approximately 1.6 million global deaths were directly caused due to diabetes. Cancer has been a global healthcare burden. According to estimates by WHO, cancer is the leading cause of death globally and almost 1 in 6 deaths can be attributed to this disease. In addition, it reported that over 70% of cancer-related deaths typically occur in middle- and low-income countries.

The rising prevalence of chronic conditions has significantly increased hospital admission rate. Blankets, sterile fluids, and equipment are some of the essential requirements in hospitals & clinics. Thus, in such cases, sterilization equipment efficiently serves the purpose, as they reduce the risk of infection transmission among patients and improve care delivery. Thus, the increasing prevalence of chronic diseases is expected to positively impact the market during the forecast period.

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Key Companies & Market Share Insights

The key players that dominated the global sterilization equipment market in 2022 include STERIS plc, Sterigenics U.S., LLC, Cantel Medical, E-BEAM Services, Inc., and Fortive. Companies are stressing research and development to develop technologically advanced products to gain a competitive edge.For instance, in April 2020, the U.S. FDA approved the use of Steris V-PRO 1 Plus, maX2, & maX low-temperature sterilization systems for decontamination of around 750,000 N95 respirators and similar masks each day in hospitals used for treating COVID-19 patients. This may increase the goodwill of the company.

Companies are engaging in partnerships, mergers, and acquisitions, aiming to strengthen their product portfolio, and manufacturing capacities, and provide competitive differentiation. For instance, in April 2019, Fortive completed the acquisition of Advanced Sterilization Products business segment from Johnson & Johnson, which also includes STERRAD Sterilization System. Thus, infection prevention related product portfolio would be marketed under Fortive. This initiative is anticipated to boost the growth of the company. Some prominent players in the global sterilization equipment market include:

·         STERIS PLC.

·         Sterigenics U.S., LLC

·         Cantel Medical

·         E-BEAM Services, Inc.

·         Fortive

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