The sterilization equipment market is projected to reach USD 20.0 billion by 2026 from USD 13.8 million in 2021, at a CAGR of 7.7%. Market growth is largely driven by the rising incidence of hospital-acquired infections, growing number of surgical procedures, increasing focus on food sterilization and disinfection, growth in the pharmaceutical and biotechnology industries, and the increasing outsourcing of sterilization services.
“The sterilization instruments segment accounted for the highest growth rate in the sterilization equipment market, by product and service, during the forecast period”
Based on product & service, the sterilization equipment market is segmented into sterilization instruments, sterilization services, and sterilization consumables & accessories. The sterilization instruments segment is projected to register the highest CAGR during the forecast period The growth of this segment is primarily driven by the rising incidence of HAIs, increasing number of surgeries performed, stringent regulatory mandates for infection control, and the growth in the medical device and pharmaceutical industries.
“Pharmaceutical Companies accounted for the highest CAGR”
Based on end user, the sterilization equipment market has been segmented into hospitals & clinics, medical device companies, food & beverage companies, pharmaceutical companies, and other end users. The pharmaceutical companies segment is projected to register the highest CAGR during the forecast period. Factors such as the increasing number of pharmaceutical companies and stringent regulatory norms for drug safety are driving the growth of the pharmaceutical companies’ segment.
“Asia Pacific: The fastest-growing region in the Sterilization Equipment market”
The sterilization equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region offers high-growth opportunities for players in the sterilization equipment market. This regional segment is estimated to register the highest CAGR during the forecast period. Factors such as the growing pharmaceutical and medical device industries, rising number of surgical procedures, and increasing healthcare expenditure are driving market growth in the APAC region.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 - 28%, Tier 2 - 42%, and Tier 3 - 30%
- By Designation: C-level - 30%, D-level - 34%, and Others - 36%
- By Region: North America- 46%, Europe- 25%, Asia Pacific – 18%, RoW – 11%
This report provides a detailed picture of the sterilization equipment market. It aims at estimating the size and future growth potential of the market across different segments, such as product & service, end user, and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall sterilization equipment market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, opportunities, challenges, and trends.