PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373915
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373915
Sterilization technologies market size was valued at USD 8,190.4 Million in 2022, expanding at a CAGR of 11.8% from 2023 to 2030.
Sterilization is the process of using chemical and physical methods through which all forms of microbial growth on a given object are removed. There are various forms of sterilization technologies and techniques with each method showcasing certain limitations and offering advantages. They have large-scale applications in a variety of industries such as cosmetic products, medical devices, medicine, food & beverages, and spacecraft.
Sterilization Technologies Market- Market Dynamics
Increasing application and patients in the healthcare field to drive market growth
The rising applications in the healthcare and medical fields are likely to drive the global sterilization technologies market growth. A range of microbes are constantly exposed on all types of medical devices. While some of these living things might not be extremely dangerous, others might be the reason for the spread of fatal diseases. However, in the medical sector, safety standards and operational procedures are projected to hinder market growth. Furthermore, the demand for improved sterilization technologies has soared to new levels as patients dealing with various medical conditions are on the rise. Additionally, consumption levels of all forms of medical devices are increasing with a rise in patient load in the medical community, as a result, suppliers of sterilization technologies are benefiting from the same. Various surgical devices are utilized for numerous operations, it is essential to have them sterilized to kill the germs present on them, and it is attributed to fuel the growth of the global sterilization technology market.
Sterilization Technologies Market- Key Insights
As per the analysis shared by our research analyst, the global sterilization technologies market is estimated to grow annually at a CAGR of around 11.8% over the forecast period (2023-2030)
The sterilization technologies industry is projected to grow at a significant rate due to the growing applications in the healthcare and medical fields
Based on type segmentation, chemical & gas was predicted to show maximum market share in the year 2022
Based on end user segmentation, medical devices was the leading type in 2022
The growing stricter regulations and policies in place governing the medical community at global and regional levels are projected to boost the demand for sterilization technologies
The global sterilization technologies market is segmented on the basis of type, process, end user, and region.
The market is divided into four categories based on type: filtration sterilization, chemical & gas sterilization, ionizing radiation sterilization, and thermal sterilization. The chemical & gas sterilization segment is expected to hold the largest revenue share during the forecast period as these measures used sterilization techniques and are most widely known. They are known for reliability, the ability to sterilize several types of bacteria, and higher efficiency.
The market is divided into six categories based on end-user: cosmetics, medical devices, pharmaceuticals, agriculture, manufacturing, food & beverages, and others. The medical devices segment is likely to maintain its dominance over the forecast period due to the rise in the geriatric population, higher investments in developing affordable healthcare infrastructure, an increasing number of medical cases worldwide, and increased healthcare expenditure that led to risen access to primary medical care even in remote locations.
Sterilization Technologies Market- Geographical Insights
The global sterilization technologies market is expected to be led by North America over the forecast period. The primary reasons for regional growth are strict implementation policies and the existence of several safety protocols that ensure businesses operating in all end-user verticals adhere to safety guidelines and standards. Additionally, sterilization technology consumption has surged in the region by the increase in pressure on the healthcare industry with growing medical tourism while catering to the medical requirements of the regional population.
The sterilization technologies sector may expect higher growth as researchers and players continue to invest in novel systems for particular sectors. Every end-user industry has precise demands leading to an unfulfilled and large scope for newer systems. In addition, the evolving nature of bacteria and viruses to survive current sterilizing techniques has fueled manufacturers of the technology to develop highly effective and more creative solutions. For instance, in February 2021, BD, a leading global medical technology company, announced its board of directors had approved the planned spinoff of its diabetes care business, which will be known as Embecta Corp. ("embecta") and declared a pro rata distribution of all of the outstanding shares of embecta common stock to BD shareholders.
For instance, in April 2021, 3M announced its latest addition to a new class of silicone adhesives designed to be gentler for fragile skin. Additionally, the company said its engineers designed the 2484 3M single-coated medical film tape with Hi-Tack silicone adhesive on liner to be conformable and breathable, enabling up to a seven-day wear time with minimal skin cell removal.