Sterilization Equipment Market Worth USD 23.7 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

LONDON, Nov. 2, 2020 /PRNewswire/ -- According to a new market research report "Sterilization Equipment Market by Product & Services {Equipment [Heat, Low-temperature (Ozone, Formaldehyde), Filtration), Consumables (Sterilization Indicators, Sterilants), Services (Gamma, Steam)], End User (Hospitals, Pharma)} - Global Forecast to 2027", published by Meticulous Research^®, the sterilization equipment market is expected to grow at a CAGR of 12.2% from 2020 to reach USD 23.7 billion by 2027.

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Sterilization equipment is an essential measure across the healthcare industry to avoid infectious diseases. Infectious diseases are caused by pathogenic microorganisms, such as bacteria, viruses, parasites, or fungi. These diseases can be spread, directly or indirectly, either from one person to another, from infected or non-sterilized surgical or medical devices used to treat a person, or from being in the infected environment of any healthcare facility. Thus, to prevent and reduce the occurrence rate of infectious diseases, various healthcare facilities are adopting sterilization equipment methods and programs to improve the quality of care and provide a safe environment to the patients and other personnel working in the same facilities.

COVID-19 Impact on Sterilization Equipment Market

Sterilization equipment are one of the core parts of any healthcare facility. The current COVID-19 pandemic has changed the way markets function at both the demand and supply side. Moreover, increasing demand for vaccines supported the growth of the market. For instance:

• As per the data from Fierce Pharma, in April 2020, Sinovac Biotech Ltd. (China), one of many drugmakers seeking a COVID-19 vaccine, was leveraging China's aid to help it cross the finish line. For this, the company needs to build out a massive new facility on the government's dime. Hence, the company plans to build vaccine production facilities on 230,000 square feet of land to help speed the development of 100 million COVID-19 shots per year.
• In March 2020, CanSino Biologics Inc. (China) received regulatory approval to conduct a Phase I trial of its recombinant novel coronavirus vaccine (adenovirus type 5 vector) candidate. Moreover, the state-owned Wuhan Institute of Biological Products also received government approval to move ahead with trials.
• The Indian Council of Medical Research (ICMR), Center for Disease Control and Prevention (CDC), and the National Institutes of Health (NIH) have been collaborating on the co-development of three COVID-19 vaccines.
• Zydus Cadila is working on two vaccines. Serum Institute, Biological E, Bharat Biotech, Indian Immunologicals, and Mynvax are developing one vaccine each.
• Mesoblast Ltd. (Australia), a biotech company, increased its funding to USD 90 million for scaling up manufacturing and production of its Remestemcel-L drug to treat patients with COVID-19.
• Since February 2020, Seegene, Inc. (South Korea) ramped up its production of COVID-19 test kits, which helped with the country's rapid testing measures. The firm company sent its kits to countries in Europe and Asia and now waiting for U.S. FDA approval.
• Bukwang Pharmaceutical (South Korea) declared positive antiviral effects from trials of its hepatitis B drug clevudine on COVID-19 patients in South Korea.
• In March 2020, GeneOne Life Science collaborated with researchers at Houston Methodist Hospital to develop an RNA vaccine for COVID-19.

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Such initiatives create opportunities for local players of each country to gear up their manufacturing capacity and cater to the rising demand for the various types of sterilization equipment.

The sterilization equipment market study by Meticulous Research^® presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The study also evaluates industry competitors and analyzes the market at regional and country levels.

On the basis of product type, the equipment segment is expected to command the largest share of the overall sterilization equipment market in 2020. Their ability to sterilize the reusable medical instruments, surgical instruments, and other materials required for various microbial-safe environments, rising number of HAIs, growing focus on the development of vaccines to tackle the recent outbreak of COVID-19 by pharma & biotech companies, and increasing need for food safety drive the growth of this market. However, the consumables & accessories segment is expected to grow at the fastest growth rate during the forecast year due to its ability to measure infection control and prevention activities, to track HAIs and provide an overall picture of trends that result from infection control and prevention actions, and the ability to reduce the inventory of very expensive equipment.

Based on end user, hospitals and clinics are expected to account for the largest market share of the overall sterilization equipment market in 2020. Factors such as increasing chronic diseases associated with the aging population, rising number of hospitalization due to the sudden outbreak of COVID-19, growing awareness among people for quality care, focus on reducing the healthcare burden, and increasing HAIs supported the growth of the market for hospitals and clinics.

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Geographically, North America is poised to dominate the global sterilization equipment market in 2020, followed by Europe and Asia-Pacific. The factors such as well-established healthcare system in the region, greater adoption of advanced technologies, growing incidences & prevalence of infectious diseases, presence of a large number of hospitals, growing aging population, and greater access to healthcare supported the largest share of North America in the sterilization equipment market. However, Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of the Asia-Pacific sterilization equipment market include accelerated economic growth in the region, growing government focus on the healthcare sector, rising prevalence of infectious diseases, including COVID-19, and government initiatives to boost sterilization production equipment products.

The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past four years (2017–2020). The sterilization equipment market has witnessed several new product launches & approvals; acquisitions; and partnerships & agreements in recent years. For instance, in April 2020, Getinge AB (Sweden) launched DPTE Trolley to ensure safety for people, processes, and products in biopharmaceutical production and biomedical research.

The key players operating in the global sterilization equipment market are STERIS plc. (U.S.), Cantel Medical Corp. (U.S.), Getinge AB (Sweden), 3M Company (U.S.), Advanced Sterilization Products (U.S.), MMM Group (Germany), MATACHANA group (Spain), Cardinal Health, Inc. (U.S.), Sotera Health (U.S.), and Belimed (Switzerland), among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/sterilization-equipment-market-5141/

Scope of the Report:

Sterilization Equipment Market, by Product

• Equipment
• Heat Sterilization Equipment
• Moist Heat Sterilizers
• Dry Heat Sterilizers
• Low-temperature Sterilization Equipment
• Hydrogen Peroxide / Gas Plasma Sterilization
• Ethylene Oxide Sterilizers
• Ozone-based Medical Sterilizers
• Formaldehyde Sterilizers
• Others
• Radiation Sterilization Equipment
• Filtration Sterilization Equipment
• Consumables & Accessories
• Sterilization Indicators
• Biological Indicators
• Chemical Indicators
• Sterilants
• Instrument Packaging & Pouches
• Others
• Services
• Ethylene Oxide Sterilization Services
• Gamma Sterilization Services
• E-beam Sterilization Services
• Steam Sterilization Services
• Other Sterilization Services

Sterilization Equipment Market, by End User

• Hospitals & Clinics
• Medical Device Companies
• Pharmaceutical Companies
• Food & Beverage Industry
• Other End Users

Sterilization Equipment Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe (RoE)
• Asia-Pacific (APAC)
• Japan
• China
• India
• Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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Amidst this crisis, Meticulous Research^® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research.php

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