The latest report by Market Research Future (MRFR) states that the sterilization technology market is poised to touch the valuation of USD 8,142.61 million by 2023, expanding at a moderate CAGR of 8.20% during the forecast period (2018-2023).

Sterilization refers to the process of completely eliminating any object or surface from bacteria or other pathogenic agents. Moreover, opting for a specific particular method of sterilization is dependent on various aspects like constituents of the sterilizing object, microbial load, type of application, classification and suitability of sterilization method and so on. However, it is in the medical field that sterilization is given the utmost importance, for preventing the buildup of disease-causing pathogens and the spreading of diseases.

Rising incidences of hospital acquired infections (HAIs) along with the number of surgeries performed are boosting the sterilization technology market growth. Moreover, the growing usage of e-beam radiation sterilization, advancements in technologies like the use of gas plasma, use of NO2, peracetic acid sterilization, e-beam technology, supercritical CO2 coupled with the expanding healthcare infrastructure are opening new avenues for the sterilization market.

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Higher costs of sterilization equipment and devices, on the other hand, could stifle market growth during the forecast period. Furthermore, the cost of sterilization equipment maintenance and replacement parts could limit market growth. Thermal sterilizers, for example, are constantly in need of steam, electricity, and water, all of which add to the cost. Furthermore, strict regulations can stifle market expansion. Before going into full-fledged production, manufacturers need component approvals, which can be time-consuming.

Competitive Analysis

Advanced Sterilization Products Services Inc., Donaldson Company, Inc., Steris Plc, and The 3M Company are market leaders sharing among them the maximum percentage of the global market. Among others influencing the market are Atec Pharmatechnik GmbH, Sterile Technologies Inc. Feldmeier Equipment Co., Donaldson Co. Inc., and Beta Star Life Science Equipment.

Segmentation Analysis

The global sterilization technology market can be segmented by type, process, and end-user.

By Type-wise segmentation includes ionizing radiation, filtration, thermal sterilization, ethylene oxide, and others. Because of its high penetration, the intensity of the radiation dose, and exposure duration, ethylene oxide (EO) has the largest market share. During the forecast period, the EO market is projected to hit USD 3.82 billion. However, its negative health effects may boost the demand for ionizing radiation, which is expected to rise and catch up to EO.
By Process, the market is segmented into physicochemical, synergetic processes, chemical process, and physical processes. By 2023, the chemical process is projected to generate the most revenue, with a value of USD 5.67 billion.
Based on the End-user, the market comprises hospitals and clinics, the pharmaceutical industry, and medical device manufacturers. During the review period, the pharmaceutical sector is projected to bring in the most revenue.
Regional Outlook

The regions where the sterilization technology market is prevalent are the Americas (North America and South America), Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).

Cornering an estimated market share of 40.1%, North America led the global market with the largest share in 2017, with the market slated to retain its top position well into the forecast period. The market owes its phenomenal performance to various factors like growing awareness regarding infections & diseases, improving healthcare expenditures, growing geriatric population, massive patient pool, a strong economy, rising admissions in hospitals due to patients suffering from chronic illness, and the onslaught of technological advancements in healthcare. The region is inundated with well-developed countries such as the United States (US) and Canada that are contributing massively to this market growth. Furthermore, South America is relatively a smaller market due to less technological development. However, the strongest economies in South America are Argentina and Brazil, which are steadily picking up pace in the sterilization technology market.

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The Europe market stands second in the global market, backed by the factors like increasing number of pharmaceutical, expanding food and beverages industry, growing investment for the development of healthcare infrastructure, and adoption of newer technologies in the sterilization process.

The Asia Pacific sterilization technology market has secured the third position globally, owing to the burgeoning aging population, growing healthcare expenditure, high pollution levels, expanding pharmaceutical industry, and thriving medical tourism. The expanding healthcare infrastructure in the region is creating massive revenue generation opportunities for the medical device manufacturers leading to adoption of sterilization products and services.

Lastly, increasing prevalence of hospital-acquired infections, coupled with the elevated number of surgical procedures, and government initiations for protection of the public health are bolstering the growth of the sterilization technology market in the Middle East and Africa.