LONDON, Jan. 4, 2017 /PRNewswire/ -- The global sterilization equipment market is poised to reach USD 6.93 billion by 2021 from USD 4.69 billion in 2016, at a CAGR of 8.8%. The sterilization equipment market is segmented by product; consumables and accessories market, by type; sterilization services market, by site of sterilization; end user; and region. Factors such as rising incidences of hospital-acquired infections, increasing number of hospitals and hospital sterilization procedures in Asia, increasing number of surgical procedures, rising aging population, growing number of pharmaceutical companies in Asia, and growth of the food & beverage industry worldwide are contributing to the growth of the sterilization equipment market. However, factors such as regulatory compliance issues and saturated developed markets are restraining the growth of this market during the forecast period.
On the basis of product, the sterilization equipment market is segmented into heat sterilization/high-temperature sterilization equipment, low-temperature sterilization equipment, ionizing radiation sterilization equipment, and filtration sterilization equipment. The heat sterilization/high-temperature sterilization segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the rise in the number of mergers and acquisitions by key players in this market to expand their product portfolios.
On the basis of type, the sterilization consumables and accessories market is segmented into detergents, sterilization indicators, pouches, sterilization accessories, and lubricants. The sterilization indicators segment is expected to grow at the highest CAGR during the forecast period. The growth in this market segment can be attributed to the increasing number of surgeries performed worldwide, resulting in a growth in demand for sterilization products and hospital sterilization procedures to reduce the incidence of HAIs.
On the basis of site of sterilization, the sterilization services market is further segmented into offsite and onsite sterilization. The offsite segment is expected to account for the largest share of the market in 2016. This growth can be attributed to the advantages of offsite sterilization over in-house sterilization. These advantages, coupled with the rising focus on cost-containment and another major factor driving this market is the increasing number of contract sterilization service providers offering better services to clients.
Apart from comprehensive regional and product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the company profiles comprise basic views on the key players in the sterilization equipment market and product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The abovementioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, regional focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help the firms garner a higher market share. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios of the top players in the sterilization equipment market. The report analyzes the sterilization equipment market by product, consumables and accessories, sterilization service, end user, and region
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and new product launches in the sterilization equipment market
- Competitive Assessment: In-depth assessment of the market strategies, regional and business segments, and product portfolios of the leading players in the sterilization equipment market
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the market for various sterilization products across regions
- Market Diversification: Exhaustive information about new products and services, untapped regions, recent developments, and investments in the sterilization equipment market
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