NEW YORK, Oct. 19, 2015 /PRNewswire/ -- The Global Sterilization Technologies market is valued at $4.28 billion in 2014 and is expected to reach $6.7 billion by 2022 growing at a CAGR of 5.8% from 2014 to 2022. Growth in demand for sterilization equipment and techniques is expected to be driven by greater emphasis on reprocessing of medical devices as a means of curbing expenses. Another factor reinforcing demand is the technological advancements made in medical instruments such as endoscopes and analyzers, which have, in turn, contributed to an increasing requirement for advanced sterilizers and techniques that are compatible with these instruments. Whereas factors such as stringent regulations imposed by authorities in several developed nations are limiting the market growth.
Technological advancements such as E-beam radiation and gamma sterilization are anticipated to create opportunities for the global sterilization technologies market. Contract sterilization service is a major trend in the global sterilization technologies market. The Filtration Sterilization market segment including equipment and consumables is expected to grow at a CAGR of around 10%. The key driving forces for the sterilization technologies market in developing countries are the large pool of patients, increasing awareness about diseases, rising prevalence of infectious diseases, improving healthcare infrastructure, and rising number of surgeries.
North America dominates the global market for sterilization technologies, led by the U.S. due to rise in number of hospital acquired infections and increasing geriatric population in the region. Asia Pacific is expected to witness high growth rate due to rise in awareness, increase in number of surgeries, growth of aging population and growth in per capita income. China and India are projected to be the fastest growing markets in this region.
Sterilization Technologies Market is segmented by type, by application and by geography. Depending on the various types, market is segmented into chemical sterilization, filtration sterilization, radiation sterilization and thermal or heat sterilization. Based on applications, market is classified as pharmaceuticals, medical devices, life sciences, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World.
The key players in the Sterilization Technologies Market include 3M Company, Advanced Sterilization Products, Andersen Products Inc., Cantel Medical Corp., Medline Industries Inc, Sterigenics International Inc., Sterile Technologies Inc., Steris Corporation , TSO3 Inc. and Tuttnauer USA Co Ltd.
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