PORTLAND, Oregon and PUNE, India, January 16, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Sterilization Technologies Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global sterilization technologies market is expected to reach $8,578 million by 2022, from $5,768 million in 2015, growing at a CAGR of 5.8% from 2016 to 2022. The chemical & gas sterilization segment dominated the market in 2015, with more than half share, in terms of revenue.
Summary of the Report Sterilization Technologies Market can be accessed on the website at:
Sterilization technologies are procedures used to eliminate transmissible agents, such as bacteria, virus, fungi, and prions, by using chemical and physical agents known as sterilants. Increase in number of surgeries, rise in number of hospital-acquired infections (HAIs), and growth in demand for sterilization technologies in various end user industries, including food & beverage, are major factors that drive the market growth globally. Ethylene oxide, formaldehyde, hydrogen peroxide, and propylene oxide are active agents employed in sterilization technologies. Enhancement in low-temperature sterilization systems through continuous innovation has led to reduced processing time and capacity expansion for instrument reprocessing. Regulatory authorities present in this market include the Food and Drug Administration (FDA), International Organization for Standardization (ISO), and Occupational Safety and Health Administration (OSHA). High cost of sterilization equipment & devices and stringent regulations associated with harmful gases hinder the growth of sterilization technologies; however, technological advancements and rise in use of sterilization technologies in emerging economies provide numerous opportunities for market expansion.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, "Penetration of disposable products in medical and pharmaceutical industry is a threat to market growth, as it eliminates the need for sterilization technologies. However, all instruments and devices cannot be converted into one-time-use equipment, and thus sterilization technologies are expected to continue to flourish."
Chemical & gas sterilization accounted for more than half market share, in terms of revenue, in 2015, owing to the ability of gases to penetrate multiple packaging layers. This sterilization technology is used for catheters, equipment with integrated electronics, assembled complex devices, stents, custom procedure packs, multi-lumen tubing products, and wound care dressings.
Medical devices segment held the largest share by end user in 2015, in terms of revenue, and is expected to grow at a CAGR of 5.7% during the forecast period. Sterilization technologies are used in the medical industry to sterilize tissues, medical products, and cleanroom consumables. Penetration and dose uniformity ratio, shorter processing time, enhanced polymer reaction, and flexibility have made X-ray processing as the preferred sterilization procedure for medical device products.
Key findings of the study
- North America is expected to continue to lead the global sterilization technologies market, followed by Asia-Pacific.
- Cosmetic sterilization technologies market revenue is projected to grow at a CAGR of 6.6% during the forecast period.
- Ethylene oxide is the expected to grow at the highest CAGR of 5.6% in chemical & gas sterilization technologies market.
- Turkey accounted for 32.5% share in LAMEA sterilization technologies market in 2015.
- India is projected to grow at the higher CAGR of 6.9% in Asia-Pacific sterilization technologies market.
- Belgium accounted for 12.9% share in the Europe market in 2015.
North America and Asia-Pacific collectively contributed more than half of the revenue share in 2015. In the same year, North America dominated the market, owing to growth in geriatric population and increase in healthcare expenditure.
The key market players profiled in this report are Advanced Sterilization Products Services Inc. (U.S.), Atec Pharmatechnik GmbH (Germany), Belimed AG (U.S.), Getinge Group (Sweden), Nordion (Canada) Inc. (Canada), Noxilizer, Inc. (U.S.), Sterile Technologies Inc. (U.S.), Steris Plc (U.S.), The 3M Company (U.S.), and TSO3 Inc. (Canada).
Read similar market research reports on Life Sciences at: https://www.alliedmarketresearch.com/life-sciences-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research