DUBLIN--(BUSINESS WIRE)--The "Sterilization Technology Market by Offering Type (Devices, Consumables, Services), by Application, by End User, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" report has been added to ResearchAndMarkets.com's offering.
Global Sterilization Technology Market is Forecasted to Attain $7.5 Billion Value By 2023, Growing at a CAGR of 9% During 2017-2023.
The boost in demand of sterilization processes is due to the increasing prevalence of healthcare associated infections (HAIs), growing demand for sterilized pharmaceutical products, expanding demand for less invasive surgical procedures, and growing aging population.
The Asia-Pacific sterilization technology market has been experiencing significant growth due to increasing aging population, rising healthcare expenditure, growing pharmaceutical industry in the region, high pollution levels, and growing medical tourism. The market in the region will witness 10.6% CAGR during the forecast period. According to the World Bank, the healthcare expenditure of South Asia was 3.9% of its total GDP in 2000, which increased to 4.4% in 2014. The growing healthcare infrastructure in Asia-Pacific is creating huge revenue generation opportunities for the medical device manufacturers in the region to adopt for sterilization products and services.
Globally, the key providers in the sterilization technology industry are launching new products to gain a larger market share. In June 2017, Advanced Sterilization Products (ASP), Ethicon, Inc. received the USFDA clearance for its 30-minute STERRAD VELOCITY BI system. The system has reduced the result time from several hours to 30 minutes, and this new enhancement to the company's complete sterile ecosystem gives hospitals the opportunity to raise their standard of care by running a BI in every cycle, every day. It minimizes the need for manual documentation and thereby reducing the potential for human error.
- Outsourcing of sterilization technology operations
- Rising incidence of HAIs
- Increase in the number of surgeries
- Growing demand for sterilized pharmaceutical products
- Rising demand of minimally invasive procedures
- Growing aging population
- Growth in the pharmaceutical and biotechnology industries in Asian countries
- Impact analysis of drivers on market forecast
- Sterilization of complex advanced products
- High cost of sterilization equipment
- Lack of surveillance systems for HAIs in developing countries
- Impact analysis of restraints on market forecast
- Increasing growth avenues in emerging market
- Rising demand of electron beam (ebeam) sterilization process
- 3M Company
- Anderson Products, Inc.
- B. Braun Melsungen AG
- Belimed AG
- Cantel Medical Corp.
- Ethicon, Inc.
- Getinge AB
- Sterigenics International, LLC
- STERIS plc
For more information about this report visit https://www.researchandmarkets.com/research/r3c7g4/global?w=4