The global sterilization technology market is expected to reach a CAGR of 8.20% and the market will grow up to 8,142.61 USD million. Sterilization is a process that kills pathogens and ensures that a product has no microorganisms. The process includes different methodologies and technologies which are used for sterilization of equipment at the healthcare institutes.
Sterilization can be done differently by including irradiation, high pressure, filtration, heat and chemicals. It is equivalent to pasteurization, sanitization, and disinfection. Most of the surgical and medical devices used in the pharmaceutical industry are made from materials prone to heat, which is essential for sanitization.
Various efforts are taken to improve sterilization to meet the needs caused by diverse product ranges in the different sectors. The technology used for sterilization includes electronic beam radiation, thermal sterilization, gamma radiation, etc., to kill the microorganisms.
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COVID-19 Analysis
global sterilization market will observe an exceptional CAGR growth of 8.2% during the forecast period. The COVID-19 outbreak took the global sterilization technology market to a new level. There was a vast and constant demand for advanced healthcare systems, infrastructure, and, most notably, better services to treat the patients. To meet this rising demand globally, many companies have come forward to fulfil the demand and produce sustainable products to lessen the spread of COVID-19.
The number of healthcare facilities and surgical procedure are increasing every year. There are various sectors of sterilization market which is still not fulfilled, which will cause an excellent opportunity for the key market players around the world.
Market Dynamics
Market Drivers
The global sterilization technology market is driven mainly by the increased rate of infections, the rapid growth of biotechnological and pharmaceutical companies, increased medical procedure and advancement of technology in the sterilization market. Infectious diseases such as AIDS and innovation of medicines and initiatives taken by the government are also considered the primary market drivers of sterilization.
According to the World Health Organisation report, millions of people across the world are affected by HAI (Healthcare-Associated Infections) every year. This factor leads to a high mortality rate and substantial financial losses for the healthcare systems. According to WHO, healthcare infection differs by around 5.7% in low income and 19% in medium-income countries. The rise in Healthcare-Associated infections is one of the drivers of the Global sterilization technology market. Gradual improvements to enhance technology to produce better medical devices and investments in Research and Development activities by the leading market players will also offer an excellent opportunity for the market to rise.
Opportunities
The sterilization technology market is divided into three segments based on type- sterilization consumables and accessories, sterilization services, and sterilization instruments. The advancement in technology will open the opportunity to develop and reduce the chances of Hospital Associated Disease. Companies will focus on manufacturing advanced sterilized materials, which will help research institutions, surgical procedures and pharmaceuticals.
Restraints
The global market indeed has a promising future. Some restraints may hinder its development. High maintenance cost and replacements of sterilization equipment will be a significant problem for the sterilization market to grow. Thermal sterilizers need steam, water, and electricity to work efficiently.
Challenges
In the sterilization technology market, the traditional methods that use hot air or steam under pressure are still viewed as reliable techniques, providing better sterility. Other sterilization methods include ionizing radiation, filtration, and gases efficiently kill the microorganisms.
Stricter rules and regulations related to harmful gases are also the main factor. Active agents like formaldehyde are flammable, toxic, carcinogenic and explosive. They contain the potential to affect your health and environmental hazards. Governments in many countries have strict regulation due to the emission of greenhouse gases and safety issues.
Cumulative Growth Analysis
sterilization technology market is primarily driven by HAI (Hospital Acquired Infections). In the last few years, the number of surgical procedures has increased significantly. There is a massive demand for the development of sterilization technologies in the market. It is expected that the sterilization market will have grown with a CAGR of 8.20%. The market price will reach United States Dollar 8,142 million by the year 2023.
Value Chain Analysis
The sterilization technology market is also associated with research institutes, pharmaceuticals and biotechnological companies, clinics, hospitals, beverage and food industry, etc. The biotech and pharmaceutical sectors accounted for around 25% of the total revenue in the year 2018. It was because of the constant demand for injections and vaccines. The development of technological cell procedures will be beneficial for sterilization industry.
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