The sterilization equipment market is expected to reach USD 11.14 billion by 2023 from USD 7.94 billion in 2018, at a CAGR of 7.0%. The major factors driving the growth of this market are the rising incidence of hospital-acquired infections, increasing number of surgical procedures, rising focus on food sterilization and disinfection, technological advancements in sterilization equipment, and increasing number of hospitals in Asia. On the other hand, the presence of stringent regulations may restrain the growth of this market during the forecast period.
Prominent players in the market include Steris (UK), Getinge Group (Sweden), and 3M (US).
The key strategies followed by most companies in the sterilization equipment market are product launches, collaborations, partnerships, expansions, and acquisitions. The strategy of expansions accounted for the largest share of the overall growth strategies mapped from 2015 to 2018.
STERIS (UK) held the leading position in the global sterilization equipment in 2017. The company has a strong product portfolio of sterilization products and services. In order to further expand and maintain its leading position in this market, STERIS majorly focuses on inorganic and organic strategies such as acquisitions and expansions to enhance its position in the market.
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Getinge Group (Sweden) ranked second in the global sterilization equipment market in 2017. The company’s sterilization equipment product portfolio includes Flusher disinfectors, steam sterilizers, low-temperature sterilizers, and sterilization monitoring equipment. The company focuses on organic and inorganic strategies, such as acquisitions, product launches, and agreements. For instance, in 2018, the company installed STERIZONE VP4 in Europe. Furthermore, in 2015, Getinge Group acquired TSO3 to distribute TSO3’s STERIZONE VP4 Sterilizer (a dual sterilant, low-temperature sterilization system that utilizes vaporized hydrogen peroxide and ozone) in the North American market. This helps the company strengthen its position in the sterilization equipment market.
3M (US) held the third position in the sterilization equipment market in 2017. The company is engaged in the manufacturing and marketing of sterilization equipment products. In order to remain competitive in the market, the company pursues the strategy of product launches and expansions. For instance, in 2016, the company launched biological indicator 3M Attest Rapid Readout Biological Indicator System. Moreover, 3M Steri-Vac Sterilizer/Aerator GSX Series and 3M Steri-Vac Sterilizer/Aerator GS Series launched in 2015.
