The sterilization equipment market across the globe is witnessing high growth due to factors such as the rising incidence of hospital-acquired infections, increasing number of surgical procedures, increasing number of hospitals and hospital sterilization procedures in Asia, increasing aging population, growing number of pharmaceutical companies in Asia, and growth of the food & beverage industry worldwide. On the other hand, regulatory compliance issues and saturated developed markets are restraining the growth of this market. With this view, companies are focusing on new product launches, agreements, expansions, and acquisitions to dominate the market.
On the basis of product, the sterilization equipment market is segmented into heat sterilization/high-temperature sterilization equipment, low-temperature sterilization equipment, ionizing radiation sterilization equipment, and filtration sterilization equipment. The heat sterilization/high-temperature sterilization segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the rise in the number of mergers and acquisitions by key players in this market to expand their product portfolios.
On the basis of type, the sterilization consumables and accessories market is segmented into detergents, sterilization indicators, pouches, sterilization accessories, and lubricants. The sterilization indicators segment is expected to grow at the highest CAGR during the forecast period. The growth in this market segment can be attributed to the increasing number of surgeries performed worldwide, resulting in a growth in demand for sterilization products and hospital sterilization procedures to reduce the incidence of HAIs.
On the basis of end user, the sterilization equipment market is segmented into pharmaceutical companies, hospitals, medical device companies, food & beverage companies, and other end users. The pharmaceutical companies segment is estimated to grow at the highest CAGR during forecast period. The large share of this segment can primarily be attributed to the rapid growth in pharmaceutical industries.
In the coming five years, growth in the sterilization equipment market is likely to be centered in the Asian region. Factors such as economic growth in China and India, rising incidence of nosocomial infections, and improving healthcare infrastructure in Asian countries are driving the growth of the sterilization equipment and services market in this region. The Asian market is expected to witness steady year-on-year growth owing to increasing awareness about sterilization processes in this region.