The increase in awareness and safety procedures of sterile medical and surgical equipment is driving the demand
Market Size - USD 6.26 Billion in 2019, Market Growth - CAGR of 9.1%, Market Trends - Advancement in technology
NEW YORK, July 16, 2020 /PRNewswire/ -- The global Advanced Sterilization Products market is forecast to reach USD 13.06 billion by 2027, according to a new report by Reports and Data. The global market for sterilization is increasing considerably from the increasing implementation of dominant norms regarding preserving food quality, the developing demand for food supply, and the rising preference for crops. The carriage of strict medical safety and infection control regulations, leading to increasing public awareness, is also supporting the growth of this business significantly. Over the years, different actions by various governments to support the uptake of essential sterilization measures in surgical centers and hospitals are likely to boost this market's growth. The augmenting number of surgical procedures and the rising requirement for non-disposable surgical devices increase the growth of this regional market, considerably. With the occupation of a large purchaser base, increasing uptake of advanced sterilization technologies, and the extremely new medical infrastructure, the North American market for sterilization is anticipated to remain on the top over the next few years.
The COVID-19 impact:
As the COVID-19 crisis grows, producers are quickly changing their practice & purchasing priorities to meet the required demand of a pandemic. Each of the segments and its sub-segments is looking at the whole view of the market mentioned above. Market forecasts will provide in-depth insight into industry parameters by accessing growth, consumption, upcoming market trends, and various price fluctuations. As an increase of sterile condition is needed so there has been an excessive need of product that are used to clean and sterile the surrounding, and thus the market share are effected directly.
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Further key findings from the report suggest
- North America is dominating the advanced sterilization Products market, with a CAGR of 9.2%, which is the highest CAGR compared to all other areas.
- In application segment, the sub-segment of Hospitals & Clinics has value USD 3.47 billion in 2019 and will increase to USD 7.44 billion in the coming year of 2027 with a significant CAGR in the region of North America.
- For the Accessories segment, the Lubricants based Sterilization is best preferred, which has been increasing in the market at a constant growth of about 9.9% of CAGR, which is evenly suitable for the industry.
- An in-Service segment of there has been a drastic and continuous increase in the sub-segment Dry Heat of which is about 4.19% CAGR which will be USD 3.80 billion in 2027.
- Key participants include Steris Corporation, Belimed AG, Getinge Group, MMM Group, MATACHANA Group, Sotera Health, Advanced Sterilization Products, Cardinal Health, Noxilizer, Inc., and Tuttnauer, among others.
For the purpose of this report, Reports and Data have segmented into the global Advanced Sterilization Products market on the basis of product & service, consumables & accessories type, end user, and region:
Product & Services Outlook (Revenue, USD Billion; 2017-2027)
- Dry Heat
- Ethylene Oxide
Consumables & Accessories Type Outlook (Revenue, USD Million; 2017-2027)
End User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Pharmaceutical Companies
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
Browse more similar reports on Pharma and Healthcare category by Reports And Data
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