According to ReportLinker, the global sterilization equipment market is expected to grow from its current $7.94 billion valuation to $11.14 billion by 2023, surging at a compound annual growth rate (CAGR) of 7%. The major factors driving the growth of this market are the rising incidence of hospital-acquired infections, the increasing number of surgical procedures, technological advancements in sterilization equipment, as well as the increasing number of hospitals in Asia.
Conversely, the presence of stringent regulations may restrain the growth of this market during the forecast period.
On the basis of product and service, the sterilization equipment market is segmented into instruments, consumables and accessories, and services. The consumables and accessories segment, however, is witnessing the highest growth and is expected to register the highest CAGR during the forecast period, due to regular and bulk purchases of consumables, as well as new product launches.
Further, on the basis of end user, the sterilization equipment market is segmented into pharmaceutical companies, hospitals and clinics, medical device companies, food and beverage industry, and other end users. The pharmaceutical companies segment, however, is expected to grow at the fastest rate during the forecast period.
Finally, ReportLinker officials segmented the sterilization equipment market into four major regional segments—North America, Europe, Asia Pacific, and the rest of the world, with the Asian-Pacific equipment market projected to register the highest growth rate during the forecast period.
Factors such as a rising awareness about sterilization, an increasing geriatric population, the growing volume of surgical procedures performed, the increase in healthcare expenditures, a stronger healthcare infrastructure, and growing per capita income are driving the growth of the sterilization equipment market in this region.