Global Sterilization Market: Overview
In the recent times, the global sterilization market has reported a significant surge in its size as well as valuation, thanks to rising number of surgical procedures across the world. The increasing base of geriatric population, fueling the prevalence of chronic diseases, is also supporting the growth of this market. This research study is a thorough evaluation of the performance of the global market for sterilization in past and over the period from 2013 to 2019. The report especially focus on the growth drivers, challenges, barriers, opportunities, and the prominent trends in this market in order to determine the pace of its progress during the period of the forecast.
Global Sterilization Market: Trends and Opportunities
The global market for sterilization is gaining considerably from the increasing implementation of stringent norms regarding the maintenance of the quality of food product, triggered by the rising demand for food supply and the increasing preference for exotic fruits and vegetables, globally. The presence of strict medical safety and infection control regulations, leading to increasing public awareness, is also supporting the growth of this market, significantly. Over the coming years, various initiatives by various governments to encourage the uptake of essential sterilization standards in the hospitals and ambulatory surgical centers (ASCs) are likely to boost the growth of this market.
Global Sterilization Market: Regional Outlook
The global market for sterilization is predominantly spread across North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Among these, North America has occupied the topmost position in the global market. The augmenting number of surgical procedures and the rising demand for non-disposable surgical equipment are boosting the growth of this regional market, considerably. With the presence of a large consumer base, increasing uptake of advanced sterilization technologies, and the highly advanced medical infrastructure, the North America market for sterilization is anticipated to remain on the top over the next few years.
Asia Pacific, on the other hand, is projected to witness a steady rise in its market for sterilization in the years to come. The high prevalence of hospital-acquired infections (HAIs) is likely to support the growth of the Asia Pacific market for sterilization over the next few years. Moreover, the rising number of pharmaceutical companies and the continual surge in the food and beverage industry are also expected to drive this regional market in the near future.
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Companies Mentioned in the Report
With only a few players capturing the overall scenario, the global market for sterilization is demonstrating a relatively consolidated structure. Roche, Becton, Dickinson and Company, Pfizer, Advanced Sterilization Products, bioMerieux, and Belimed AG are some of the key players operational in this market. These companies are focusing aggressively on introducing new and technologically advanced products and services in order to raise their sales and gain an edge over their competitors. Moreover, they are taking up various strategies, such as advanced research and development ventures, mergers and acquisitions, and alliances for the production of next-generation products, which are likely to result in significant growth in their businesses over the next few years.