With the presence of a large pool of participants, the global sterilization equipment market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Steris, Getinge Group, 3M, Sortera Health, and Advanced Sterilization Products aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the sterilization equipment market study.
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Citing an instance, in September 2018, the U.S. Environmental Protection Agency (EPA) declared that it will carry out additional monitoring for pollution of atmosphere near Chicago plant handling medical equipment activities.
In a major boost to North American sterilization equipment market size, on October 20, 2018, Health Care Heroes Radiothon raised funds worth USD 313,419 for purchasing medical devices for eight local hospitals in Ontario, Canada.
As estimated in this report, the global sterilization equipment market stood at US$ 7,321.1 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this sterilization equipment market is expected to reach US$ 11,671.8 million by the end of the forecast period. The main products available in this sterilization equipment market are heat sterilization equipment, chemical sterilization, filtration sterilization, and ionizing radiation sterilization. Among them, the demand for heat sterilization equipment is relatively higher and the trend is anticipated to remain so over the next few years, notes the sterilization equipment market research report.
Massive Demand For Medical Procedures To Augment Market Size
“Rising demand for the medical procedures along with expansion of pharmaceutical industries across the developing countries such as China and India will boost the global sterilization equipment market earnings in the foreseeable future,” says the author of this sterilization equipment market study. Apart from this, massive application of these devices in Hospitals & Clinics, Educational Institutes, and Food & Beverages will further enhance the market scope in the years to come.
High costs, stringent legislations, and low product awareness, however, are likely to diminish the growth of sterilization equipment market in the latter years. Nonetheless, ongoing research activities and technological innovations are likely to provide new growth opportunities for sterilization equipment market within the forecast period. This, in turn, will normalize the impact of hindrances on the sterilization equipment market, reports the study.
Presence of Modern Medical Infrastructure To Aid APAC’s Regional Dominance
Regionally, Asia Pacific has been leading the worldwide sterilization equipment market and is anticipated to continue on the dominant position in the years to come, states the sterilization equipment market study. The presence of a well-established medical and healthcare infrastructure and skilled healthcare professionals is the main factor behind the dominance of the Asia Pacific sterilization equipment market. Large-scale presence of equipment manufacturers in Asia Pacific is another significant factor that is supporting this regional sterilization equipment market.
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