The Global Sterilization Equipment Market is projected to grow at a CAGR of 10% during the period of 2015 to 2020. This report analyses the industry landscape and provides detailed information about the important factors driving the growth of this market. The report offers an extensive analysis of the key market trends and drivers. It also highlights the future growth prospects of the market, including the potential of emerging markets. The global Sterilization Equipment market is expected to grow at a CAGR of over 8% during the period of 2016 to 2026.
The U.S. Sterilization Equipment Market is expected to grow at a CAGR of 6.2% during the period of 2018 to 2024. Growing health awareness and the escalating healthcare expenditure are the major factors driving the growth of the market in the region. The United States is the largest market for this product, accounting for over one-third of the global market. Europe is expected to witness a steady growth in the market in the coming years.
A major growth factor driving the market in North America is the rising number of hospital infections. The CDC reported 1.7 million HAIs in 2018 and an associated mortality rate of 99,000. Furthermore, the European Centre for Disease Prevention and Control (ECDC) reported a prevalence of 7.1% of HAIs in 2018. Thus, these countries are likely to dominate the Sterilization Equipment Market in the near future. In Europe, Germany, France, and Italy are among the top countries in the region.
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Due to the increasing rate of healthcare-associated infections, the region is likely to grow at a high rate. In the US, the Sterilization Equipment Market will reach USD 1.3 billion by 2020. Further, the market is expected to witness a CAGR of 6.5% over the period of 2018 to 2023. In the U.S., the largest share of the market was held by hospitals and clinics. The segment is segmented by type of sterilization equipment.
The Sterilization Equipment Market is segmented by product and end-user. The report provides detailed information about the products and services used to sterilize medical devices. By type, the report identifies products and analyzes their market share. For example, the global sterilization equipment market is split by country and product, based on country. It is estimated to grow at a CAGR of 10.1% over the forecast period.
In 2020, the market for Sterilization Equipment will surpass USD 895 million. This is the highest revenue share in the world. The region is mainly driven by the growing incidence of healthcare-associated infections. The North American region will dominate the market in 2028, while the Asia-Pacific will grow at a CAGR of 6.8%. However, the market will remain competitive throughout the forecast period. The demand for hospital-acquired conditions is expected to drive the market in the future.