The global Sterilant Market is expected to gain significant traction and demonstrate a remarkable growth rate during the forecast period (2014-2022), says Market Research Future (MRFR) in its latest report.
Market Drivers and Key Challenges
The global market for sterilant has experienced a lucrative growth pattern in the past decade, with MRFR predicting the market to grow at a significant rate even in the coming years owing to the surge in product demand. The chief reason for the healthy growth of the Sterilant Market is the increasing demand for its parent market peroxyacetic acid across a number of industries across the globe.
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The major uses of sterilant include preventing the risk of contamination across the application industries like pharmaceuticals, food & beverages, spacecraft, and medical. Also, the prominent companies within the global Sterilant Market are striving to find a wide range of applications for the product, with great success. This factor has helmed the growth of the market, with a hike in the revenues at a global level.
Some of the majorly utilized sterilant include hydrogen peroxide and peracetic acid. The primary reason for the wide acceptance of hydrogen peroxide as a sterilant lies in its excellent oxidizing ability, rendering it a vital aspect of sterilizing operations. Apart from this, in the upcoming years, numerous initiatives by various government bodies around the world are aiming to raise the uptake of important sterilization standards in hospitals as well as ambulatory surgical centers (ASCs). This factor is anticipated to present growth opportunities in abundance for the Sterilant Market in the near future.
The market for sterilant is segmented on the basis of type and application.
The type-based segments in the global Sterilant Market include Steam, Eto/Eo, Depyrogenation/Dry Heat, and others. The increase in surgeries which make use of highly complex surgical instruments like a tubular instrument along with the subsequent need for sterilizing these instruments will play a major role in the growth of the steam Sterilant Market.
The various applications of sterilant are food & beverages, pharmaceuticals, medical, spacecraft, and others. The strong growth of the Sterilant Market has been noted mostly in the food & beverage industry, resulting from the hike in the demand for healthy packaged food items, particularly in developing nations.
The prominent vendors in the global Sterilant Market include Symmetry Medical, Vention Medical, JBT FoodTech, Nipro India Corporation Pvt Ltd, Getinge Infection Control AB, DeRoyal, Phillips-Medisize, STERIS Corporation, Getinge Group, Sterigenics, and others.
The global market for sterilization is chiefly based in the key regions of Europe, Latin America, Asia Pacific, North America, and the Middle East and Africa.
North America is in the lead with the largest share of the global Sterilant Market, due to the elevated number of surgical procedures and the subsequent rise in the product demand across various industries. Also, the regional market boasts of a large consumer base along with the well-developed industries that lead to the increasing application of sterilant in the region.
The position of the Asia Pacific market is poised to elevate in the coming years, with the growing use of sterilant in the healthcare industry. Also, the growth in the number of pharmaceutical companies, along with the rapid expansion of the food and beverage industry is predicted to be the driving force for the regional market in the forthcoming years.
In Europe, strict regulations pertaining to disinfection of medical devices for medical safety and the booming pharmaceutical industry as well as the food and beverage industry are presumed to benefit the Sterilant Market. In addition, growing investment aimed at developing healthcare infrastructure, coupled with expansion of various other application industries in the region is exhibited to drive the growth of the regional market during the assessment period.
The steady growth of the medical device industry combined with the subsequent need for sterilant for medical tools and equipment is touted to be the crucial factor backing the growth of the Sterilant Market in the Middle East and Africa.
February 2019 Evonik is planning to increase the capacity for hydrogen peroxide in the region of Europe. This is in addition to launching a logistics center in Weissenstein and rearranging the production sites in Europe. This strategy has been adopted by the company to meet with the increasing customer demand who expect faster and efficient product delivery.
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