Wellesley, Mass, April 06, 2017 (GLOBE NEWSWIRE) -- New proprietary research by BCC Research reveals that changing demographics, an increasing number of surgeries, growing emphasis on infection control, economic fluctuations and government regulations all are driving growth in the global market for sterilization technologies. Contract sterilization services and sterilization technologies are projected to reach a combined $10.3 billion in 2021, up from $8.0 billion in 2016.
BCC Research's Global Markets for Sterilization Technologies reports that although the sterilization market is mature, industry companies are seeking and exploiting available opportunities through strategies such as agreements, acquisitions, product launches and collaborations.
Research Highlights
- Safety and speed are the major determinants in the market, each of which relies on expansion and innovation of sterilization processes and equipment.
- Some countries have adopted ionization sterilization for imported foods that include mango, litchi and pineapple which, in turn, has spurred growth in the sterilization technologies market.
- Manufacturers are investing in R&D activities to improve reliability and turnaround time for sterilization procedures.
"The growing geriatric population, rise in hospital acquired infections and increase in healthcare expenditures are major factors contributing to growth and development of sterilization technologies in North America," says Kevin Fitzgerald, BCC Research editorial director. "The growing demand for sterilization technologies in this region's food and beverage industry and for treatment of imported food products, including herbs and spices, also is driving the market."
Asia-Pacific Forecast to Achieve Strong Growth
Asia-Pacific ranks behind the North America region, in terms of revenue. In 2021, this region's market is expected to total $2.5 billion, growing at a CAGR of 6.5% from 2016-2021. Foreign players are expanding their production sites in these emerging markets, which will also supplement market growth
"The key drivers in Asia-Pacific's emerging countries include a growing awareness about disease, large patient pools, increasing medical tourism, expansion of the processed food and beverage market and improving healthcare infrastructure. All are boosting the growth and development of sterilization technologies," says Fitzgerald. "
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
