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What's The Current Scenario Of The Sterilization Equipment And Disinfectants Market And What Is Its Projected Growth?
The sterilization equipment and disinfectants market has witnessed a rapid growth in recent years. Growing from $9.13 billion in 2023 to an estimated $10.07 billion in 2024, this industry is expanding at a compound annual growth rate CAGR of 10.2%. The significant growth in the historical period is driven by robust economic growth in emerging markets, escalating demand for eco-friendly disinfectants, an increase in healthcare expenditure, and a rise in the number of surgical procedures.
The market size is expected to continue its strong growth trajectory in the future. By 2028, the market is projected to reach an impressive $14.28 billion, growing at a CAGR of 9.1%. This growth is fueled by government support, an increasing prevalence of chronic diseases, rapid growth in the elderly population, and a rising incidence of hospital-acquired infections. Major trends during the forecast period include new product launches, a focus on disinfection robots, mergers and acquisitions, new facility expansions, technology advancements, partnerships and collaborations, and increasing investments.
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What's Driving The Sterilization Equipment And Disinfectants Market Growth?
One significant growth driver of the sterilization equipment and disinfectants market is the government regulations designed to combat the COVID-19 situation. The US Environmental Protection Agency EPA, for instance, has accelerated the review of submissions by disinfectant manufacturers who seek to add emerging viral pathogens claims to their existing surface disinfectant labels. To overcome supply chain challenges, the EPA has increased the flexibility in procurement of certain inert and active ingredients. The manufacturers are now allowed to release disinfectants by merely notifying the changes in formulation and manufacturing facilities without waiting for EPA approval.
In an effort to protect consumers from fraudulent Coronavirus Disinfectants Claims, the EPA has even created platforms for identification and protection. The governments' proactive steps against COVID-19, aimed at enhancing the production, approval, and safety of consumers while mitigating supply chain challenges, are set to boost the revenue of the sterilization equipment and disinfectants market.
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Who Are The Key Players In The Sterilization Equipment And Disinfectants Market?
Major players operating in this industry include Steris Plc, Getinge AB, Advanced Sterilization Products, Sotera Health LLC, Belimed AG, 3M company, and Fortive Corporation among others. Many of these companies have made significant strides in product development and strategic collaborations, contributing to the market's rapid growth.
What Are The Major Trends In The Sterilization Equipment And Disinfectants Market?
Sustainable solutions like repeat sterilization of used personal protective equipment PPE have emerged as a significant trend in the market. With a shortage in the supply of PPE to hospitals treating COVID-19 patients, some companies have innovated by resterilizing PPE like gowns and masks.
How Is The Sterilization Equipment And Disinfectants Market Segmented?
The market is segmented based on:
1 Product Type: Sterilization Equipment, Disinfectants
2 Method: Physical Method, Chemical Method, Mechanical Method
3 End Use: Hospitals And Clinics, Clinical Laboratories, Pharmaceutical Companies, Other Industries, Non-Industrial Use
What Are The Regional Insights Into The Sterilization Equipment And Disinfectants Market?
Asia-Pacific was the largest region in the market in 2023, with North America being the second-largest. The market report covers the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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