Medical device sterilization technologies market expected to reach USD 8,578 Million by 2022
The global medical device sterilization technologies market is expected to reach USD 8,578 million by 2022, from USD 5,768 million in 2015, growing at a CAGR of 5.8% over 2016-2022. The chemical & gas sterilization segment dominated the market in 2015, with more than half share, in terms of revenue. Sterilization technologies are used to eliminate infective agents such as bacteria, virus and fungi by using chemical and physical agents known as sterilants. The key driving factors include increasing number of surgeries, rise in number of nosocomial infections and growth in demand for sterilization technologies in various end user industries, including food & beverage. Ethylene oxide, formaldehyde, hydrogen peroxide and propylene oxide are active agents employed in sterilization technologies. North America currently leads the global market and is expected to continue its leadership over the forecast period followed by Asia-Pacific. Cosmetic sterilization technologies market revenue is projected to grow at a CAGR of 6.6% during the forecast period. Turkey accounted for 32.5% share in LAMEA sterilization technologies market in 2015. India is projected to grow at the higher CAGR of 6.9% in Asia-Pacific sterilization technologies market.