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According to a new report from Research and Markets, "Sterilization Equipment Market by Product, Consumables & End User - Global Forecast to 2020," the global sterilization equipment market is forecast to reach USD 6,142.7 million by 2020 from USD 4,258.4 million in 2015, at a CAGR of 7.6 percent. Consumables and accessories is an attractive segment of the sterilization equipment market. This segment is projected to grow at the highest CAGR from 2015 to 2020, owing to the repetitive usage of consumables and accessories during sterilization cycles.
Factors such as rising incidences of hospital-acquired infections, increasing numbers of hospitals and hospital sterilization procedures in Asia, increasing numbers of surgical procedures, rising aging population, growing numbers of pharmaceutical companies in Asia, and growth of the food and beverage industry worldwide are contributing to the growth of the sterilization equipment market. However, factors such as regulatory compliance issues and saturated developed markets are restraining the growth of the market in this period.
North America will continue to lead the global market in the forecast period, according to the report. Over the next five years, the growth of the market in the Asian region is likely to be centered on China, India and Japan. The sterilization equipment market in Asia is likely to provide an array of opportunities owing to the rising incidences of nosocomial infections, improved healthcare infrastructure, and growing geriatric population in the Asian countries.
Source: Research and Markets