Sterilization Equipment Market to Reach $23.73 Billion by 2027 With COVID-19 Impact, at a CAGR of 12.2% from 2020 – Meticulous Research® Analysis

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London, Dec. 01, 2020 (GLOBE NEWSWIRE) — Meticulous Research®, in its latest publication, titled “Sterilization Equipment Market by Product & Services {Equipment [Heat, Low-temperature (Ozone, Formaldehyde), Filtration), Consumables (Sterilization Indicators, Sterilants), Services (Gamma, Steam)], End User (Hospitals, Pharma)} – Global Forecast to 2027”, states that the sterilization equipment market is expected to grow at a CAGR of 12.2% from 2020 to 2027 to reach $23.73 billion by 2027.

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The growth of the sterilization equipment market is mainly attributed to the growing incidences of hospital-acquired infections, impact of the COVID-19 pandemic, rising number of surgical procedures, rising demand for sterilization in the food food-borne diseases, and increasing sterilization demand from pharmaceutical and biotechnology industries. However, the harmful effects of ethylene oxide and concerns regarding the safety of reprocessed instruments restrict the market's growth to some extent.

Sterilization equipment are one of the core parts of any healthcare facility. The current COVID-19 pandemic has changed the way markets function at both the demand and supply side. Moreover, increasing demand for vaccines supported the growth of the market. For instance:

  • As per the data from Fierce Pharma, in April 2020, Sinovac Biotech Ltd. (China), one of many drugmakers seeking a COVID-19 vaccine, was leveraging China's aid to help it cross the finish line. For this, the company needs to build out a massive new facility on the government's dime. Hence, the company plans to build vaccine production facilities on 230,000 square feet of land to help speed the development of 100 million COVID-19 shots per year.

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  • In March 2020, CanSino Biologics Inc. (China) received regulatory approval to conduct a Phase I trial of its recombinant novel coronavirus vaccine (adenovirus type 5 vector) candidate. Moreover, the state-owned Wuhan Institute of Biological Products also received government approval to move ahead with trials.

Such initiatives create opportunities for local players of each country to gear up their manufacturing capacity and cater to the rising demand for …

Full story available on Benzinga.com

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