The market is growing mainly due to the increasing prevalence of healthcare associated infections (HAIs), growing demand for sterilized pharmaceutical products, expanding demand for less invasive surgical procedures, and growing aging population.

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On the basis of application, the sterilization technology market has been segmented into medical devices sterilization and pharmaceutical sterilization. Medical devices sterilization is the larger application area of sterilization products and services. Medical devices require sterilization as it prevents the growth and spreading of further infections to the patients. If an unsterilized equipment is used, it can cause an infection and may require surgery upon detection and can lead to further complications.

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Europe held the second largest share of 28.6% in the global sterilization technology market, in 2016. The growth in the European market for sterilization technology is mainly led by the increasing incidence of HAIs, growing aging population, outsourcing of sterilization operations, and rising number of surgeries in the region. By 2023, the European market for sterilization technology is expected to cross $2.0 billion dollar, growing at a CAGR of 8.1% between 2017-2023. Among all the European countries, France is expected to witness the fastest growth for sterilization technology devices, consumables and services during the forecast period.

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The key players in the sterilization technology market are acquiring other firms in order to gain a larger market share. For instance, in August 2017, CANTEL MEDICAL CORP. acquired BHT Hygienetechnik Holding GmbH ("BHT Group"), a German player in automated endoscope reprocessing and related equipment and services as well as flexible endoscope repair.

Some of the other key players operating in the sterilization technology market are STERIS plc, Getinge AB, Belimed AG, Ethicon, Inc., MATACHANA GROUP, Anderson Products, Inc., B. Braun Melsungen AG, and 3M Company.