(I-BusinessNews.Com, May 07, 2022 ) The global Sterilization Services Market is expected to reach US$ 6.3 Bn by the year 2031 at a CAGR of 7.2%. Healthcare systems have been basically emphasizing on affordability as well as quality of the medical services. However, now, digitization has come through, which would drive revolution in the same healthcare vertical. The life sciences would go digitally innovative. This would be the way healthcare vertical would go in the next 10 years.
As per Persistence Market Research’s latest industry analysis, the global sterilization services market is slated to top US$ 6.3 Bn by 2031, expanding at a CAGR of around 7.2% over the forecast period (2021-2031).
With rising number of hospital-acquired infections (HAIs), demand for sterilization service is expected to grow at a high pace. Poor hygiene, infrastructure, and environmental conditions; inadequate equipment, lack of knowledge about infection control procedures, and dearth of regulations are all contributing to the rise in HAIs.
The most common HAIs caused by poor sterilization procedures include urinary and vascular catheter-associated infections, surgical site infections (SSI), HIV infection, hepatitis B and C, and ventilator-associated infections.
Government mandates for hospital and medical equipment sterilization are expected to boost demand for sterilization services. Hospitals and medical device companies are increasingly employing sterilization services throughout their production lines as a result of government and regulatory pressures in the healthcare industry to guarantee compliance with Good Manufacturing Practices (cGMP).
Rising use of E-beam sterilization, reintroduction of ethylene oxide sterilization, expanding healthcare sector, and outsourcing of operational processes to emerging countries are projected to provide high-growth opportunities for sterilization service providers over the coming years.
Furthermore, the COVID-19 pandemic has accelerated demand for sterilization service due to the obvious increase of COVID-19 cases. There is greater emphasis on personal hygiene and manufacturing of medical nonwovens and single-use goods such as face masks and gloves. Concerns over the safety of reprocessed instruments, on the other hand, are projected to impede market expansion over the coming years.
Contract sterilization services are expected to grow two-fold during the forecast period owing to reduced cost and resource burden while focusing on core activities.
By technique, the sterilization method using ethylene oxide holds nearly 41% of market share.
Medical device companies are comparatively preferred more than other end users. This segment is expected to expand at a CAGR of nearly 6.7% during the forecast period.
North America is leading the global market with the share of around 43% in 2020.
“Increase in biopharmaceutical-based product research, sudden outbreak of COVID-19, and increase in the number of HAIs are all driving demand for sterilization services,” says an analyst of Persistence Market Research.
Manufacturing and service provider companies in the sterilization services market are emphasizing more on increasing their sales force and entering into strategic partnerships with local suppliers and distributors to expand product reach. Such strategies are helping companies grow their presence globally while also increasing their customer base.
STERIS acquired Cantel Medical in 2021 to extend its product and service offerings, global reach, and customers in the field of endoscopy, dental, dialysis, and life sciences customers.
Key market players covered by Persistence Market Research include Steris PLC, Cantel Medical Corporation, Stryker Corporation, Amcor, Centurion Medical Products (Medline), Johnson & Johnson, E – Beam Services, Inc., Cretex Companies, COSMED Group, Medistri SA, B. Braun Melsungen, and Life Science Outsourcing, Inc.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the sterilization services market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The research study is based on the service (contract sterilization services and validation sterilization services), technique (steam sterilization, gamma irradiation, electron beam irradiation, C-ray irradiation, ethylene oxide sterilization ion beam treatment, and plasma sterilization), and end user (hospitals, ambulatory surgical centres, medical device companies, pharmaceutical companies, diagnostic laboratories, and others), across seven major regions of the world.
The global uveitis treatment market, which was estimated to represent more than 30% share of the total market in 2016 & is expected to expand at a CAGR of 7.3% by 2024 end.
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: