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Sterilization Services Market Aims for US$7.1 Billion Valuation by 2033, Boasting 6.8% CAGR, According to Persistence Market Research

Discover the global sterilization services market with insights on Contract Sterilization, Validation Services, and diverse techniques like Steam and Gamma. Explore end-user applications and regional trends in North America, Europe, and Asia. Stay updated on the latest developments shaping the industry

New York, Jan. 18, 2024 (GLOBE NEWSWIRE) — The global sterilization services market is propelled by several key factors, including the rising incidence of hospital-acquired infections, a surge in surgical procedures requiring intensive infection prevention and control measures, increased government awareness programs emphasizing infection prevention, a growing geriatric population, and a rise in chronic diseases like diabetes, cancer, heart obesity, and respiratory disorders. These factors collectively act as driving forces for market expansion.

In terms of financials, the global revenue from the sterilization services market reached US$ 3.4 billion in 2022. Projections indicate a compound annual growth rate (CAGR) of 6.8%, aiming for a market valuation of approximately US$ 7.1 billion by the end of 2033.

Additionally, the demand for sterilization services in hospitals and clinics, advancements in sterilization equipment technology, and an increase in the outsourcing of sterilization services by hospitals, pharmaceutical, and medical device companies are expected to contribute significantly to market growth.

Despite these positive trends, concerns about the safety of reprocessed instruments may pose challenges to market growth. On the flip side, there is a high growth potential in emerging countries, presenting lucrative opportunities during the forecast period.

The declaration of the COVID-19 outbreak as a public health emergency of international concern by the World Health Organization (WHO) on January 30, 2020, significantly impacted the market. With COVID-19 affecting over 210 countries worldwide, the sterilization process for equipment played a crucial role in inhibiting the spread of the virus in healthcare settings. Properly sterilizing medical equipment was identified as essential to prevent patient-to-patient pathogen transmission. During the pandemic, the utilization of reprocessed equipment for sterilizing or disinfecting medical devices increased, particularly for respiratory care devices, surgical instruments, reusable haemodialysis machines, and endoscopic devices. The demand for sterilization services witnessed a positive surge, ensuring the appropriate sterilization of medical devices in the wake of the COVID-19 outbreak.

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Market Scope:

 Report Coverage  Details
 Market Revenue 2022  US$ 3.4 Billion
 Estimated Revenue 2033  US$ 7.1 Billion
 Growth Rate – CAGR  6.8% CAGR
 Forecast Period  2023-2033
 No. of Pages  197 Pages
 Market Segmentation
  • Service
  • Technique
  • End User
  • Region
 Regions Covered
  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa
 Key Companies Profiled
  • Steris PLC
  • Stryker Corporation
  • Amcor
  • Centurion Medical Products (Medline)
  • Johnson & Johnson
  • E – Beam Services, Inc.
  • Cretex Companies
  • COSMED Group

Sterilization Services Market Dynamics: Growth Drivers

The escalating prevalence of hospital-acquired infections (HAIs) stands out as a significant driver for the Sterilization Services Market. According to the 2022 report on Infection Prevention and Control by the World Health Organization (WHO), a notable number of patients in both high-income and low- to middle-income countries are at risk of acquiring at least one healthcare-associated infection (HAI) during their hospitalization. The report reveals that, on average, seven out of every 100 patients in high-income countries and approximately 15 out of 100 patients in low- and middle-income countries are affected by HAIs during their hospital stay.

HAIs, also known as nosocomial infections, manifest during a patient’s hospital stay and are not evident at the time of admission. These infections encompass various types, including central line-associated bloodstream infections, surgical-site infections, catheter-associated urinary tract infections, hospital-acquired pneumonia, ventilator-associated pneumonia, and Clostridium difficile infections. The pathogens commonly associated with HAIs include C. difficile, MRSA, Klebsiella, E. coli, Enterococcus, and the Pseudomonas species.

A primary cause of HAIs is the use of infected medical devices during diagnostic and therapeutic procedures. The prevalence of these infections underscores the critical importance of effective sterilization services in healthcare settings.

Growth Opportunities: Expansion of Medical Device and Pharmaceutical Companies in Emerging Markets

Substantial growth opportunities are anticipated for players in the Sterilization Services Market, particularly in emerging economies like India, China, Brazil, Russia, and countries across Latin America and Southeast Asia. The presence of over half of the world’s population in India and China makes these markets home to a vast patient demographic, creating favorable conditions for market expansion. The push for enhanced hospital care quality driven by public demand, the rising economic burden of healthcare-associated infections (HAIs), the emergence of multi-drug-resistant microorganisms, and proactive initiatives by government authorities collectively contribute to the growth of the global market in these regions.

The Asia Pacific region has witnessed notable growth in medical device manufacturing in recent years, and current trends among industry players suggest even greater potential in the foreseeable future. This growth is attributed to technological advancements, an increasing disease burden, and a rise in the number of surgical procedures conducted in the region. These factors position emerging economies as key contributors to the expanding Sterilization Services Market.

In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at – https://www.persistencemarketresearch.com/market-research/sterilization-services-market.asp

Restraints: Safety Concerns Associated with Reprocessed Instruments

Certain medical devices, such as surgical forceps, endoscopes, and stethoscopes, are designed for reuse. However, apprehensions regarding the safety and efficacy of reprocessed devices have arisen. The landscape of medical device reprocessing has undergone a significant transformation, with an increased focus on adopting a quality management systems approach. This approach necessitates validated sterilization instructions from manufacturers and continuous monitoring by reprocessing personnel to ensure the adequacy of sterilization processes.

Addressing these concerns, the U.S. Food and Drug Administration (FDA) has taken proactive measures to mitigate the risk of infections stemming from reprocessed reusable devices. This involves thorough reviews of premarket and post-market information across all manufacturers and types of reprocessed devices, emphasizing the importance of stringent safety measures in the reprocessing of medical instruments.

Global Trends in the Sterilization Services Market:

1. Surge in Global Hospital Numbers:

A noteworthy trend in the global sterilization services market is the increasing number of hospitals worldwide. The escalating count of hospitals is primarily driven by the high volume of surgeries conducted in these medical facilities. The demand for effective sterilization of surgical tools, equipment, hospital rooms, and overall environments has consequently risen. As sterilization agents and equipment are integral to hospital operations, the growing prevalence of hospitals contributes to an increased utilization of sterilization tools. This trend is anticipated to persist, fostering market growth throughout the forecast period.

2. Adoption of Innovative Technologies:

Another significant trend is the introduction of novel technologies in the field of sterilization. Recent advancements in sterilization technologies applicable to healthcare facilities align with the evolving trends of the past few decades. Existing sterilization tools and equipment have undergone enhancements, and emerging technologies are progressing towards commercialization. The development of new tools and equipment for the sterilization process brings about various benefits and enhanced safety compared to their predecessors. Consequently, these innovative technologies are gaining adoption within the market.

Competitive Landscape and Analysis of Sterilization Services Market Share:

The competitive landscape of the sterilization services market offers insights into various competitors, encompassing details such as company profiles, financial standings, revenue generation, market potential, investments in research and development, initiatives in new markets, global presence, production sites and facilities, production capacities, strengths and weaknesses of the company, product launches, product range, and application dominance. The provided data points specifically pertain to the companies’ activities and focus within the sterilization services market.

Steris Corporation

Sotera Health

Cantel Medical

3M Company

Sterigenics International

E-BEAM Services, Inc.

Beta-Gamma-Service GmbH & Co. KG (IONisos)

Cretex Companies, Inc.

Noxilizer, Inc.

MATACHANA GROUP

Sterilization Services Market Segmentation:

The report on the global sterilization services market is categorized into Method, Business Type, End User, and Geography.

In terms of Method, the market is segmented into Ethylene Oxide (ETO) Sterilization, Gamma Sterilization, Steam Sterilization, Electron Beam, Radiation Sterilization, and Other Methods. The Ethylene Oxide (ETO) Sterilization Segment is projected to lead the sterilization services market during the forecast period, primarily due to the growing adoption of ethylene oxide (ETO) sterilization. The widespread use of low-temperature sterilization with ETO is evident in healthcare facilities.

The Gamma Sterilization Segment is anticipated to experience substantial growth in the foreseeable future, driven by the increasing demand for sterile medical tools and products. Gamma sterilization processes are commonly employed in the medical industry for the disinfection of specific tools and products.

Regarding Business Type, the market is divided into Contract Sterilization Services and Sterilization Validation Services. The Contract Sterilization Services Segment is poised to dominate the market throughout the forecast period, attributed to the essential need for sterilization services across various industries. Contract sterilizers play a crucial role in offering sterilization services to companies in the medical device, pharmaceutical, consumer, and industrial sectors.

For End User segmentation, the market includes Medical Device Companies, Hospitals and Clinics, Pharmaceutical and Biotechnology Industry, and Other End Users. The Medical Device Companies Segment is expected to lead the market over the forecast period, driven by the increasing demand for sterile medical tools and products.

The Hospitals and Clinics Segment is also anticipated to witness significant growth in the coming years, owing to the rising number of hospitals and clinics globally.

Regional Insights in the Sterilization Services Market:

The sterilization services market exhibits distinct dynamics across different regions. In North America, the market thrives on stringent healthcare regulations and a robust pharmaceutical industry, with key players such as Steris Corporation and Cantel Medical contributing significantly. Europe experiences steady growth, emphasizing advanced sterilization technologies and adherence to strict quality standards, with Sterigenics International playing a prominent role.

The Asia-Pacific region emerges as a hotspot for market expansion, driven by rapid healthcare infrastructure development, technological advancements, and a surge in surgical procedures. MATACHANA GROUP and E-BEAM Services, Inc. are key players in this flourishing market.

Latin America, with its growing medical device industry, witnesses opportunities fueled by increasing demand for sterilization services in pharmaceuticals and medical devices.

In the Middle East and Africa, a developing market is shaped by expanding healthcare sectors, rising investments, and a heightened focus on infection control, attracting both local and international players. These regional nuances underscore the diverse growth factors and market dynamics influencing the global sterilization services landscape.

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Originally published at https://www.einpresswire.com/article/682208192/sterilization-services-market-aims-for-us-7-1-billion-valuation-by-2033-boasting-6-8-cagr-according-to-persistence-market-research

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