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Terminal Sterilization Services Market Size is Projected to Reach USD 22 billion by 2030, Growing at a CAGR of 10.5%: Straits Research

A few of the key players operating in the global terminal sterilization services market are Steris Plc, 3M, Getinge AB, ASP (Fortive), Cantel Medical, Matachana Group, Sterigenics U.S., LLC (Soltera Health Company), Olympus Corporation, Belimed, Inc.(Metall Zug Group), and TSO3 (Stryker Corporation). These key market players are focusing on the launch of innovative types of medical devices, growth strategies, and technological advancements.

New York, United States, April 24, 2024 (GLOBE NEWSWIRE) — Terminal sterilization is the process of sterilizing an item in its final packaging. It is a vital procedure since it ensures the sterility of the product. Generally, all parenteral, ophthalmic, and medical equipment is heat-sterilized in batches. Adopting an alternative approach, such as filtration, decreases the danger of a product becoming contaminated, as heat may cause the items to degrade. The increasing prevalence of chronic diseases such as diabetes and cancer, the rising prevalence of hospital-acquired infections, and the introduction of innovative products by the leading market players are all factors driving the growth of the terminal sterilization services market.

Increasing Prevalence of Hospital-Acquired Infections to Drive the Global Terminal Sterilization Services Market

Hospital-Acquired Infections (HAIs) are a global issue for patients and healthcare workers. As hospitalizations and HAIs increase globally, the demand for sterilization of medical equipment increases, which helps reduce the risk of microbial contamination. HAIs are most prevalent among patients receiving long-term care, notably surgery. Infections may develop in hospitals, clinics, surgical centers, ambulatory surgery centers, and long-term care facilities, including rehabilitation centers and nursing homes. The elderly, children and immunocompromised people are generally sensitive to HAIs. Several factors, including improper hygiene in healthcare settings, catheter use, and excessive antibiotic use, can increase susceptibility to HAIs. According to the WHO Fact Sheet, each year, HAIs harm hundreds of millions of patients worldwide. 7 out of 100 hospitalized patients in affluent economies and 10 out of 100 in underdeveloped economies contract at least one HAI. Consequently, the rising frequency of HAIs is anticipated to increase the need for innovative sterilizing strategies to prevent disease transmission.

The increasing number of surgical procedures performed in hospitals and the rising awareness of infections and disorders caused by a nonsterile environment will likely boost the market over the forecast period. Approximately 1,7 million HAI cases and approximately 99,000 related deaths are recorded annually in U.S. hospitals, according to a 2018 CDC report. This has resulted in an annual economic burden of up to USD 45 billion for the United States. Similarly, according to a report issued by the European Centre for Disease Prevention and Control (ECDC), the prevalence of HAIs in European countries in 2018 was approximately 7.1%, with approximately 4,131,000 patients affected annually.

Such a high incidence of infections is anticipated to boost the demand for sterilizing medical instruments and devices to prevent disease transmission between patients and hospital personnel. Sterilization at the point of use is essential for the provision of safe medical devices. As a result of its greater penetration into medical devices and other instruments, it is the most common sterilizing method in healthcare institutions. In addition, it is less expensive than other sterilizing methods, which is projected to increase the market throughout the forecast period.

Increasing Application of Terminal Sterilization in the Pharmaceutical and Biotechnology Industry to Provide Opportunities for the Global Terminal Sterilization Services Market

In the pharmaceutical and biotechnology industries, a rise in R&D activity might spur demand for various sterilizing techniques. To eliminate all forms of microorganisms, sterilizing the packaging and manufacturing equipment used in the pharmaceutical industry is necessary. Terminal sterilization is perfectly tuned to the requirements of the pharmaceutical industry, and it is currently the most widely used sterilizing procedure in these sectors.

To ensure that items remain sterile, heat sterilization, which involves sterilizing a product in its final container, is conducted. For instance, Tuttnauer manufactures pharmaceutical autoclaves that can be customized to fit the needs of pharmaceutical businesses. Standard pharmaceutical autoclaves include sterilizing sealed fluids, ampoules/vials, IV bags/bottles, prefilled syringes, and sealed contact lenses. These factors will likely promote sterilization equipment usage, driving market growth throughout the forecast period.

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Key Highlights

  • The global terminal sterilization services market was valued at USD 9 billion in 2021 and is estimated to reach an expected value of USD 22 billion by 2030 at a CAGR of 10.5% during the forecast period (2022-2030).
  • Based on product, the terminal sterilization services market has been segmented into ethylene oxide, irradiation, moist heat terminal sterilization, and others. Among these, the ethylene oxide segment dominated the global terminal sterilization services market and is anticipated to grow at a CAGR of 10.5% during the forecast period.
  • Based on the end user, the terminal sterilization market is segmented into hospitals & clinics, pharma, and others. The hospital & clinics segment accounted for the largest market share and is estimated to grow at a CAGR of 10.5% during the forecast period.

Regional Insights

By region, the global terminal sterilization services market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America dominated the global terminal sterilization services market and is estimated to grow at a CAGR of 10.4% during the forecast period. As a result of government initiatives and an increase in surgical procedures, North America held the most significant market share for terminal sterilization services. In addition, an increase in the incidence of chronic diseases and a rise in disposable income contribute to the growth of the terminal sterilization services market in the region. The increasing prevalence of HAIs and the number of surgeries in the United States are predicted to increase the demand for terminal sterilization services. As per the Healthcare Information and Management Systems Society, daily HAIs impact one out of every twenty-five patients in the United States. In hospitals and clinics, the proper and regular use of antiseptics, disinfectants, and terminal sterilization of devices and surgical equipment, which minimize or eliminate hazardous microorganisms and germs, helps avoid such illnesses. Consequently, the rising incidence of HAIs is anticipated to increase the demand for terminal sterilization.

The Europe terminal sterilization services market is the second largest and is anticipated to reach an expected value of USD 5470 at a CAGR of 10.5% during the forecast period. During the projected period, the market is anticipated to be fueled by increased surgical procedures and HAIs. ECDC predicts that between 3,1 and 4,6 million people contract HAIs annually in Europe. Major market participants are conducting numerous activities relevant to sterilizing equipment and medical devices, and physician recommendations for using such solutions are projected to drive the market. In addition, the increasing number of surgical procedures is projected to positively influence market growth, as terminal sterilization is required for reprocessing surgical devices and equipment before surgeries. In addition, the pandemic of COVID-19 has boosted the demand for terminal sterilization services in the region.

Due to factors such as a rise in the number of hospitals and rising healthcare spending, Asia-Pacific is predicted to see the most significant CAGR throughout the projection period. The rising prevalence of HAIs and chronic diseases will be a prominent market driver over the forecast period. In addition, increased knowledge of innovative sterilizing technologies for medical devices, equipment, and other products is projected to benefit the market. In addition, key players are attempting to reach undeveloped areas in Asia-Pacific, thus boosting the market’s breadth.

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Global Terminal Sterilization Services Market: Segmentation

By Product

  • Ethylene Oxide
  • Irradiation
  • Moist Heat Terminal sterilization
  • Others

By End Use

  • Hospitals & Clinics
  • Pharma
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/terminal-sterilization-services-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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Originally published at https://www.einpresswire.com/article/706187411/terminal-sterilization-services-market-size-is-projected-to-reach-usd-22-billion-by-2030-growing-at-a-cagr-of-10-5-straits-research

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