BANGALORE, India, Nov. 9, 2021 /PRNewswire/ -- The Sterilization Services Market is Segmented by Method (Ethylene Oxide (ETO) Sterilization, Gamma Sterilization, E-beam Sterilization, and Other Methods), Mode of Delivery (Off-site Sterilization Services and On-Site Sterilization Services), and End User (Hospitals & Clinics, Pharmaceutical & Medical Device Companies, and Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2030. It is published in Valuates Reports under Medical Devices & Equipment Category.
The global sterilization services market size was valued at USD 3,381 Million in 2020 and is projected to reach USD 5,594 Million by 2030, registering a Compound Annual Growth Rate (CAGR) of 5.1% from 2021 to 2030.
Major Factors Driving The Growth Of The Sterilization Services Market Are:
An increase in the number of hospital-acquired infections, rise in the number of surgical procedures requiring high-intensity infection prevention and control, growing government awareness programs aimed at ensuring high-level infection prevention an increase in the geriatric population, and an increase in the cases of chronic diseases such as diabetes, cancer, heart obesity, and respiratory disorders all serve as major drivers for the growth of sterilization services market.
Furthermore, the sterilization services market is expected to grow due to an increase in the demand for sterilization services in hospitals and clinics, technological advancements in sterilization equipment, and an increase in the outsourcing of sterilization services among hospitals and pharmaceutical and medical device companies.
Trends Influencing The Growth Of The Sterilization Service Market:
The sterilization service market is predicted to develop as the frequency of hospital-acquired diseases rises. HAIs are becoming more common due to factors such as poor hygiene, bad environmental conditions, poor infrastructure, insufficient equipment, a lack of guidelines, and a lack of understanding about infection control methods. Hepatitis B and C, surgical site infections (SSI), HIV infection, urinary and vascular catheter-associated infections, and ventilator-associated infection are the most prevalent HAIs caused by insufficient sterilizing methods. Healthcare-associated infections cause additional suffering for patients, extend hospital stays at a significant expense, and resist antimicrobial treatment.
Government mandates for sterilization of hospitals and medical devices are likely to fuel the expansion of the sterilization service market. Due to demands implemented by governments and regulatory agencies in the healthcare industry to ensure compliance with Good Manufacturing Practices, end-users such as hospitals and medical device businesses are increasingly using sterilization services throughout their production lines (GMP).
During the forecast period, the increasing use of E-beam sterilization, the reintroduction of ethylene oxide sterilization, the growing healthcare industry, and outsourcing of operations to emerging countries are expected to provide high-growth opportunities for Sterilization Services market players.
Furthermore, the COVID-19 outbreak is expected to boost the sterilization service market growth. Because of the increased use of ethylene oxide (ETO) sterilization in various applications such as medical device sterilization, pharmaceutical sterilization, and sterilization & disinfection in the life sciences industry, the ethylene oxide (ETO) sterilization segment is predicted to grow.
Based on the method, the biggest revenue contribution was ethylene oxide (ETO) sterilization, which is expected to expand significantly during the forecast period. This is due to the widespread use of ETO sterilization in the life sciences industry for sterilization and disinfection.
Because of the rise in the prevalence of hospital-acquired infections (HAIs), the increase in the number of pharmaceutical & medical device companies, the adoption of single-use medical devices, and the outsourcing of sterilization services by pharmaceutical & medical device companies around the world, the pharmaceutical & medical device companies segment was the largest shareholder in the sterilization services market.
Based on region, North America held the largest market share, due to the increase in adoption of sterilization products along with contract sterilization services, rise in need for sterilization services to minimize the prevalence of HAIs and increase the geriatric population. However, Asia-Pacific is expected to offer lucrative opportunities and is predicted to exhibit the highest CAGR of 5.9% during 2021-2030.
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