Sterilization Services Market Size to Reach USD 24.33 Billion in 2030 | Emergen Research

VANCOUVER, BC, Jan. 16, 2023 /PRNewswire/ -- The sterilization services market size reached USD 9.80 Billion in 2021 and is expected to register a CAGR of 10.6% during the forecast period, according to latest analysis by Emergen Research. One of the major factors driving revenue growth is introduction of sterilization services in the healthcare industry to lower the risk of hospital-acquired infections. The pharmaceutical and biotechnology industries' medical device manufacturing sector maintains a sterile processing environment within the facility throughout production or tests as needed.

A significant driver of revenue growth is the rise in nosocomial infection rates brought on by COVID-19 and other reasons. A considerable increase in the prevalence of chronic illnesses over the past few decades has led to an increase in number of surgical procedures performed in a variety of hospitals, creating a significant need for new sterilizing services and high-tech equipment. Given a variety of bioagents, including bacteria and fungi, increasing restrictions in food biotechnology are enabling the implementation of novel sterilizing technologies.

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Drivers:

One of the major factors driving the growth and demand of the sterilization services market is the increasing emphasis on outsourcing sterilization operations among hospitals, pharmaceutical companies, and medical device manufacturers. Additionally, over the course of the forecast period, the prevalence of hospital-acquired diseases is expected to grow. The growth of the market is driven by factors including technological advancements in the usage of sterilizing chemicals and equipment in industrial facilities, and rising awareness regarding cleanliness across all institutions.

According to the World Health Organization, a significant number of people around the world suffer harm from healthcare-associated infections (HAIs), many of which are entirely preventable. The absence of HAIs cannot be guaranteed, not even in the most developed or sophisticated country or healthcare system. Thus, it is expected that the increase in hospital-acquired infections will increase the demand for sterilizing services.

Restraints:

Throughout the forecast period, the sterilization services market revenue growth is restrained by the adverse effects of ethylene oxide and issues with the security of reprocessed instruments. Acute exposure to ethylene oxide (EtO) gas may cause symptoms such as respiratory irritation, lung damage, headaches, nausea, vomiting, diarrhea, shortness of breath, and cyanosis. Chronic exposure has been associated with an increased risk of cancer, reproductive problems, mutagenesis changes, neurotoxicity, and sensitization. The aforementioned factors hamper the adoption of sterilization services in the healthcare sector.

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Growth Projections:

The sterilization services market is expected to register a CAGR of 10.6% over the forecast period and revenue is projected to increase from USD 9.80 Billion in 2021 to USD 24.33 Billion in 2030, which is expected to support revenue growth of the market. Growing trend to decrease hospital-acquired diseases is expected to drive the revenue growth of the market.

Current Trends and Innovations:

The market revenue growth is driven by significant global expansion and implementation of an array of patient monitoring platforms in the healthcare industry. The increase in surgical operations requiring high-intensity infection prevention and control as well as rise in hospital-acquired infections are both contributing to the market revenue growth. The rapid outbreak of the coronavirus illness (COVID-19) is driving the market's expansion owing to the fact that it has raised awareness of virus transmission and encouraged people to adopt better hygiene and preventive measures. Additionally, to stop the transfer of pathogens, sterilizing services are being widely used in medical equipment including reusable hemodialysis machines, and respiratory care devices, among others which is driving market revenue growth.

The market is also being driven by a number of product improvements, including low-temperature sterilization systems that offer increased instrument capacity, faster cycle times, enhanced material compatibility, and eco-friendly features. The market revenue is expected to increase further as a result of a number of other factors, such as patient vulnerability to chronic illnesses, and the implementation of different governmental efforts to maintain a high level of infection prevention.

Strategic Initiatives:

Major companies included in the market report are Steris PLC; 3M; Getinge AB; ASP; Belimed Inc.; Sterigenics U.S.,LLC Sotera Health Company; Fedegari Group; Olympus Corporation; Andersen Sterilizers; Steelco S.P.A.

• On January 5, 2023, Life Science Outsourcing, Inc., a leading contract manufacturer and value-added service provider to medical device and life science businesses, announced the acquisition of J-Pac Medical, a manufacturing, packaging, and sterilization outsourcing partner for businesses involved in the production of medical devices and diagnostics.

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Scope of Research

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Emergen Research has segmented sterilization services market on the basis of type, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2030)
• Ethylene Oxide
• Irradiation
• Moist Heat Terminal Sterilization
• Others
• End-Use Outlook (Revenue, USD Billion; 2019-2030)
• Hospital
• Pharma & Nutraceuticals
• Medical Device Manufacturing
• Others
• Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
     a.  U.S.
     b.  Canada
     c.  Mexico
• Europe
     a.  Germany
     b.  France
     c.  U.K.
     d.  Italy
     e.  Spain
     f.  Benelux
     g.  Rest of Europe
• Asia Pacific
     a.  China
     b.  India
     c.  Japan
     d.  South Korea
     e.  Rest of APAC
• Latin America
     a.  Brazil
     b.  Rest of LATAM
• Middle East & Africa
     a.  Saudi Arabia
     b.  UAE
     c.  South Africa
     d.  Turkey
     e.  Rest of MEA

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