SAN FRANCISCO, May 10, 2021 /PRNewswire/ -- The global terminal sterilization services market size is anticipated to reach USD 19.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.3% from 2021 to 2028. The current advent of the novel COVID-19 pandemic has led to the growing demand for sterilization services and is expected to reach new frontiers in the upcoming months. As more and more people are getting infected with COVID, it is likely to create a demand for critical care equipment, which is leading to the growth of the market, globally. This is anticipated to provide plenty of opportunities for market players.
Key suggestions from the report:
On the basis of product, the ethylene oxide segment dominated the market and accounted for a revenue share of 34.9% in 2020 owing to numerous advantages offered by this method such as simple penetration, large sterilizing volume, and broad material compatibility
Based on end-use, the pharma segment dominated the market and accounted for a revenue share of 67.0% in 2020. Increasing R&D activities and the launch of complex equipment are boosting demand for the sterilization process in pharmaceutical companies
North America dominated the market and accounted for a revenue share of 35.6% in 2020 owing to increased adoption of standard sterilization services among hospitals and research centers. Additionally, the constantly expanding patient pool is further driving the market in the region
The mounting concerns over healthcare-associated infections spread through the environment or person are the major factor augmenting the market. As per CDC, in the U.S., it was estimated that HAIs account for approximately 1.7 million infections and 99,000 associated deaths each year, thus driving the market.
Growth in the pharmaceutical and biotechnology sector has had a tremendous impact on market growth. According to the Pharmaceutical Research and Manufacturers Association estimates 2018, the U.S.-based biopharmaceutical companies invested nearly USD 102.0 billion in R&D. Thus, increased R&D activities result in increased demand for various sterilization processes in these industries, thereby, fueling market growth during the forecast period.
Furthermore, the introduction of innovative products and the incorporation of new technologies by market players are expected to contribute to market growth during the forecast period. For instance, in April 2020, Matachana Group launched new steam sterilizers-MPHS Series-specifically designed to meet the guidelines of the pharmaceutical industry.
Grand View Research has segmented the global terminal sterilization services market on the basis of product, end-use, and region:
Terminal Sterilization Service Product Outlook (Revenue, USD Million, 2016 - 2028)
Moist Heat Terminal Sterilization
Terminal Sterilization Service End-use Outlook (Revenue, USD Million, 2016 - 2028)
Hospitals & Clinics
Terminal Sterilization Service Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa (MEA)
List of Key Players of Terminal Sterilization Services Market
Laparoscopic Power Morcellators Market – Global laparoscopic power morcellators market size was valued at USD 107.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028.
Disposable EEG Electrode Market – Global disposable EEG electrode market size was valued at USD 695.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.6% from 2021 to 2028.
Cryotherapy Market – Global cryotherapy market size was valued at USD 3.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2021 to 2028.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.