The Sterilization Services Market is estimated to be valued at US$ 4,092.6 Mn or Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sterilization services aim to eliminate micro-organisms and other living things like fungi, bacteria, and viruses from medical equipment and devices to prevent the spread of infection and illness. These services are crucial for hospitals and healthcare facilities to sterilize reusable medical equipment such as surgical tools and devices to ensure patient safety. Various sterilization methods used include ethylene oxide, gamma radiation,steam sterilization, e-beam sterilization, and hydrogen peroxide gas plasma.
Market Dynamics:
One of the major drivers of the sterilization services market is the rising prevalence of hospital-acquired infections globally. According to the U.S Centers for Disease Control and Prevention, in the United States alone, around 1.7 million hospital-associated infections occur annually, resulting in around 99,000 associated deaths. This has increased the adoption of sterilization services in healthcare settings to minimize the risk of infection transmission. Additionally, the growing outsourcing of sterilization services by healthcare facilities is also fueling the market growth. Healthcare facilities are increasingly relying on third-party sterilization service providers to meet strict sterilization protocols and focus resources on core healthcare services.
Segment Analysis
The Global Sterilization Services Market Size is dominated by the contract sterilization services segment. Contract sterilization services allow healthcare facilities to outsource sterilization needs and focus internal resources on core business areas. This segment is growing faster as more hospitals and medical device companies look for cost-effective sterilization solutions without investing heavily in complex sterilization equipment and training personnel to handle hazardous sterilants.
PEST Analysis
Political: Regulations around sterilization processes are becoming more stringent. Government agencies are enforcing compliance to quality standards to ensure patient safety.
Economic: The overall growth of the healthcare industry is driving demand for sterilization services from hospitals and medical device companies. Cost-savings achieved through outsourcing is also supporting the market growth.
Social: Rising awareness about hospital-acquired infections and increasing focus on infection control and prevention practices are boosting the adoption of effective sterilization services.
Technological: Advancements in low-temperature sterilization techniques like E-beam and Vaporized Hydrogen Peroxide are gaining popularity due to their material compatibility and effectiveness.
Key Takeaways
The global sterilization services market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing awareness about benefits of sterilization in healthcare settings.
The North America region currently dominates the market due to strict regulations and compliance requirements in the region. Growing concerns regarding management of medical waste and safety of staff from toxic sterilants are also fueling market growth.
Key players operating in the sterilization services market are Steris Corporation, Noxilizer Inc., Medistri SA, Judd Medical Limited, E-BEAM Services Inc., Cantel Medical Corporation, Stryker Corporation (TSO3 Inc.), BGS Beta-Gamma-Service GmbH & Co. KG, and B Braun Melsungen AG (B Braun Medical Ltd.), among others. Key players are focusing on expanding service reach and portfolio through partnerships and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
