by The global Sterilization Services Market is estimated to be valued at US$ 4,092.6 Mn or Mn 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 refers to the process of eliminating all forms of microbial life from medical equipment and devices. Sterilization services help reduce the risk of hospital acquired infections by completely removing or destroying all forms of microbial life.
Market key trends:
One of the major market trends is the increasing outsourcing of sterilization services by hospitals and medical device companies. Sterilization is a crucial function for hospitals, however maintaining sterilization facilities requires significant capital investments and operational expenses. As a result, many healthcare facilities are outsourcing sterilization to specialized service providers to reduce costs and focus on core healthcare activities. Outsourcing allows hospitals to access modern sterilization technologies and well-trained sterilization professionals at competitive prices without incurring high set-up and maintenance costs associated with in-house sterilization facilities. This is expected to drive the growth of the sterilization services market.
SWOT Analysis
Strength: Sterilization services helps hospitals and medical facilities reduce cross-contamination risks and prevent the spread of infections. Sterilization is necessary to maintain the sterility of medical equipment, devices and supplies.
Weakness: High initial investments are required to setup sterilization facilities and purchase sterilization equipment. Lack of skilled workforce can also affect sterilization processes.
Opportunity: Growing medical device industry and rising surgical procedures are driving the demand for sterilization services. Increasing outsourcing of sterilization processes by hospitals to specialized service providers also presents an opportunity.
Threats: Stringent regulatory standards and compliance requirements associated with sterilization increase operational costs. New disinfection technologies can potentially disrupt conventional sterilization methods.
Key Takeaways
The global Sterilization Services Market Growth is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing prevalence of hospital acquired infections.
Regional analysis
North America dominates the global sterilization services market owing to stringent regulations regarding sterilization in healthcare facilities in the region. Asia Pacific is expected to register fastest growth during the forecast period supported by expanding healthcare infrastructure and growing medical tourism in China and India.
Key players operating in the sterilization services market include 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.
Steris Corporation is one of the largest players with strong presence across major markets. Other prominent players are focusing on expanding their service portfolios and geographical footprint through acquisitions and collaborations to strengthen their market
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
