Understanding the Sterilization Services Market’s Growth Prospects from 2024 to 2033
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2024-2033 Forecast: What is the Projected Growth Rate for the Sterilization Services Market?
The market size for sterilization services has seen significant growth in the past few years. It’s expected to increase from $4.62 billion in 2023 to $4.97 billion in 2024, with a compound annual growth rate (CAGR) of 7.7%. Factors such as strict regulatory standards, an increase in surgical procedures, the global expansion of medical device manufacturing, an emphasis on infection control, and an upward trend in the aging population have contributed to the growth witnessed in the historic period.
Expectations are high for robust expansion in the sterilization services market within the coming years. The market is forecasted to surge to a value of $6.73 billion by 2028, progressing at a compound annual growth rate (CAGR) of 7.9%. This predicted growth can be credited to several factors like an uptick in sterilization services outsourcing, expansion in the biotech and pharmaceutical sectors, increase in ambulatory surgical centers, emphasis on environmentally friendly sterilization procedures, and readiness for global pandemics. The forecasted period will also see significant trends such as a spike in online sales for sterilization products, attention towards sustainable sterilization procedures, development in advanced sterilization technology (ast), swift sterilization in crucial situations, and tailored sterilization solutions.
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What Are the Main Drivers Behind the Growth of the sterilization services Market?
The surge in hospital-acquired infections (HAIs) is predicted to push the sterilization services market growth in the future. These infections come about when an individual is provided with medical assistance for a different condition at a healthcare establishment. The escalated practice of reusable medical devices in hospitals, which includes items like pulse oximetry sensors, catheters, stethoscopes, and additional reusable gadgets, contributes to the increase in these occurrences. As a result, both reusable medical equipment and hospital vicinity need to be sterilized to curb the spreading of such diseases. For instance, the Centers for Disease Control and Prevention, a health organization in the US under the Department of Health and Human Services, reported a 14% rise in the hospital-acquired methicillin-resistant staphylococcus aureus (MRSA) infections from 2020 to 2021. Additionally, central line-associated bloodstream infection (CLABSI) rose by 7% from 2020 to 2021. Therefore, the increasing incidence of hospital-acquired infections is spearheading the expansion of the sterilization services market.
What Are the Primary Segments of the Sterilization Services Market?
1) By Type: Sterilization Validation Services, Contract Sterilization Services
2) By Method: X-ray Irradiation, ETO Sterilization, Gamma Sterilization, E-beam Sterilization, Steam Sterilization
3) By Mode of Delivery: On-Site Sterilization Services, Off-Site Sterilization Services
4) By End-User: Hospitals And Clinics, Medical Device Companies, Pharmaceutical And Biotechnology Companies, Other End Users
Which Trends Are Revolutionizing the Sterilization Services Market?
Emerging as a notable trend in the sterilization services market, product innovations constitute a significant area of focus for leading companies. These businesses are bent on formulating new strategies to consolidate their market stand. For example, PAMA Manufacturing and Sterilization, a Canada-based firm with specialization in the manufacturing and sterilization of medical devices, rolled out an avant-garde ethylene oxide (EO) sterilization solution in January 2023. This inventive sterilization technique consumes half the usual EO gas, recycles it effectively, and curbs any direct emission of EO that could harm the environment. Overall, the approach reduces EO gas usage by half during the sterilization process while responsibly recycling the EO. Furthermore, the closed system adeptly prevents the direct emission of EO into the environment by trapping any EO used and dispatching it to an on-site scrubber to get rid of harmful compounds. The system’s construct is fashioned to be economical, eco-friendly, and safe without undermining the sterility results obtained from conventional systems.
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Which Geographical Regions Are Pioneering Growth in the Sterilization Services Market?
North America was the largest region in the sterilization services market in 2023. The regions covered in the sterilization services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Sterilization Services Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the sterilization services market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Sterilization Services Market Include
1. Sterilization Services Market Executive Summary
2. Sterilization Services Market Segments
3. Sterilization Services Market Size And Template Market Growth Rate
4. Key Sterilization Services Market Trends
5. Major Sterilization Services Market Drivers
……
25. Key Mergers And Acquisitions In The Sterilization Services Market
26. Top Sterilization Services Companies
27. Sterilization Services Market Opportunities And Strategies
28. Sterilization Services Market, Conclusions And Recommendations
29. Appendix
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