A MarketsandMarkets press release states that the sterilization equipment market is projected to reach $13.6 billion by 2025 from $12.1 billion in 2020, at a compound annual growth rate (CAGR) of 2.5% from 2020 to 2025.
“Market growth is largely driven by factors such as the growing global prevalence of lifestyle diseases such the rising incidence of hospital-acquired infections, increasing number of surgical procedures, and growing focus on food sterilization and disinfection. Emerging economies and re-introduction of ethylene oxide are expected to provide a wide range of growth opportunities for players in the market,” the press release states.
The global sterilization services market is expected to reach $4.4 billion in 2027, according to a Globe Newswire report. The market is estimated to grow with a compound annual growth rate (CAGR) of 6.3% from 2020-2027. Factors driving the growth of the sterilization services markets are increasing prevalence of health care associated infections and an increasing number of surgical procedures worldwide.
Also, growth in the medical device industry is likely to have a positive impact on the growth of the market in the coming years. In addition, development opportunities in emerging countries is expected to have a positive effect on the growth of the market in the forecast years.
With various technological advancements in recent years, the medical device industry is projected to experience significant growth throughout the world. A growing need for better health care facilities means that many developing economies are relying on technology-enabled health care solutions.
An increase in the elderly demographic of the world population, cases of chronic illnesses and pediatric care are factors increasing the demand for advanced health care facilities. Additionally, the presence of top revenue-generating medical device companies that continue to invest a significant amount in the research and development of advanced technologies and sterilization services is fueling the growth of the medical device industry across the world.
Growth in the medical device industry, combined with stringent regulations, are creating opportunities for the key players in the sterilization services market.
The global sterilization services market is segmented into ethylene oxide (ETO) sterilization, gamma sterilization, electron beam radiation sterilization, steam sterilization, and other sterilization methods. The ethylene oxide (ETO) segment is expected to dominate the method segment market because of an extensive network of ETO sterilization service providers worldwide.
Based on the service type, the contract sterilization services segment holds the largest share of the service type segment during the forecast period.
Similarly, based on the mode of delivery, sterilization services are categorized as offsite sterilization services and onsite sterilization services. The offsite sterilization services segment holds the largest share of this segment during the forecast period.
Based on the end user, sterilization services categories include medical device companies, hospitals and clinics, pharmaceutical and biotechnology companies, food and beverages and other end users. The medical device companies segment holds the largest share of the end user segment during the forecast period.
The market for sterilization services is expected to grow, owing to factors such as an increasing number of surgical procedures worldwide. Moreover, development opportunities in emerging countries are likely to have a positive impact on the growth of the market in coming years. MarketsandMarkets