Sterilization services play a vital role in disinfecting medical devices and contaminated supplies to curb healthcare associated infections. The various sterilization techniques utilized include ethylene oxide, gamma sterilization, E-beam irradiation and more which helps destroy harmful microorganisms. With the rising prevalence of diseases and growing medical procedures, demand for sterilized surgical tools and equipment is increasing at a rapid pace. This growing need is augmented further by the emergence of new invasive diagnostic and minimally invasive surgical procedures. The global Sterilization Services Market is estimated to be valued at US$ 4092.06 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of healthcare associated infections (HAIs) has boosted the sterilization services market significantly. As per the estimates of Center for Disease Control and Prevention (CDC), around 1 in 25 hospital patients suffer from at least one HAI. These antimicrobial-resistant pathogens have further complicated treatment and increased the cost of healthcare. In view of this, healthcare facilities are outsourcing sterilization services to specialized vendors to optimize disinfection. Furthermore, increasing privatization of healthcare coupled with rising medical tourism is also propelling the demand for sterilization services over the forecast period.
SWOT Analysis
Strength: The Global Sterilization Services Market Size is seeing strong growth due to rising concerns about healthcare-associated infections and stringent regulations related to sterilization. There is also rising demand for outsourced sterilization services from medical device and pharmaceutical manufacturers.
Weakness: High capital investment requirements for sterilization equipment and facilities pose a major challenge for new entrants in this market. Lack of skilled professionals and standard operating procedures also affects service quality sometimes.
Opportunity: Growing medical tourism in developing nations and increasing volume of surgeries globally are driving new growth avenues. Adoption of advanced sterilization technologies like ETO, gamma sterilization and others also allows for more efficient processes.
Threats: Threat of substitute technologies for low temperature sterilization and shift towards single-use medical devices act as major threats. Economic slowdowns impacting the overall healthcare industry spend can also negatively impact market growth.
Key Takeaways
The global sterilization services market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the sterilization services market owing to stringent regulations and quality standards in this region. Asia Pacific is expected to witness fastest growth due to rising medical tourism, expansion of healthcare infrastructure and growing penetration of healthcare services in emerging economies of China and India.
Key players operating in the sterilization services market include ESI Triage, Emergency Medical Associates, VeEDIS Clinical Systems, HealthLynked Corp, Innovative Health Media LLC, Digital Health Solutions LLC, PatientStack, Allm Inc., Pulsara, PatientCare Technology, Averhealth LLC, Emergisoft, Kyruus, Evolve Technology Solutions, eVisit, LeanTaaS, Twiage LLC, RapidDeploy, SonarMD, and Qventus Inc. These key players are focusing on new product launches and strategic partnerships with medical facilities to strengthen their presence across various countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
