The Sterilization Services Market is estimated to be valued at US$ 4,092.6 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.
The sterilization services market is primarily driven by growing need for infection control in hospitals and clinical laboratories. Sterilization helps kill or remove microorganisms such as fungi, bacteria, viruses, and spores from medical equipment, drugs, and biological products to prevent the risk of infection during medical and surgical procedures. The increasing prevalence of hospital acquired infections and stringent regulatory guidelines regarding sterilization and disinfection have boosted the demand for sterilization services.
Market Overview:
Sterilization services refer to the process of eliminating any biological agents or microorganisms such as bacteria, viruses, fungi, and spores from equipment, drugs, biological products and surfaces to make them safe for their intended use. Common sterilization methods used include autoclaving, gamma irradiation, and ethylene oxide sterilization. Sterilization is a crucial process for medical device manufacturing and healthcare facilities to control the spread of infection.
Market key trends:
One of the key trends in the sterilization services market is increasing adoption of autoclave based sterilization. Autoclave based sterilization uses steam under pressure to reach high temperatures of 121-134°C which ensures effective and rapid microbial inactivation. Autoclaves offer advantages such as lower costs compared to other methods, compatibility with most medical instruments, and faster turnaround times. They are frequently used for sterilizing heat-resistant surgical instruments and medical devices in healthcare facilities. Growing sterilization needs in hospitals and pharmaceutical companies has propelled the installation of autoclave chambers across the world.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the sterilization services market is low owing to capital intensive nature of sterilization infrastructure and requirement of strong expertise. The existing players have established brand recognition and distribution channel in the market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of various sterilization service providers in the market. However, strict compliance with regulatory requirements reduces chances of switching between providers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many raw material suppliers and commodity nature of raw materials like gases, ethylene oxide etc.
Threat of new substitutes: There is low threat of substitution as sterilization is an essential process for medical devices and instruments to ensure safety.
Competitive rivalry: High due to presence of numerous global and regional players competing on parameters of quality, pricing and service.
SWOT Analysis
Strength: Well established brands and infrastructure for delivering high quality sterilization services. Compliance with stringent regulatory standards enhances customer confidence.
Weakness: High fixed cost associated with running sterilization facilities increases operational expenses. Dependency on few key players for supply of specialized equipment and gases.
Opportunity: Growing medical device market and surgical procedures driving demand for contract sterilization services. Adoption of advanced sterilization technologies like E-beam presents new opportunities.
Threats: Stringent regulatory framework and compliance issues can affect business adversely. Negative impact of trade barriers and geo-political instability.
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 number of surgical procedures worldwide driven by rising prevalence of chronic diseases and growing geriatric population.
Regional analysis - North America dominates the global sterilization services market and is expected to continue its dominance over the forecast period, owing to well-established healthcare infrastructure, stringent regulations regarding sterilization of medical devices along with high adoption of advanced sterilization technologies in the region. Asia Pacific exhibits the fastest growth in the market propelled by increasing healthcare spending, growing medical tourism and rapid expansion of healthcare facilities.
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. The major players are focusing on innovative sterilization technologies and geographic expansion to strengthen their market position.
For more details on the report, Read- https://www.pressreleasebulletin.com/sterilization-services-market-trends-size-and-share-analysis/
