The global terminal sterilization services market size is anticipated to reach USD 19.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.3% from 2021 to 2028. The current advent of the novel COVID-19 pandemic has led to the growing demand for sterilization services and is expected to reach new frontiers in the upcoming months. As more and more people are getting infected with COVID, it is likely to create a demand for critical care equipment, which is leading to the growth of the market, globally. This is anticipated to provide plenty of opportunities for market players.
The
mounting concerns over healthcare-associated infections spread through the
environment or person are the major factor augmenting the market. As per CDC,
in the U.S., it was estimated that HAIs account for approximately 1.7 million
infections and 99,000 associated deaths each year, thus driving the market.
Growth
in the pharmaceutical and biotechnology sector has had a tremendous
impact on market growth. According to the Pharmaceutical Research and
Manufacturers Association estimates 2018, the U.S.-based biopharmaceutical companies
invested nearly USD 102.0 billion in R&D. Thus, increased R&D
activities result in increased demand for various sterilization processes in
these industries, thereby, fueling market growth during the forecast period.
Furthermore,
the introduction of innovative products and the incorporation of new
technologies by market players are expected to contribute to market growth
during the forecast period. For instance, in April 2020, Matachana Group
launched new steam sterilizers-MPHS Series-specifically designed to meet the
guidelines of the pharmaceutical industry.
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Terminal
Sterilization Services Market Report Highlights
- On the basis
of product, the ethylene oxide segment dominated the market and accounted
for a revenue share of 34.9% in 2020 owing to numerous advantages offered
by this method such as simple penetration, large sterilizing volume, and
broad material compatibility
- Based on
end-use, the pharma segment dominated the market and accounted for a
revenue share of 67.0% in 2020. Increasing R&D activities and the
launch of complex equipment are boosting demand for the sterilization
process in pharmaceutical companies
- North America
dominated the market and accounted for a revenue share of 35.6% in 2020
owing to increased adoption of standard sterilization services among
hospitals and research centers. Additionally, the constantly expanding
patient pool is further driving the market in the region
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Terminal
Sterilization Services Market Segmentation
Grand View Research has
segmented the global terminal sterilization services market on the basis of
product, end-use, and region:
Terminal
Sterilization Service Product Outlook (Revenue, USD Million, 2016 - 2028)
- Ethylene Oxide
- Irradiation
- Moist Heat Terminal Sterilization
- Others
Terminal
Sterilization Service End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals & Clinics
- Pharma
- Others
Terminal
Sterilization Service Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Mexico
- Brazil
- Argentina
- Colombia
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
List of Key
Players of Terminal Sterilization Services Market
- Steris Plc
- Getinge Group
- Advanced Sterilization Products Services, Inc.
- 3M
- Belimed
- Cantel Medical
- Matachana Group
- Sterigenics International LLC
- Olympus Corp.
- TSO3
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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