by The global 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.
Market Overview:
Sterilization services refer to the process of eliminating biological agents or all forms of microbial life present in food, pharmaceutical, surgical and other equipment, and enclosed spaces. Sterilization is a crucial process which is implemented to eliminate microbial contamination and reduce the risk of infection. Sterilization services ensure the safety and quality of medical devices by removing all forms of viable microorganisms. The key sterilization methods used include ethylene oxide, gamma irradiation, electron beam, and steam sterilization. Sterilization market caters to various end-use industries including pharmaceutical and medical device manufacturers; hospitals, clinics, and other healthcare facilities; food industry; biotechnology industry; and others.
Market key trends:
One of the key trends in the sterilization services market is the rising uptake of contract sterilization services. Several healthcare facilities and medical device manufacturers prefer outsourcing sterilization processes to specialized service providers owing to their technical expertise and economies of scale. Contract sterilization service providers can offer improved efficiency, lower turnaround times, and reduced operational costs for end-users. Furthermore, rising demand for sterilized medical devices from the growing geriatric population and increasing surgical procedures is amplifying the demand for sterilization services. Expanding applications of medical packaging sterilization is another major trend fueling the overall industry growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the high capital investment required to enter the sterilization services market, established brands, and regulations.
Bargaining power of buyers: The bargaining power of buyers is high as sterilization is a necessity for hospitals and pharmaceutical companies and they can negotiate on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials include chemicals and equipment that have few substitutes and suppliers have fragmented market presence.
Threat of new substitutes: The threat of new substitutes is low as sterilization is essential for infection control and there are no close substitutes.
Competitive rivalry: The competitive rivalry is high due to the presence of established brands and differentiation in service offerings.
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 regulatory focus on sterilization and rising incidence of hospital-acquired infections.
Regional analysis
North America dominates the sterilization services market and is expected to continue its dominance during the forecast period. Rising number of surgical procedures and growing geriatric population are the major factors driving market growth in the region. Asia Pacific is expected to witness the fastest growth during the forecast period owing to increasing healthcare investments, expansion of healthcare facilities, and rising medical tourism in countries like China and India.
Key players
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. Steris Corporation and Cantel Medical Corporation are the leading players in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
