December 7, 2024
Sterilization Services Market

Rising Demand For Outsourced Clinical Service Providers To Boost The Growth Of Sterilization Services Market

The global Sterilization Services Market is estimated to be valued at US$ 4,092.6 Mn or 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 refers to the process of eliminating or killing all forms of microbial life, such as fungi, bacteria, viruses, spore forms, and unicellular eukaryotic organisms, through physical, chemical, or mechanical means to prevent the growth and further contamination. Methods such as steam sterilization, ethylene oxide sterilization, gamma irradiation, and e-beam sterilization are used by outsourced sterilization service providers. These services are extensively used by pharmaceutical, medical devices, and hospitals to eliminate contaminants and ensure instrument safety after cleaning. The growing preference for outsourced clinical service providers and increased surgical procedures are expected to drive the growth of the sterilization services market over the forecast period.

Market key trends:

One of the key trends in the sterilization services market is the rising number of surgical procedures worldwide. As per the World Bank, the number of surgical procedures performed per 1000 people has increased from 155.3 in 2010 to 176.0 in 2018. This can be attributed to factors such as growing geriatric population, increasing prevalence of chronic diseases, advancement in surgical techniques, and rising healthcare expenditure. According to the Organization for Economic Co-operation and Development (OECD), in 2020, the healthcare expenditure as a percentage of GDP was highest in the United States at 16.8%, followed by Switzerland at 12.2%. Hence, with the increasing surgical volume, the demand for sterilized medical devices and instruments is also growing, thereby propelling the sterilization services market growth.

Porter’s Analysis

Threat of new entrants: The Global Sterilization Services Market Size requires high capital investment for setting up sterilization facilities. Stringent regulations further increase entry barriers.
Bargaining power of buyers: Large healthcare and pharma companies have significant bargaining power over sterilization service providers. They can negotiate on pricing and demand additional services.
Bargaining power of suppliers: Sterilization equipment manufacturers have moderate bargaining power. Equipment suppliers have to meet regulatory standards and certifications.
Threat of new substitutes: There are limited substitutes for sterilization services. Alternate sterilization methods like ethylene oxide show minimal threat.
Competitive rivalry: The market is highly competitive with presence of several global and regional players. Service differentiation and expanding capabilities strengthen competitive positions.

Key Takeaways

The global sterilization services market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing demand for sterilized medical devices and surgical kits from healthcare facilities.

Regional analysis: North America dominated the market in 2023, accounting for around 35% share. Presence of leading service providers and robust healthcare infrastructure drive the North America sterilization services market. Asia Pacific is expected to emerge as the fastest growing regional market owing to rising medical tourism, healthcare expenditure and growing incidence of chronic diseases.

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. Key players are focusing on expansion of service capabilities and footprint to leverage growth opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

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