Increased Adoption of Single-Use Devices in Healthcare Settings Driving Demand for Sterilization Services in Medical Device Manufacturing: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, July 18, 2024 /
EINPresswire.com/ -- According to a new report by Fact.MR, global revenue from
sterilization services market is expected to reach US$ 3.93 billion in 2024 and thereafter increase at a significant 7.3% CAGR from 2024 to 2034. Rising number of surgical procedures and growing trend of outsourcing sterilization services among pharmaceutical companies, hospitals, and medical device manufacturers are primarily driving market expansion.
As single-use devices become more common, sterilization techniques used in medical device manufacturing are also becoming more prevalent. These processes comprise validation and quality checks along with additional sterilization services to revalidate the packaging. Many regulatory organizations in the healthcare sector are concerned about reduced healthcare costs due to quick approvals for new medications and devices. Timely approvals are projected to also stimulate the need for novel methods of assessing sterility, leading businesses to augment their investments in cutting-edge technologies.
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Governments and regulatory agencies in the healthcare sector have established regulations to ensure compliance with good manufacturing practices (GMP), which has led to an increase in the use of sterilization services throughout production lines by end users such as hospitals and manufacturers of medical devices.
Key Takeaways from the Market Study
The global sterilization services market is projected to expand at a CAGR of 7.3% from 2024 to 2034. The market is forecasted to reach US$ 7.93 billion by the end of 2034.
The market in the United States is poised to reach a value of US$ 1.6 billion in 2024. China is set to occupy 40.3% market share in East Asia in 2024.
The market in Japan is estimated to be valued at US$ 232 million in 2024. The East Asia market is forecasted to expand at a CAGR of 8.7% through 2034.
“To reduce risk of infection between patients and healthcare workers, contract sterilization services are a preferred choice and currently account for over 70% market revenue,” says a Fact.MR analyst.
Increased Susceptibility of Aging Population to Infections Driving Demand for Sterilization Services in Japan
Aging population's increased susceptibility to diseases and infections is projected to boost demand for sterilization services in Japan. The presence of a small number of domestic companies and the majority of significant international businesses in Japan's market is advantageous to the country.
Competitive Landscape
Key players in the sterilization services market are concentrating on delivering effective sterilization techniques that comply with regulatory standards. Additionally, they are forming business alliances with academic institutions to offer cost-effective, high-quality services under contractual agreements.
For example, in October 2022, 3M Health Care's Medical Solutions Division announced that its 3MTM V.A.C. Therapy, a negative pressure wound therapy (NPWT) technique, had been featured in over 2,000 peer-reviewed medical journal studies.
Key Players
STERIS Plc, Sotera Health Company, Stryker Corporation, Advanced Sterilization Products (ASP, US), E-BEAM Services, Inc., MMM Group, Belimed AG, Medistri SA, Noxilizer, Inc., Cretex Companies, Inc., Life Science Outsourcing, Inc., Johnson & Johnson.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the sterilization services market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges insights into the sterilization services market based on service type (contract sterilization services, validation sterilization services), technique (steam sterilization, gamma irradiation, electron beam irradiation, X-ray irradiation, ethylene oxide sterilization, ion beam treatment, plasma sterilization), and end user (hospitals, ambulatory surgical centers, medical device companies, pharmaceutical companies, diagnostic laboratories, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Explore More Related Studies Published by Fact.MR Research:
Dental Sterilization Market: Worldwide demand for dental sterilization equipment is anticipated to increase at a high 7.4% CAGR from 2022 to 2028. Currently, the global dental sterilization market is valued at US$ 1.3 billion and is speculated to reach US$ 2 billion by the end of 2028.
Sterilization Monitoring Technologies Market: The global sterilization monitoring technologies market is projected to grow at a CAGR of 6.5%, increasing from US$ 638.8 million in 2023 to US$ 1.1 billion by 2033.
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