Terminal Sterilization Services Market: Overview
The size of the world market for terminal sterilisation services was estimated at USD 19.02 billion in 2028, and it is anticipated to increase at a CAGR of 10.02% from 2021 to 2028. The primary drivers projected to propel market expansion globally include an increase in surgical operations, an increase in hospital-acquired infections, an increase in the frequency of chronic diseases, and rapid technological advancement.
During the forecast period, the market is anticipated to benefit from the rising incidence of HAIs. For instance, the National Institute for Health and Care Excellence (NICE) estimates that every year in England, some 300,000 patients experience HAIs. Similar to this, according to Patient Care Link, there are an estimated 1.7 million HAI-infected individuals in American hospitals alone, which accounts for the about 99,000 related fatalities each year. Therefore, it is projected that as HAIs rise, demand for terminal sterilisation would rise as well, driving the market during the forecast period.
The market is anticipated to develop as a result of the numerous creative items that have been introduced thanks to quick technical advancements.
One of the more promising sterilising methods is low-temperature hydrogen peroxide sterilisation. This method has a quicker cycle time and doesn’t use any extremely dangerous chemicals. As a result, continuous rise in the utilisation of the plasma sterilisation technique is anticipated during the forecast period.
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Terminal Sterilization Services Market: Covid-19 Impact:
The demand for cutting-edge healthcare facilities and services to treat the infected has considerably increased due to the COVID-19 pandemic. The ability to control the spread of COVID-19 makes terminal sterilisation services and related goods one of the most important components of healthcare and are in high demand worldwide. Additionally, as a result of the global opening of borders brought about by the invention of the vaccine, the supply chain is anticipated to return to normal throughout the post-pandemic phase.
In order to meet the demand, numerous businesses also adopted COVID-19-related strategies like mergers, acquisitions, and product launches. For instance, in January 2021 Steris and Cantel Medical agreed to buy each other for USD 4.66 billion. To diversify the infection prevention market, the transaction was made. Thus, it is anticipated that the market for terminal sterilisation services will expand during the forecast period as a result of the aforementioned factors.
Terminal Sterilization Services Market: End-Use Insights
The market is divided into hospitals and clinics, pharmaceuticals and nutraceuticals, the manufacturing and packaging of medical devices, other manufacturing sectors, academic research institutes, and others based on end-use. With a market share of 26.87% in 2021, the hospitals & clinics category is anticipated to rise at a rapid 11.33% CAGR during the projected period. Sterilization is increasingly in demand in hospitals and other healthcare settings, particularly due to the rising burden of HAIs..
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Terminal Sterilization Services Market: Key Companies & Market Share Insights
With both major and small manufacturers present, the worldwide market is fragmented. Because there are so many local and important competitors in this market, there will likely be more competition during the projected period. Leading players also participate in partnerships, product launches, mergers, and acquisitions to expand their product lines. For instance, in January 2021, STERIS plc and its U.S. subsidiary agreed to buy Cantel Medical, a company that offers infection prevention services and products, in a deal worth about USD 4.6 billion in cash. The company was projected to provide a diverse variety of infection prevention and procedural goods & services as a result of this acquisition. As a result, the aforementioned tactics will aid the company in increasing its global presence. The following are some well-known suppliers of terminal sterilisation services:
- Steris Plc
- The 3M Company
- Getinge Group
- Matachana Group
- Olympus Corporation
- Cantel Medical
- Advanced Sterilization Products Services Inc.
- Sterigenics International LLC.
Terminal Sterilization Services Market: By Region
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa