NEW YORK, Sept. 29, 2021 /PRNewswire/ -- The global terminal sterilization services market size is expected to reach USD 18.97 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 10.4% from 2021 – 2028. Rising cases of Healthcare Acquired Infections (HAIs) and the growing prevalence of chronic diseases are some of the major contributors to the market growth. As a large section of people is getting infected with the COVID-19 virus, it is projected to create significant demand for critical care equipment, thereby fostering the growth of the market. Moreover, the rise in the launch of advanced products coupled with the integration of the latest technologies by prominent players is anticipated to further boost the overall progress of the market.
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Key Highlights of Terminal Sterilization Services Market
- Based on the product, the ethylene oxide segment contributed the largest revenue share in the market and is expected to increase its shareholding during the forecast period. Several benefits associated with the method such as broad material compatibility, large sterilizing volume, and simple penetration are helping the segment to grow.
- In terms of end-use, the pharma segment accounted for the majority of the share in the terminal sterilization services market and is estimated to register significant growth in the coming years. Growing demand for sterilization of manufacturing equipment, huge investments in R&D initiatives, and rising adoption for effective sterilization methods drive segment growth.
- By region, North America emerged as the dominating regional market and is led the major growth of the market with its higher revenue share. This region's growth is attributed to continuously increasing patient pool, rise in the number of surgeries conducted in healthcare settings, and booming medical tourism industry.
- MediZap, North America's premier turn-key provider of e-beam terminal sterilization for compounded pharmaceuticals, has finalized the agreement with Analytical Lab Group to provide sterile compounding testing, analytical chemistry, and other services to its pharmaceutical compounding clients.
New sterilizing systems are arriving in the industry, which is expected to be adopted in the hospitals in the coming years. Companies are also in the process of acquisition to increase the portfolio of products. For instance, In January 2021, Cantel Medical was acquired by Steris for USD 4.6 billion. Cantel has a wide range of disinfectant products in their portfolio, which Steris will now offer.
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Regional Developments
The terminal sterilization services market in the North American region is witnessing substantial growth, owing to a huge surge in demand for terminal sterilization for drug products as a result of increased awareness regarding the disease caused due to non-sterile environment and availability of better healthcare facilities. On the other hand, the Asia Pacific market is projected to garner the fastest growth rate, on account of the rise in prevalence of healthcare-associated infections including COVID-19.
Competitive Outlook
Market players are focusing on R&D programs to launch innovative products in the market to gain a competitive advantage. Some of the prominent players present in the terminal sterilization services market are Getinge Group, Advanced Sterilization Products Services, Inc., Steris Plc, Belimed, Cantel Medical, 3M, Sterigenics International LLC, TSO3, Matachana Group, and Olympus Corporation
Target Audience
- Supply Side: Healthcare Service Provider
- Demand Side: Hospital, Clinic
- Regulatory Side: World Health Organization
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Polaris Market Research has segmented the terminal sterilization services market report on the basis of product, end-use, and region:
Terminal Sterilization Services, Product Outlook (Revenue – USD Million, 2016 – 2028)
- Ethylene Oxide
- Irradiation
- Moist Heat Terminal Sterilization
- Others
Terminal Sterilization Services, End-use Outlook (Revenue – USD Million, 2016 – 2028)
- Hospitals & clinics
- Pharma
- Others
Terminal Sterilization Services, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Austria
- Netherlands
- Asia Pacific
- China
- Japan
- India
- Indonesia
- Malaysia
- South Korea
- Latin America
- Brazil
- Argentina
- Mexico
- Middle East & Africa
- Israel
- Saudi Arabia
- South Africa
- UAE
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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