NEWARK, Del, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The Terminal Sterilization Services Market revenues were estimated at US$ 9.1 Bn in 2021 and is anticipated to grow at a CAGR of 12.7% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 33.5 Bn.
The market is being driven by a high incidence of chronic diseases, an increase in the frequency of Healthcare Acquired Infections (HAIs), and the impact of the COVID-19 epidemic. Heat sterilizers, ethylene oxide, and other sterilizing materials have surged in demand with the onset of COVID-19. The usage of sterilization equipment and services in hospitals, clinics, diagnostic labs, pharmaceutical manufacturing units, and the biopharmaceutical industry has increased significantly as a result of the significant requirement for effective sanitization of equipment and surroundings.
The market has gained pace in recent years as a result of surged awareness about diseases and infections caused by non-sterile settings. In addition, there has been a significant increase in funding for hospital infrastructure, research, and public health adaption to terminal sterility.
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Companies can develop a sterilization program using the Association for the Advancement of Medical Instrumentation (AAMI) and ISO criteria without the requirement for a big and time-consuming Sterilization technology department. These voluntary consensus standards have also supplied regulatory agencies such as the FDA with a reference point for determining product sterility.
North America to remain the largest market for Terminal Sterilization Services
North America is predicted to account for the largest share of the global terminal sterilization services market during the forecast period. A huge client base, greater usage of enhanced sterilization technologies, and highly modern health-care infrastructure are projected to propel the market in North America in the next years.
Competitive Landscape
Some of the key players in the terminal sterilization services market include Johnson And Johnson, DuPont, Steris Plc, Getinge Group, Cantel Medical, Matachana Group, Sterigenics International LLC, and Olympus Corp.
The following are some of the most recent developments from key terminal sterilization service providers:
- In August 2021, Amcor announced the development of a unique healthcare lidding technology that would be utilized for combination items containing two or more regulated components.
- In April 2019, Johnson & Johnson announced the completion of the sale of its Advanced Sterilization Products (ASP) business, which is a division of Ethicon, Inc., to Fortive Corporation for an estimated US$ 2.8 billion.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Terminal Sterilization Services Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Terminal Sterilization Services Market by Type (Ethylene Oxide, Irradiation, Moist Heat Terminal Sterilization, Other Types), By End-use (Hospitals & Clinics, Pharma, Other End-uses), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Market Segments Covered in Terminal Sterilization Services Market Analysis
By Type:
- Ethylene Oxide
- Irradiation
- Moist Heat Terminal sterilization
- Other Types
By End Uses:
- Hospitals & Clinics
- Pharma
- Other End-uses
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Investment Feasibility Matrix
3.4. Value Chain Analysis
3.5. PESTLE and Porter’s Analysis
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