NEW YORK, Nov. 30, 2022 /PRNewswire/ — According to the latest market research study published by P&S Intelligence, the sterilization technology market valued $9,313.7 million in 2021, and it is projected to advance at a rate of 7.1%, to generate $17,313.7 million revenue in 2030. The rising number of hospital-acquired infection cases, surging volume of surgeries, and increasing sterile pharmaceutical product demand propel the industry.
Expansion of Pharmaceutical Sector in China
The industry in China has been experiencing continuous growth due to the expansion of the pharmaceutical sector, rising incidence of chronic diseases, surging geriatric population, increasing air pollution levels, and favorable government initiatives.
China already holds the second-largest share of the global pharmaceutical market, and it is projected to rise in significance in the coming years. Drugs and medical device production requires a fully-sterile environment. Moreover, the stringent regulations implemented by the China Food and Drug Administration prevent drug launches without proper caution and thus, propel the demand for sterilization technology.
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Healthcare Centers Outsourcing Sterilization Procedures
Healthcare centers are massively outsourcing the sterilization technology department’s functions for better compliance with infection control standards, which creates opportunities for third-party service providers.
Moreover, putting external partners in charge of such procedures offers improved patient care and decreases the costs associated with instrument reprocessing, having skilled professionals in the staff, and ensuring equipment maintenance.
It is difficult to clean and sterilize complex medical devices, which creates a requirement for skilled professionals to perform the procedure without impacting the quality as well as the chemical and physical properties of raw materials, including rubber and plastics.
Sterilization Equipment Holds Largest Industry Share
Sterilization equipment captures the largest industry share, of approximately 55%. It is ascribed to the rising incidence of HAIs and the expansion of the pharmaceutical, medical device, and biotechnology industries. There are numerous pieces of equipment used for sterilizing medical equipment with steam, heat, radiation, low temperature, and other energy forms.
In addition, the increasing number of surgeries, growing presence of semiconductor companies, and rising geriatric population propel the industry. Furthermore, numerous companies offer customers the advantage of regulatory compliance with medical safety standards.
Browse detailed report on Sterilization Technology Market Size, Share, Trends and Growth Analysis 2022-2030
Pharmaceutical and Biotechnology Companies Hold Largest Industry Share
- Pharmaceutical and biotechnology companies captured the largest industry revenue share, of about 30%, in 2021. The rising number of such companies and their increasing production propel the sterilization technology industry growth.
- The easy accessibility of groundbreaking cell and gene therapies and transforming research methodologies will also offer numerous intriguing prospects in the future.
North America Dominates Industry
North America captures the largest industry share, of more than 40%. It is credited to the surging R&D activities in the pharmaceutical sector, rising healthcare expenditure, booming elderly population, increasing number of hospitals, and escalating nosocomial infection incidence.
Sterilization Technology Industry Report Coverage
- Heat sterilizers
- Depyrogenation ovens
- Steam autoclaves
- Low-temperature sterilizers
- Ethylene oxide sterilizers
- Hydrogen peroxide sterilizers
- Sterile Membrane filters
- Radiation-based sterilization devices
- Sterilization indicators
- Sterilization pouches
- Sterilization containers
- Sterilization wraps
- Sterilization validation services
- Medical Devices
By End User
- Pharmaceutical & Biotechnology Companies
- Medical Device Companies
- Ambulatory Surgical Centers & Clinics
- Academic and Research Organizations
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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SOURCE P&S Intelligence