Staff report
The global sterilization equipment market in terms of revenue was estimated to be worth $13.7 billion in 2022 and is poised to reach $20 billion by 2027, according to MarketsandMarkets.com. The research organization expects the market to experience a compound annual growth rate of 7.9% from 2022 to 2027.
Market growth, according to the firm, is being powered by an increase in the volume of surgical procedures performed, an increasing incidence of healthcare-acquire infections and other infectious diseases.
A report by Grand View Research suggests continued growth of the sterile processing market.
“The U.S. sterilization services market size to be valued at $2.72 billion by 2025 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% during the forecast period,” according to the report. “The rise in prevalence of chronic diseases and various initiatives taken by the government to ensure the adoption of essential sterilization standards in hospitals and research centers is expected to drive the market over the forecast period. Currently, stringent medical safety and infection control norms are increasing public awareness, resulting in shorter hospital stays and reduced healthcare costs.”
“By end-use, the market is segmented into hospitals, pharmaceuticals, medical device companies, clinical laboratories/research centers, and others, which includes food and beverage companies. The hospital segment dominated the U.S. sterilization services market in 2016 and is expected to retain its position throughout the forecast period (2025),” Grand View Research states.
The sterilization services market size reached $9.80 billion in 2021 and is expected to register a CAGR of 10.6% during the forecast period (2021-2030), according to latest analysis by Emergen Research.
Another report states that the global terminal sterilization services market size was valued at $10.87 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 10.8% from 2023 to 2030. The rising number of surgical procedures, growing incidences of hospital-acquired infections, rise in prevalence of chronic diseases, and rapid technological advancements are the major factors anticipated to drive market growth globally.
Grand View Research reports, “There has been an increase in the number of surgical procedures performed globally. For instance, according to a research article published in NCBI in 2020, around 310 million surgeries are performed annually worldwide. Similarly, according to the American Society of Plastic Surgeons (ASPS), in 2018, over 17.7 million surgeries and minimally invasive cosmetic procedures took place in the U.S.”
“Moreover, as per Mölnlycke Health Care AB, around 70 million surgical procedures are performed in Europe, growing by 3-4% annually,” the report adds. “Most of the surgeries involve at least one device that has been sterilized by using EtO. For instance, surgical kits, gowns, heart valves, pacemakers, drapes, syringes, catheters, and ventilators are among the medical devices that require EtO sterilization. Thus, the rising number of surgeries is expected to boost the market growth.”
The increasing incidence of HAIs is expected to impact the market during the forecast period positively.
“For instance, according to The National Institute for Health and Care Excellence (NICE), around 300,000 patients in England suffer from HAIs every year. Similarly, as per the CDC, in American hospitals, an estimated population of 1.7 million people is infected with HAIs, which accounts for the approximately 99,000 associated deaths annually. Thus, with an increase in HAIs, the demand for terminal sterilization is poised to grow, thereby propelling the market during the forecast period,” Grand View Research reports. “Moreover, the prevalence of chronic diseases is expected to increase the demand for terminal sterilization. For instance, as per the WHO, more than 40% of people aged 65 and above in the UK have reported at least one chronic disease, whereas 15% of people have at least two chronic diseases. Similarly, according to the European Commission, cardiovascular disease is the biggest cause of death in the UK.”
