Growing focus on mitigating the spread of contagious diseases is increasing focus on sterilized equipment.
Albany, NY -- (SBWIRE) -- 03/29/2018 -- A new thorough study titled "Global Market Study on Sterilization Services: Medical Device Application to Lead the Global Market in Terms of Revenue During 2017 - 2026" has recently been added to the repository of Market Research Reports Search Engine (MRRSE). According to the report, the global sterilization services market is projected to grow at a CAGR of over 6% during the assessment period.
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The report outlines the key factors that are driving the growth of the sterilization services market. A holistic assessment on the key factors influencing market growth has been offered to the readers. According to the report, growing focus on mitigating the spread of contagious diseases is increasing focus on sterilized equipment. Regulatory authorities in many countries have strict guidelines on the use of sterilized medical equipment, which has boosted adoption. In addition to the healthcare industry, demand for sterilization equipment is likely to witness steady growth in the packaging industry.
The report segments the global sterilization services market into service type, end user, application, method type and region. The service type segment is further bifurcated into validation services and contract services. The end user segment is further sub-segmented into research and academic institutes, pharmaceuticals & biotech industry, medical devices manufactures and hospitals & clinics. The method type segment is categorized into mechanical methods, chemical methods and physical methods. Geographically, the market is divided into key regions globally which are North America, Latin America, Europe, Asia Pacific Excluding Japan, Middle East & Africa and Japan.
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According to the report, physical methods remain the preferred method for sterilization among end-users, and the trend is likely to remain unchanged during the assessment period. The physical method segment is likely to surpass revenues worth US$ 700 Mn by the end of 2026. Application of sterilization services in medical devices is likely to remain robust, whereas raw material application segment is expected to grow at the highest CAGR. By service type, contract services are likely to grow at a steady pace during the assessment period. The report estimates that the contract services segment was valued at nearly US$ 590 Mn in 2017.
The report profiles some of the leading players operating in the market. Some of these players are 3M Company, Cantel Medical Corporation, Steris Plc, E-Beam Services Inc., Sterigenics International Llc, Medistri SA, Cosmed Group Inc., Johnson & Johnson, Noxilizer Inc., Medline Industries and Stryker Corporation. These companies are likely to focus on broadening their range of affordable offerings to leverage the emerging opportunities in developing countries.
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