Growing need for disinfecting equipment used in the food and beverages, packaging, pharmaceutical and cosmetic industry is further expected to contribute towards growth of the global sterilization services market during the forecast period.
New York, NY -- (SBWIRE) -- 02/13/2019 -- With the growing need to disinfect medical devices in the healthcare industry has led to an upsurge in demand for sterilization services globally. In addition, prevalence of various diseases in the hospitals and clinics is further projected to impact the global market growth of sterilization services positively. Persistence Market Research states that the global market of sterilization services is projected to reflect a CAGR of 6.0% over the forecast period, 2017-2026.
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Factors Fuelling Global Market Growth
Growth of the global sterilization services market is mainly bound to various macro-economic and micro-economic factors. Surge in demand for hygienisation of medical instruments will continue to rev up demand for sterilization services in the healthcare sector. Preference for uncontaminated medical instruments in the healthcare institutions is projected to remain high attributed to growing need to conduct surgeries. In order to cease the propagation of contaminations in various equipment and instruments manufactured for various industries, the ruling authorities in various countries are imposing stringent regulations to meet the specifications regarding decontamination. In addition, strict assessment of medical instruments by FDA has further led the manufacturers to include sterilization as an important production process.
Growing need to meet the specified sterility assessment is propelling manufacturers to focus on routine terminal sterilization. Reuse of various medical devices such as endoscopes, ultrasounds and surgical instruments will further rev up sales of the sterility services globally. Increasing adoption of the contaminated medical instruments, of food equipment can propagate various diseases among the patients and customers. In order to ensure adoption of the sterile and uncontaminated devices, manufacturers are ensuring the products are tagged with the sterility labels and FDA approval.
In addition, manufacturing companies are also offering one-stop solutions for decontamination and validation services to various industries. Companies in the food and beverages, healthcare, pharmaceutical, vets, dentists, cosmetics and packaging are increasingly collaborating with various manufacturing companies to avail assured and reliable sterilization services quickly. These factors will continue to impact the global market growth of sterilization services positively during the forecast period.
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Application of chemical sterilants including ethylene oxide can have respiratory and bodily distress as it is carcinogenic in nature. Moreover, increasing application of chemical sterilants is also expected to impose negative effects on the electronic parts of the medical instruments. Attributed to these hazards, manufacturers prefer opting for alternative techniques such as hydrogen peroxide and chlorine dioxide. These factors are expected to inhibit the global market growth of sterilization services significantly.
Sales to Remain High for Medical Devices
As the requirement for decontaminating medical instruments continue to increase, demand for the physical methods of sterilization is projected to remain high in the global market. In terms of revenue, the physical method type segment is projected to represent the highest growth, recording more than US$ 700 Mn by 2026-end. On the other hand, the mechanical method type segment is projected to reflect significant CAGR over the forecast period. By 2017-end, the medical devices manufacturers end users segment is projected to witness a robust revenue growth, representing for more than US$ 300 Mn. In contrary, the research and academic institute end users segment is projected to reflect the fastest growth in the global market of sterilization services during the forecast period.
In terms of application, the raw materials segment is projected to reflect a healthy CAGR by 2026-end. On the other hand, the medical devices application segment is projected to generate significant revenues, recording more than US$ 680 Mn throughout the forecast period. By service type, the validation segment and the contract segment is projected to reflect an equivalent CAGR by 2026-end. However, the contract service type segment is projected to represent a significant revenue growth, accounting for more than US$ 590 Mn by 2017-end.
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Major players operating in the global market of sterilization services include Solvay SA, E I Dupont DE Nemours & Company, 3M Company, Asahi Glass Co. Ltd., Honeywell International, Inc., Daikin Industries Ltd., Mexichem S.A.B. de C.V., The Chemours Company, Zeus Industrial Products Inc., W L Gore & Associates, Inc. and Compagnie de Saint-Gobain SA (Saint Gobain Performance Plastics).