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Terminal Sterilization Services Market Analysis, Revenue Share, Methods, COVID-19 Impacts, Key Players, and Segments Forecast

The global terminal sterilization services market size is anticipated to reach USD 19.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.3% from 2021 to 2028. The current advent of the novel COVID-19 pandemic has led to the growing demand for sterilization services and is expected to reach new frontiers in the upcoming months. As more and more people are getting infected with COVID, it is likely to create a demand for critical care equipment, which is leading to the growth of the market, globally. This is anticipated to provide plenty of opportunities for market players.

The mounting concerns over healthcare-associated infections spread through the environment or person are the major factor augmenting the market. As per CDC, in the U.S., it was estimated that HAIs account for approximately 1.7 million infections and 99,000 associated deaths each year, thus driving the market.

Growth in the pharmaceutical and biotechnology sector has had a tremendous impact on market growth. According to the Pharmaceutical Research and Manufacturers Association estimates 2018, the U.S.-based biopharmaceutical companies invested nearly USD 102.0 billion in R&D. Thus, increased R&D activities result in increased demand for various sterilization processes in these industries, thereby, fueling market growth during the forecast period.

Furthermore, the introduction of innovative products and the incorporation of new technologies by market players are expected to contribute to market growth during the forecast period. For instance, in April 2020, Matachana Group launched new steam sterilizers-MPHS Series-specifically designed to meet the guidelines of the pharmaceutical industry.

Terminal Sterilization Services Market Share By Geographical Regions:

North America dominated the terminal sterilization services market and accounted for a revenue share of 35.6%. This can be attributed to the factors such as high prevalence of hospital-acquired infections, advanced healthcare infrastructures, and favorable reimbursement policies. In Asia Pacific, the market is expected to witness the highest CAGR of 10.6% owing to factors increasing incidence of food poisoning, cholera, typhoid fever, and healthcare-associated infections including COVID-19. Major market players are also making efforts to enter untapped markets such as India, China, and Korea, thereby expanding the market scope.

Terminal Sterilization Services Market Insights By Major Players:

Some of the prominent players in the terminal sterilization services market include Steris Plc; Getinge Group; Advanced Sterilization Products Services, Inc.; 3M; Belimed; Cantel Medical; Matachana Group; and Sterigenics International LLC. Product modifications and extensive R&D activities are among the major competitive strategies adopted by market players. Furthermore, the companies are expanding their geographic location to cater the untapped market for terminal sterilization services along with many acquisitions.

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Terminal Sterilization Services Market Report Highlights

·         On the basis of product, the ethylene oxide segment dominated the market and accounted for a revenue share of 34.9% in 2020 owing to numerous advantages offered by this method such as simple penetration, large sterilizing volume, and broad material compatibility

·         Based on end-use, the pharma segment dominated the market and accounted for a revenue share of 67.0% in 2020. Increasing R&D activities and the launch of complex equipment are boosting demand for the sterilization process in pharmaceutical companies

·         North America dominated the market and accounted for a revenue share of 35.6% in 2020 owing to increased adoption of standard sterilization services among hospitals and research centers. Additionally, the constantly expanding patient pool is further driving the market in the region

COVID-19 is an incomparable global public health emergency that has affected almost every industry. The updated study provides insights, analysis, estimations, and forecasts, considering the COVID-19 impact on the market.

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Terminal Sterilization Services Market Segmentation

Grand View Research has segmented the global terminal sterilization services market on the basis of product, end-use, and region:

Terminal Sterilization Service Product Outlook (Revenue, USD Million, 2016 - 2028)

·         Ethylene Oxide

·         Irradiation

·         Moist Heat Terminal Sterilization

·         Others

Terminal Sterilization Service End-use Outlook (Revenue, USD Million, 2016 - 2028)

·         Hospitals & Clinics

·         Pharma

·         Others

Terminal Sterilization Service Regional Outlook (Revenue, USD Million, 2016 - 2028)

·         North America

o    U.S.

o    Canada

·         Europe

o    U.K.

o    Germany

o    France

o    Italy

o    Spain

·         Asia Pacific

o    Japan

o    China

o    India

o    Australia

o    South Korea

·         Latin America

o    Mexico

o    Brazil

o    Argentina

o    Colombia

·         Middle East & Africa (MEA)

o    South Africa

o    Saudi Arabia

o    UAE

List of Key Players of Terminal Sterilization Services Market

·         Steris Plc

·         Getinge Group

·         Advanced Sterilization Products Services, Inc.

·         3M

·         Belimed

·         Cantel Medical

·         Matachana Group

·         Sterigenics International LLC

·         Olympus Corp.

·         TSO3

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

on February 23 at 9:41

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