April 20, 2024
Sterilization Services Market

The Global Sterilization Services Market Is Driven By Increasing Outsourcing Activities Of Healthcare Organizations

Sterilization refers to the process of eliminating or killing all forms of microbial life through physical or chemical means to produce a sterile item or environment. Sterilization services help healthcare organization in disinfecting and preventing the spread of hospital-acquired infections (HAIs) in healthcare facilities. These services aid in disinfecting medical tools, equipment and other materials required in healthcare setups before every surgical procedure or diagnostic test. Sterilization helps remove any risk of contamination and prevents the transmission of infectious agents. With growing prevalence of chronic diseases and rising number of surgeries, there is an increasing need for sterilized medical supplies and instruments, driving the demand for sterilization services.

The global Sterilization Services Market is estimated to be valued at US$ 4092.06 Mn in 2024 and is expected to exhibit a CAGR of 10. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the Global Sterilization Services Market Size is the rising outsourcing of sterilization activities by healthcare organizations. Growing pressure to limit costs is compelling hospitals and clinics to outsource non-core activities like medical waste management and sterilization services to specialized sterilization service providers. These service providers deploy advanced sterilization technologies like gamma sterilization and ETO sterilization using specialized equipment and trained personnel. They also ensure strict adherence to sterilization protocols and quality standards. This helps healthcare facilities focus on their core operations while ensuring sterilized medical supplies and instruments are available as needed. The outsourcing model also helps reduce upfront capital costs for healthcare providers.

Porter’s Analysis

Threat of new entrants: The sterilization services market has moderate barriers to entry as it requires significant capital investment for sterilization equipment and facilities. However, the market is growing rapidly providing opportunities for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are several sterilization service providers in the market. Buyers can negotiate on pricing and services.

Bargaining power of suppliers: Suppliers of sterilization equipment and consumables have moderate bargaining power. However, established suppliers face threat from new entrants.

Threat of new substitutes: There are no cost-effective substitutes for sterilization currently. New sterilization technologies can emerge as substitutes in future.

Competitive rivalry: The sterilization services market is fairly competitive with players differing based on technologies, quality, pricing and service offerings.

Key Takeaways

The global sterilization services market is expected to witness high growth over the forecast period. The market in North America region is expected to grow at a fastest pace owing to growing healthcare industry and rising prevalence of hospital acquired infections.

Regional analysis: North America dominates the global sterilization services market holding over 35% share. Growing number of healthcare facilities and stringent regulations regarding sterilization are driving the market in the region. Asia Pacific is expected to grow at a fastest pace during the forecast period supported by increasing healthcare spending, rising medical tourism and growing medical devices industry.

Key players: Key players operating in the sterilization services market are ESI Triage, Emergency Medical Associates, VeEDIS Clinical Systems, HealthLynked Corp, Innovative Health Media LLC, Digital Health Solutions LLC, PatientStack, Allm Inc., Pulsara, PatientCare Technology, Averhealth LLC, Emergisoft, Kyruus, Evolve Technology Solutions, eVisit, LeanTaaS, Twiage LLC, RapidDeploy, SonarMD, and Qventus Inc. The players are focusing on new product launches and partnerships for business expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it