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The sterilization services market share is expected to increase by USD 1.41 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.1%.
This sterilization services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers sterilization services market segmentation by type (validation services and contract services) and geography (North America, Europe, Asia, and Rest of World (ROW)). The sterilization services market report also offers information on several market vendors, including ASP Global Manufacturing GmbH, B. Braun SE, BGS Beta Gamma Service GmbH and Co. KG, Cantel Medical., Cosmed Group, Cretex Co. Inc., E BEAM Services Inc., Fortive Corp., H.W.Andersen Products Ltd., Life Science Outsourcing Inc., Medistri SA, Medline Industries Inc., Metall Zug AG, Midwest Sterilization Corp., MMM Group, Noxilizer Inc., Scapa Group Plc, Sotera Health Co., STERIS Plc, and Stryker Corp. among others.
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The increasing awareness regarding workplace wellness is notably driving the sterilization services market growth, although factors such as unskilled labor and unregulated services causing damage may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the sterilization services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Sterilization Services Market Driver
One of the key factors driving growth in the sterilization services market is the increasing awareness regarding workplace wellness. Industrial hygiene involves anticipation, recognition, and evaluation of the factors that are hampering the work environment. Typical roles of sterilization and hygiene include investigating workplace hazards and potential threats to the industry. After making the deliverables clear to the workers, research must be conducted to assess the factors that are causing harm in the workplace and are a potential threat to the instruments which are used regularly in different industries including, pharmaceutical, healthcare, and chemical. The rising emphasis on workplace wellness not only supports providing a healthy work environment for employees but also aims to enhance productivity extensively. The proper cleaning of offices aims to prevent the spread of germs that can cause health issues among employees, resulting in work absenteeism and reduced productivity. Such factors are driving the growth of the global sterilization services market.
Key Sterilization Services Market Trend
The increase in healthcare spending is a sterilization services market trend that is expected to have a positive impact in the coming years. Sterilization services are very important as they support the hygiene and cleanliness requirements of healthcare facilities and the manufacturing units of healthcare equipment. The healthcare industry has been growing stably due to favorable support from the governments, the increasing prevalence of chronic diseases, and the rising emphasis on a healthy lifestyle among the population of both developed and developing nations. These factors have led to an increase in healthcare spending. The rise in healthcare spending will lead to an increase in the number of healthcare facilities and services, including sterilization services. Thus, the increase in healthcare spending will proportionally drive the growth of the global sterilization services market.
Key Sterilization Services Market Challenge
The unskilled labor and unregulated services causing damage will be a major challenge for the sterilization services market during the forecast period. The use of wrong techniques for sterilization can result in extensive damage to the manufacturing industries or hospital assets. The industries or hospitals are generally equipped with expensive equipment and medical instruments, and any damage can cost the company a hefty amount in repairing the damages. The industrial properties are sensitive to the methods used for sterilization. Sometimes while sterilizing the place, a cleaner can get injured due to a lack of focus, for which the sterilization services vendor must pay the employee’s medical expenses. Moreover, if a company works on a single machinery system and it gets damaged during cleaning, the company might run out of business for some days, incurring a huge loss in the market. Such factors can hamper the growth of the global sterilization services market.
This sterilization services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global sterilization services market as a part of the global life science tools and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the sterilization services market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the sterilization services market encompasses successful business strategies deployed by the key vendors. The sterilization services market is fragmented and the vendors are deploying growth strategies such as adopting innovative technologies and increasing the adoption of robots to provide extensive and precise sterilization services to compete in the market.
asp.com - The company offers sterlization products such as STERRAD 100NX and STERRAD 100S system.
asp.com - Under the unified segment, the company offers sterilization and laboratory services for healthcare companies.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The sterilization services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the sterilization services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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43% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for sterilization services in North America. Market growth in this region will be faster than the growth of the market in the European and ROW regions.
The rising awareness of industries toward the benefits of adopting sterilization services from a specialized vendor will facilitate the sterilization services market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the sterilization services market in North America witnessed marginal growth due to the COVID-19 pandemic. Various temporary hospitals were also set up in the US and Canada to deal with the increasing number of COVID-19 cases. Furthermore, the growing demand for hospital beds, intensive care units (ICUs), and the proliferation of isolation centers propelled the demand for medical devices and equipment that required sterilization services.
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The sterilization services market share growth by the validation services segment will be significant during the forecast period. The increasing levels of hygiene are significant in industries such as healthcare and manufacturing due to the direct health impact of any potential contamination or infection. Therefore, the increase in healthcare spending across the globe is a major driver for the growth of validation services in the global sterilization services market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the sterilization services market size and actionable market insights on post COVID-19 impact on each segment.
Sterilization Services Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.1% |
Market growth 2022-2026 |
$ 1.41 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.5 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 43% |
Key consumer countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ASP Global Manufacturing GmbH, B. Braun SE, BGS Beta Gamma Service GmbH and Co. KG, Cantel Medical., Cosmed Group, Cretex Co. Inc., E BEAM Services Inc., Fortive Corp., H.W.Andersen Products Ltd., Life Science Outsourcing Inc., Medistri SA, Medline Industries Inc., Metall Zug AG, Midwest Sterilization Corp., MMM Group, Noxilizer Inc., Scapa Group Plc, Sotera Health Co., STERIS Plc, and Stryker Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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