Attributed to rapid industrialization and increasing disposable income, the healthcare sector has been witnessing continuous growth. Increasing healthcare spending has resulted in the introduction of smart healthcare solutions such as advanced sterilization services.
As per the World Health Organization (WHO), in 2014, approximately US$ 1,058.0 per capita was spent on health, worldwide. Technological development in sterilization techniques is the prime target of healthcare providers for infection-free medical devices and drugs for treatment, which is creating significant growth opportunities for players in the sterilization services market.
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- Redditch Medical (Entaco Ltd)
- Cantel Medical Corporation
- Stryker Corporation
- Centurion Medical Products (Medline)
- Johnson & Johnson
- E - Beam Services, Inc.
- Cretex Companies
- COSMED Group
- Medistri SA
- B. Braun Melsungen
- Life Science Outsourcing, Inc.
Growing Pharmaceutical Companies Offering Economic Growth Opportunities
Healthcare companies focused on providing healthcare services and medicines also increases economic opportunities such as job creation, shaping public policy, and training professionals for different sterilization techniques.
Growing pharmaceutical companies and increasing research & development activities create employment such as manpower for delivery of quality services, including sterilization services, during drug manufacturing.
Controlling infection in good manufacturing practices of drugs is very essential, which is anticipated to provide thrust to the growth of the sterilization services market.
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Rising Adoption of Contract Sterilization Services in Healthcare Institutions Boosting Growth
Among the different sterilization services, contract sterilization services is the first choice among various healthcare institutions. It is the largest service solution in the global sterilization services market.
Contract services include in-house and off-site sterilization of medical devices, pharmaceuticals, and packaged units. Most of the in-house sterilization in hospitals is conducted by the sterile processing department through contract manufacturing.
Contract services are also in demand amongst medical device manufacturers, as this service significantly reduces cost and resource burden, and allows them to focus on their core activities.
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North America and Europe Dominating Global Sterilization Services Market
North America and Europe hold around 60% share of the global sterilization services market. Increasing hospital admissions and outpatient visits is propelling the demand for sterilization services. For instance, in the U.S., it is anticipated that, the number of annual outpatient visits will grow 1.8% annually, and reach 4.9 billion visits by 2023.
In addition, governments in these regions are taking initiatives to support the growth of the domestic healthcare industry by offering tax exemptions for R&D, increased budgets & funding, creating public & private conglomerates, and attracting foreign direct investments in providing services.
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Complexity in Regulatory Approvals for Distributing Services to Hinder Growth
There arises complicacy for regulatory approvals when healthcare service providers market their services, globally. Some countries have their own regulatory agencies and processes, while many follow the regulations of major countries, such as US FDA, which may have their own approval timelines.
Companies have to wait until all regulatory approvals have been received before the distribution of their services. Moreover, the timeline for approval of distributing services is also lengthy, compelling a service provider to wait for years to receive all regulatory approvals. Such a scenario will possibly hinder the growth of the sterilization services market.
Competitive Landscape of Sterilization Services Market
Key players operating in sterilization services market across the globe include Steris plc, Sotera Health LLC, Stryker Corporation, and Johnson & Johnson. Manufacturers are focusing on geographical expansion to expand their services. For instance, in 2018,
Cantel expanded its life science portfolio through the acquisition of Stericycle's Controlled Environmental Solutions Business. This acquisition strengthens Cantle's portfolio of infection prevention solutions.
A majority of companies are expanding their existing services by acquiring smaller companies to strengthen their infection control services, and maintain or gain significant market share. North America and Europe will continue to hold substantial share of the global sterilization services market, and stakeholders in this market space can target these two regions to gain substantial share in the sterilization services market.
Key Segments of Sterilization Services Market
PMR’s study on the sterilization services market offers information divided into four important segments - service type, technique, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Sterilization Services Market Report
- Which region will continue to remain the most profitable regional market for sterilization services market players?
- Which factors will induce a change in the demand for sterilization services during the assessment period?
- What are the different opportunities available for emerging players in the sterilization services market?
- How are supply-side and demand-side drivers impacting the sterilization services market?
- How will changing trends impact the sterilization services market?
- How can market players capture the low-hanging opportunities in the sterilization services market in developed regions?
- Which companies are leading the sterilization services market?
- What are the winning strategies of stakeholders in the sterilization services market to upscale their position in this landscape?