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.
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.
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.
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.
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.
Sterilization Services Market: Scope of the Report
Persistence Market Research (PMR) recently published a market study on the sterilization services market. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the sterilization services market structure. The market study presents exclusive information about how the sterilization services market will grow during the forecast period (2019-2029).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compound annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes pricing analysis by region and by service type, which helps in deep understanding of the pricing details by researchers, suppliers, manufactures, and distributors. The other information contains volume analysis, which includes year-wise growth of the sterilization services market during the forecast period. This information can help readers understand the quantitative growth prospects of the sterilization services market during the forecast period.
The study is relevant for service providers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researcher, shareholders, industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the sterilization services market. Furthermore, small businesses and new entrants in the sterilization services market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the 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
Sterilization Services Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the sterilization services market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analyst ensure accuracy and reliability of conclusions.
Secondary resources referred to analyst during the production of the sterilization services market study include statistics from government healthcare organizations, medicinal journals, research journals, press release, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the sterilization services market, and makes PMR’s projection on the growth prospects of the sterilization services market more accurate and reliable.