The market is estimated to grow with a CAGR of 6. 3% from 2020-2027. Driving factors of the sterilization services are increasing prevalence of healthcare associated infections and Increasing number of surgical procedures worldwide.
New York, March 18, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sterilization Services Market to 2027 - Global Analysis and Forecasts By Method , Service Type , Mode of Delivery , End User , and Geography" - https://www.reportlinker.com/p05875917/?utm_source=GNW
Also, growth in the medical device industry is likely to have a positive impact on the growth of the market in the coming years.
Besides, development opportunities in emerging countries is expected to have a positive effect on the growth of the market in the forecast years.
With various technological advancement in recent years, the medical device industry is projected to experience a significant growth across the world.Due to the need for better healthcare facilities, the developing economies are relying on the technology-enabled healthcare solutions.
The rise in elderly population, cases of chronic illnesses, and pediatric care are the main factors increasing the demand for advanced healthcare facilities.Additionally, the presence of top revenue-generating medical device companies which are investing a significant amount in R&D of advanced technologies and sterilization services, is fueling the growth of the medical device industry across the world.
Growth in the medical device industry, combined with stringent regulations, are creating opportunities for the key players in the sterilization services market.
The global sterilization services is segmented by method, service type, mode of delivery, end-user.Based on the method, the market is segmented into ethylene oxide (ETO) sterilization, gamma sterilization, electron beam radiation sterilization, steam sterilization, and other sterilization methods.
The ethylene oxide (ETO) segment is expected to dominate the method segment market due to an extensive network of ETO sterilization service providers worldwide.Based on the service type, the market is segmented into contract sterilization services and sterilization validation service.
The contract sterilization services segment held the largest share of the service type segment during the forecast period.Similarly, based on the mode of delivery, the sterilization services are categorized as offsite sterilization services and onsite sterilization services.
The offsite sterilization services segment held the largest share of this segment during the forecast period. Based on the end user, the sterilization services are categorized as medical device companies, hospitals & clinics, pharmaceutical & biotechnology companies, food and beverages and other end users. The medical device companies segment held the largest share of the end user segment during the forecast period.
The market for sterilization services is expected to grow, owing to factors such as increasing number of surgical procedures worldwide.Moreover, development opportunities in emerging countries are likely to have a positive impact on the growth of the market in coming years.
Contract sterilization services segment led the market in 2019, and is expected to retain its dominance during the forecast period from 2020 to 2027.
Some of the essential primary and secondary sources included in the report are, Food and Drug Administration, World Health Organization (WHO), World Bank, among others.
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