New York, United States, March 16, 2020 (GLOBE NEWSWIRE) -- The global sterilization services market, valued to be US$2.6Bn in the year 2018, is projected to grow at 7% during 2019-2029. Manufacturers in the sterilization services market are improving the existing contract services to generate profitable prospects of growth in the market. Advanced sterilization technologies and disposable devices are driving the popularity of sterilization services, surging their demand in the market. Established companies are strengthening their infrastructure across the value chain to provide sterilization services in strict adherence to government regulations.
Sterilization Services Market: Key Takeaways
- Contract sterilization services will generate major revenue in the market through 2019-2029.
- Ethylene oxide sterilization will be a sought after technology during the forecast period owing to its adorability and high demand.
- Pharmaceutical companies will emerge as prominent end-use owing to the rapid growth in their number.
- North America to acquire a major market chunk in the forecast period
- Buoyed by the growing medical device industry, East Asia will generate significant growth opportunities in the market.
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Sterilization Services Market: Key Growth Drivers
- Smart healthcare solutions are introducing advancements in sterilization services, significantly boosting the market growth
- Growth in the number of pharmaceutical companies has surged the different economic opportunities such as jobs in the market
- High demand for robust manufacturing practices of drugs is driving the demand for sterilization services
- The availability of in-house along with off-site sterilization services is driving the adoption of contract sterilization services, which in turn bolsters the market growth.
- Disposable sterilization devices are gaining rapid traction in the market, creating brackets of growth for the manufacturers.
Sterilization Services Market: Key Restraints
- Delay in government approvals discourages the service provides in the market
- Absence of unified regulatory policies across the globe poses a challenge before the vendors in the market
Explore the complete sterilization services market report with detailed market segmentation, 79 illustrative figures, and 43 data tables spread across 197 pages on https://www.persistencemarketresearch.com/methodology/20770
Sterilization Services Market: Competition Landscape
Established companies are collaborating and acquiring other smaller companies to gain a competitive edge in the global sterilization services market. For instance, Cantel acquired the Controlled Environmental business solution of Stericycle to boost its portfolio in infection prevention services. Major players in the sterilization services market are Steris plc, Johnson & Johnson, Stryker Corporation and Sotera Health LLC.
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About the Report
This report offers global level analysis on the different trends in the industry encouraging the overarching performance of the sterilization services market. The study highlights actionable insights on the sterilization services market based on service type (validation sterilization services, contract sterilization services), the end-user (hospitals, medical device companies, ambulatory surgical centers, diagnostic laboratories, pharmaceutical companies, and others) and technique (gamma irradiation, steam sterilization, electron beam irradiation, ethylene oxide sterilization, X-ray irradiation, plasma sterilization, and ion beam treatment,) across seven major geographical regions.
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