The global terminal sterilization services market is anticipated to grow at a CAGR of around 6.1% during the forecast period (2021-2027). The pivotal factors contributing to the growth of market include rising prevalence of chronic diseases due to which number of surgical procedures are increasing, rising healthcare-associated infections owing to the COVID-19 pandemic, and surging demand for critical care equipment. The market has witnessed tremendous growth with increased positive cases of COVID-19 during the pandemic which has further accelerated the demand for sterilization equipment and services in hospitals, clinics, diagnostic laboratories. For an instance, in April 2021, there were more than 142,096,751 million cases of COVID-19 has been reported according to the Worldometer data. The rise in COVID-19 cases has boosted the companies to manufacture cost-effective sterilizers which are majorly utilized by the laboratories and hospitals for the cleaning of medical devices and equipment to avoid cross-contamination, thus, driving the demand for terminal sterilization services.

Besides, the R&D investments by pharmaceutical and biotechnology sectors have also propagated market growth. For an instance, in 2018, around $102 billion were invested by the US-based pharmaceutical company on R&D. The investment has surged the demand for sterilization processes in these industries, thereby, fueling market growth during the forecast period. Moreover, the introduction of new technologies and innovative products by key players will be expected to offer opportunities during the forecast period. 

Impact of COVID-19 on Global Terminal Sterilization Services Market

The terminal sterilization services market growth was augmented by the impact of the COVID-19 pandemic. Demand for terminal sterilization services increases globally due to COVID-19-pandemic to overcome the spread of disease. The increased US FDA approvals for the use of sterilizations systems in the COVID-19 pandemic has a positive impact on the market. For an instance, in April 2020, the US FDA approved maX low-temperature sterilization systems, and Steris V-PRO 1 Plus for sterilization of equipment’s used in the treatment of COVID-19 patients in hospitals. Moreover, an advanced sterilization products (ASP) to decontaminate single-use N95 respirators by STERRAD system for healthcare professionals has also been approved by the US FDA and Dutch National Institute for Public Health and the Environment in April 2020. These factors are expected to cater for the global terminal sterilization services market growth during the forecast period.

Segmental Outlook  

The global terminal sterilization services market is segmented based on method, type, and end-user. Based on the method, the global market is further categorized into ethylene oxide (ETO) sterilization, gamma sterilization, steam sterilization, electron beam radiation sterilization, x-ray, and others. Among these, the ETO sterilization segment is projected to account for the largest share in the market during the forecast period. Based on type, the market is bifurcated into contract sterilization services and sterilization validation services. The contract sterilization services segment is anticipated to be the fastest-growing in the global market owing to the growing preference for contract sterilization by medical device companies. Based on end-user, the market is divided into hospitals & clinics, pharmaceutical & biotechnology industries, and medical device companies. Among these, the hospital & clinics segment is projected to show lucrative growth during the forecast period. Whereas the pharmaceutical & biotechnology industry is expected to account for the largest share in the market during the forecast period.

Global Terminal Sterilization Services Market Share by End-User, 2020 (%)

The Hospitals and Clinics segment is Projected to Show Lucrative Growth in the Global terminal Sterilization Services Market

Among end-users of terminal sterilization services market, the hospital & clinics segment is anticipated grow with significant CAGR during the forecast period. The increasing prevalence of hospital-acquired infections and the rising number of surgical procedures due to increasing chronic diseases among the population are the major factors driving the segment growth. For an instance, according to the CDC estimates in 2018, healthcare-acquired infections accounted for 1.7 million infections and 99,000 associated deaths every year in American hospitals. Similarly, according to the European Centre for Disease Prevention and Control (ECDC) in 2018, the prevalence of HAIs was around 7.1% in European countries, and it was also estimated that around 8.9 million HAIs occur each year in European hospitals and other medical facilities. Moreover, the increased number of positive COVID-19 cases has also surged the demand for terminal sterilization services and equipment in the hospital & clinics segment, which in turn, boosted the segment growth.

Regional Outlook 

Geographically, the global terminal sterilization services market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). The global terminal sterilization services market in Asia-Pacific is expected to witness the highest CAGR during the forecast period. The increasing prevalence of healthcare-associated infections along with increasing coronavirus positive cases, growing healthcare infrastructure, and demand for reusable medical devices are the prominent factors accelerating the market growth in the region. Furthermore, the increasing disposable income, booming medical tourism industry, and increasing hospitals and clinics are likely to propel the market growth during the forecast period. 

Global Terminal Sterilization Services Market Growth, By Region 2021-2027

North America is Anticipated to Dominate the Global Terminal Sterilization Services Market

Geographically, dominated the terminal sterilization services market and projected to account for the significant share in the market during the forecast period. The regional growth is mainly attributed to the increasing chronic diseases among the geriatric population, the growing number of surgical procedures, advanced healthcare infrastructures, and favorable reimbursement and strict regulatory policies to deliver effective sterilization services in hospitals and clinics. For instance, the Patient Protection and Affordable Care Act mandates the usage of terminal sterilization processes in healthcare facilities in this region. Moreover, the presence of large patients’ pools and key market players operating in the terminal sterilization services market are also the factors that are likely to have a positive impact on the global market during the forecast period. Hence, these factors are expected to propel the growth of the market in the region. 

Market Players Outlook

The key players in the terminal sterilization services market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Advanced Sterilization Products Services, Inc., Avantti Medi Clear, Belimed AG, BGS Beta-Gamma-Service GmbH & Co. KG, Cantel Medical Corp, E-BEAM Services, Inc., Getinge Group, Matachana Group, Medistri SA, MMM Group, Noxilizer, Inc, Sotera Health Co., Steris PLC, Stryker Corp, among others. These market players are adopting several market strategies including product launch and approvals, merger and acquisition, partnership collaboration, business, and capacity expansion, and others. For an instance, in November 2019, a subsidiary of Stryker Corp has acquired all shares of TSO3, a Canada-based innovator in low-temperature sterilisation technology for medical devices for $51.7 million. The acquisition will provide the expertise and the financial resources to best help TSO3 achieve its full potential.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Terminal Sterilization Services market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.