Terminal Sterilization Market Forecast and CAGR
According to the latest research by Fact.MR, the terminal sterilization market is set to witness steady growth during 2021-2031. Significant Demand for terminal sterilization due to pandemic situation, with optimistic growth outlook in the long-run. Rising demand from the medical device industry will increase the opportunities in near future, however, the service of terminal sterilization in the pharmaceutical sector will provide momentum.
What is Driving Demand for Terminal Sterilization?
Growing demand for terminal sterilization for drug products amongst end-user continues to drive demand for terminal sterilization. Moreover, the launch of innovative product and technological advancements in the sterilization process will fuel the growth of the terminal sterilization market.
Terminal sterilization market has to gain attention over the past few years due to rising awareness about diseases and infection caused due to non-sterile environment. Besides, growing investment in healthcare infrastructure, research and focused on public health adaption of terminal sterilization is increasing significantly.
Furthermore, the rising prevalence of infectious disease, cancer, diabetes, autoimmune diseases anticipated accelerating the demand of for terminal sterilization services. This is especially true with increasing incidence of contagious disease such as bacterial and viral infections will increasing the demand for terminal sterilization.
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COVID-19 pandemic Likely to Augment Demand of Terminal Sterilization services
Demand for terminal sterilization services increases around the globe due to COVID-19-pandemic. COVID-19 pandemic is expected to rise the demand for terminal sterilization services to overcome disease spread. For example, in 2020 April, the U.S. Food and Drug Administration approved the use of maX low-temperature sterilization systems, maX2, and Steris V-PRO 1 Plus for sterilization of equipment’s, respirators and other masks used in the treatment of COVID-19 patients in hospitals.
Furthermore, the healthcare facilities repeatedly require disinfection, sterilization, and cleaning process to decrease hospital-acquired infections. These factors will accelerate the demand for terminal sterilization services during the forecast period.
U.S. and Canada Terminal Sterilization Market Outlook
The U.S. remains one of the largest markets for terminal sterilization globally. FMI has projected the U.S. will hold significant markets share throughout the course of the forecast period. Key pharmaceutical companies have announced their intentions to invest in manufacturing facilities in the U.S. for instance, in 2018, Eli Lilly invested US$ 72.0 million for an insulin manufacturing project. Hence, demand for the terminal sterilization market will boost during the assessment period 2021-2031.
Demand for terminal sterilization in the U.S. and Canada will be increase due to the increasing number of surgeries and high prevalence of hospital-acquired infections. For instance, Commercial aerospace will account for low demand for terminal sterilization till 2024, according to Healthcare Information and Management Systems Society, in the U.S. every day, 1 out of 25 patients are infected by hospital-acquired infection. In addition, U.S. and Canada have a well- precise regulation for terminal sterilization are some other factors fueling the market growth in the country.
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Europe Demand Outlook for Terminal Sterilization
Terminal sterilization market has gained traction in European countries in recent years due to the adaption of the aseptic environment in healthcare facilities. Moreover, extended use of the sterilized products for storing and packaging pharmaceutical and food supplies will boost the demand for Terminal sterilization services in the European market. Furthermore, some prominent players in Terminal sterilization services are present in European countries which creates significant revenue growth.
Who are the Key Manufacturers and Suppliers of Terminal Sterilization?
Some of the leading manufacturers and suppliers of terminal sterilization include
- Johnson And Johnson
- Steris Plc
- Getinge Group
- Advanced Sterilization Products Services, Inc
- Cantel Medical
- Matachana Group
- Sterigenics International LLC
- Olympus Corp
- MMM Group
- Fedegari Group.
Many leading manufacturers and service providers have a strategic acquisition to for strengthening their position in the terminal sterilization market. For instance, in August 2020, Sharp, part of UDG Healthcare plc, a global leader in contract packaging and clinical supply services, has purchased a minority ownership in Berkshire Sterile Manufacturing (BSM). Terminal sterilization is mostly used for pharmaceutical and medical device sterilization.
An Adaptive Approach to Modern-day Research Needs
Terminal Sterilization Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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By Sterilization Type
- Ethylene Oxide
- Moist Heat Sterilization
- Vaporized Hydrogen Peroxide
- Forced convention
- Natural convention
By End User
- Pharmaceutical companies
- Biopharmaceutical companies
- Medical Device Companies
- Diagnostic Labs
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- East Asia
- South Korea
- South Asia
- New Zealand
- Middle East and Africa
- GCC Countries
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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