NEW YORK, May 28, 2018 (GLOBE NEWSWIRE) -- The sterilization technology market size is projected to grow at a CAGR of 9.0% during 2017-2023, to reach $7.5 billion by 2023. The market is growing mainly due to the increasing prevalence of healthcare associated infections (HAIs), growing demand for sterilized pharmaceutical products, expanding demand for less invasive surgical procedures, and growing aging population.
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Outsourcing of sterilization technology is a major trend in the sterilization technology market. The healthcare centers in North America and the Europe are increasingly outsourcing the functions of sterilization technology departments (SPD), to ensure better compliance with infection control standards, which further creates opportunities for the third-party service providers. Hospitals and surgical centers outsource the sterilization technology to provide better patient care and reduce the costs associated with instrument reprocessing, skilled professionals, and maintenance of sterilization equipment. Complex medical devices are difficult to clean and sterilize and require skilled professionals to clean and sterilize them without hampering their quality and chemical and physical properties of raw materials such as plastics, rubber used in these devices. With limited budget and high complexity of these medical devices, hospitals prefer to outsource their sterilization technology operations to third party sterilization services, at on-site and off-site facilities. Thus, outsourcing of sterilization technology operations is a striking trend observed in the global sterilization technology market.
The growing aging population is bolstering the sterilization technology market growth. Increasing life expectancy and fall in birth rates are the major reasons for the growth in aging population. Aging population require extensive care as they are more prone to illness due to low immunity levels and longer recovery time. Elderly people are also more susceptible to chronic diseases such as diabetes mellitus, multiple sclerosis, and rheumatoid arthritis, thus leading to increase in the demand for better diagnosis and therapies. Increase in the aging population in the U.S., Germany, China and India in the next few years, is expected to create high demand for more complex surgical devices that require difficult sterilization processes, since aging people tends to opt for various treatments that are quicker and less invasive. Thus, growing aging population acts as a strong driver supporting the increase in the demand of sterilization devices and consumables.
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Some of the other key players operating in the sterilization technology market are Getinge AB, STERIS plc, Ethicon Inc., Belimed AG, Anderson Products Inc., MATACHANA GROUP, 3M Company, and B. Braun Melsungen AG.
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