Market Trends of Sterilization Services Industry
This section covers the major market trends shaping the Sterilization Services Market according to our research experts:
Hospitals and Clinics Segment Expects to Register a Significant CAGR Over the Forecast Period
The hospitals and clinics segment is expected to witness significant growth in the sterilization services market over the forecast period owing to the factors such as the rising number of surgical procedures performed as well as the high burden of chronic disease among the population. In addition, the spread of coronavirus has also increased the need and awareness for sterilization procedures which is also contributing to the market growth. For instance, as per the data published by OECD, in June 2022, about 93,857 cataract surgeries were recorded in Portugal in 2021, followed by 49,308 in Denmark, and 32,844 in Ireland. Thus, the high number of surgeries performed in clinics and hospitals raises the demand to effectively sterilize surgical tools, hospital rooms, and the environment. This is anticipated to fuel the segment growth over the forecast period.
With the increasing number of multispeciality hospitals and clinics across various countries, the demand for sterilization is expected to increase. For instance, as per the 2022 data published by OECD, 4,995 hospitals were reported in Mexico in 2021 as compared to 4,909 in 2020. In addition, as per the same source, there were 268 hospitals in Austria in 2021 as compared to 267 hospitals in 2020. The high number of hospitals worldwide employ the high use of sterilization and is expected to augment the segment's growth over the forecast period.
Furthermore, the growing product launches and awareness regarding sterilization methods are anticipated to fuel the market growth. For instance, in March 2022, Sterifre Medical launched the Aura device, an automatic point-of-care disinfection system that circulates hydrogen peroxide and activated oxygen to disinfect stethoscopes, sensors, pumps, and other stuff.
Therefore, owing to the aforementioned factors such as the rising number of surgical procedures, increasing hospitals as well as product launches, the studied segment is expected to grow over the forecast period.
North America is Expected to Have the Significant Share Over the Forecast Period
North America is expected to dominate the market owing to factors such as the rising hospital-acquired infections, high patient admission rates, technological advancements in healthcare facilities, strong presence of industry players in the region, increased funding from the government, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the United States.
The growing communal diseases and hospital-acquired infections are expected to drive market growth. For instance, as per an article published in the Urogenital Infections and Inflammation, in August 2021, urinary tract infections (UTIs) are a leading cause of nosocomial infections worldwide and have been estimated to cause approximately 30 % of HAIs in the acute care setting in the United States. In addition, as per the same source, out of those HAIs, approximately 75% were associated with an indwelling urinary catheter. These require sterilization and disinfection of the hospital supply products to control the infections caused by catheters in the United States. Therefore, this is anticipated to boost the growth of the market studied over the analysis period in North America.
The increasing prevalence of chronic diseases such as cancer, cardiovascular diseases (CVD), diabetes, orthopedic ailments, and gastrointestinal (GI) disorders among the population leads to increased adoption of various medical procedures which require medical equipment. Thus, the need for sterilization areas and medical equipment is high during surgical procedures. For instance, as per 2022 statistics published by ACS, an estimated 1.9 million new cancer cases are estimated to be diagnosed in the United States in 2022. As per the same source, an estimated 106,180 new cases of colon cancer and 44,850 new cases of rectal cancer are to be diagnosed in the United States.
Additionally, according to the 2022 update by the Canadian Digestive Health Foundation (CDHF), 24,800 Canadians were diagnosed with colorectal cancer which represented 11% of all new cancer cases in 2021, among which 13.700 cases were diagnosed in men and 11,100 cases in women. Thus, the increased burden of cancers in Canada is expected to create demand for various surgical procedures which in turn is anticipated to fuel the need for sterilized devices, thereby propelling the market for sterlization services in the region.
Furthermore, the rising company activities and adopting various business strategies such as collaboration, facility expansion, and launches are also expected to increase the growth of the sterilization services market over the forecast period. For instance, in December 2021, Owens and Minor acquired American Contract Systems (ACS). This acquisition helps the company in expanding the United States-based kitting operations and build unique local sterilization capabilities.
Therefore, owing to the aforementioned factors such as the rising prevalence of chronic disease and healthcare-associated infections, the increasing number of hospitals, and growing company activities, the studied market is expected to grow in the region over the forecast period.
