Terminal Sterilization Services Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product (Ethylene Oxide, Irradiation, Moist Heat Terminal Sterilization, and Others); End-Use (Hospitals & Clinics, Pharma & Nutraceuticals, Medical Device Manufacturing/Packaging, and Others); and Region/Country
The Terminal Sterilization Services market was valued at USD 10 Bn and is expected to grow at a strong CAGR of around 10% during the forecast period (2021-2028). The terminal sterilization services market refers to the industry that provides sterilization services for medical devices, pharmaceuticals, and other healthcare products. Terminal sterilization is the process of sterilizing a product in its final packaging before it is distributed and used. The demand for terminal sterilization services is increasing due to the rising number of chronic diseases along with the rising number of patients which increases the risk of hospital-acquired infection among the patient population. For instance, as per the National Institute of Cancer, in 2020, an estimated 1,806,590 new cases of cancer will be diagnosed in the United States.
Some of the major players operating in the market include STERIS; 3M; Getinge AB; Fortive; Belimed AG; Sterigenics U.S., LLC; Fedegari Autoclavi SpA; Olympus Corporation; Andersen Sterilizers; and Steelco S.p.A. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, the irradiation segment is expected to witness fast growth during the forecast period”
Based on product, the market is segmented into ethylene oxide, irradiation, moist heat terminal sterilization, and others. Amongst these, the irradiation segment is expected to witness the fastest growth during the forecast period. The irradiation terminal sterilization services market refers to the industry that provides services for the sterilization of medical devices, pharmaceutical products, and other healthcare products using ionizing radiation. It is a cost-effective method for sterilization and destroys the microbes effectively with the wide range of radiation spectrum attributes to the fastest growth of the irradiation segment in the market.
“Amongst end-use, the wearable injectors segment is expected to witness fast growth during the forecast period”
Based on the end-use, the market is segmented into hospitals & clinics, pharma & nutraceuticals, medical device manufacturing/packaging, and others. Amongst these, the hospitals & clinics segment held dominating share in 2021. Hospitals and clinics play a crucial role in the terminal sterilization services market as they are the primary users of medical devices and equipment. They require sterile instruments and equipment to provide safe and effective patient care. Therefore, hospitals and clinics need to ensure that their medical devices and equipment are properly sterilized before use which is an important attributing factor to the prominent share of the segment in the market.
Terminal Sterilization Services Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global terminal sterilization services market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Terminal Sterilization Services Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Terminal Sterilization Services market were the three major steps undertaken to create and analyze the adoption of Terminal Sterilization Services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Terminal Sterilization Services market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the terminal sterilization services market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the terminal sterilization services market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and end-use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the terminal sterilization services market. Further, we conducted factor analysis using dependent and independent variables such as product and end-use of the terminal sterilization services market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Terminal Sterilization Services market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global terminal sterilization services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the terminal sterilization services market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global terminal sterilization services market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global terminal sterilization services market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global terminal sterilization services market.
The main objective of the Global Terminal Sterilization Services Market Study
The current & future market trends of the global terminal sterilization services market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the terminal sterilization services market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product and end-use
- Define and analysis of the regulatory framework for the terminal sterilization services industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the terminal sterilization services market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the terminal sterilization services market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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