Sterilization Technology Market Displaying Significant Growth

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The growing incidence of healthcare-associated infections (HAI), rapid outsourcing of sterilization technology operations, and surging aging population are some of the key factors behind the growth of the sterilization technology market. In 2016, the market attained a size of $4.1 billion, and it is expected to generate a revenue of $7.5 billion by 2023, progressing at a CAGR of 9.0% during the forecast period (2017–2023). Sterilization technology includes the cleaning, preparing, storage, and processing of equipment and devices in pharmaceutical & biotechnology companies, hospitals, ambulatory surgical centers & clinics, and academic & research organizations.
Healthcare centers in Europe and North America are rapidly outsourcing the functioning of sterilization technology departments (SPD) to ensure better compliance to infection control standards, which is further generating opportunities for third-party service providers. Surgical centers and hospitals outsource such technology to offer better patient care and lower the costs associated with skilled professionals, instrument reprocessing, and sterilization equipment maintenance, thereby resulting in the growth of the sterilization technology market.
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The burden of HAIs is higher in low-to-middle-income nations as compared to high-income countries. Newborns in low-income countries are at a significant risk of HAIs, which are responsible for 4.0% to 56.0% of all deaths in the neonatal period. The overall rate for HAI-associated neonatal deaths is 75.0% for Southeast Asia and Sub-Sharan Africa. Thus, the growing prevalence of HAIs is predicted to accelerate the deployment of sterilization technology in healthcare facilities, as such technology helps in sterilizing the equipment and devices used for medical purposes, leading to the sterilization technology market growth.

Hence, the rapid outsourcing of sterilization operations and increasing cases of HAIs around the world are supporting the market growth.
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