Sterilization Technology Market Displaying Significant Growth
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 outsourc...