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The contract sterilization market size has grown strongly in recent years. It is projected to rise from $4.84 billion in 2023 to $5.28 billion in 2024, reflecting a compound annual growth rate CAGR of 9.1%. This growth during the historical period can be attributed to a surge in the medical device reprocessing industry, increase in geriatric population, increase in the number of surgical procedures, rising healthcare investments, and increase in the incidence of chronic diseases.
What will be the Future Trend and Market Size of the Global Contract Sterilization Industry?
The contract sterilization market size is expected to see strong growth in the coming years. It is set to reach $7.60 billion by 2028, with a compound annual growth rate CAGR of 9.5%. This growth can be attributed to the rising adoption of single-use medical devices, increasing focus on patient safety and infection control, expanding use of ethylene oxide sterilization in medical devices, and increasing demand for contract sterilization from pharmaceutical companies. Importantly, advancements in low-temperature sterilization technologies, innovation in eco-friendly sterilization processes, integration of automation in sterilization equipment, electron beam sterilization in healthcare, and development of mobile sterilization units will power growth trends during the forecast period.
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What are the Key Growth Drivers of the Contract Sterilization Market?
The contract sterilization market growth can be driven by the increasing demand for rehabilitation solutions, which are expected to propel the growth of the contrast therapy unit market going forward. Rehabilitation solutions entail various interventions and services designed to help individuals regain, maintain, or improve their functional abilities after experiencing health issues, injuries, or disabilities. The rising demand for these solutions is due to demographic shifts, increasing health conditions, and changing public perceptions.
Contrast therapy units, which offer a dynamic approach by alternating hot and cold therapies to enhance recovery, reduce inflammation, and improve overall mobility, are considered essential tools for effective patient rehabilitation. For instance, according to the UK-based adult substance misuse treatment statistics published by the Office for Health Improvement & Disparities government agency in December 2023, the number of people starting treatment for powder cocaine issues increased by 10% from 2022 to 2023, rising from 21,298 to 23,529. This trend showcases clearly that the increasing demand for rehabilitation solutions is fueling the contract sterilization market.
Find the complete report on this steeply growing market right here: https://www.thebusinessresearchcompany.com/report/contract-sterilization-global-market-report
Business Transformation in Sterilization: What’s Fueling Innovation?
Major companies operating in the contract sterilization market are focusing on developing advanced solutions, such as medical device contract sterilization, to address the increasing demand for safer, more efficient, and effective sterilization methods. For example, in April 2021, ClorDiSys Solutions, Inc., a US-based provider of decontamination equipment and services, received FDA approval for chlorine dioxide gas to contract sterilize medical devices. This approval allows the firm to use such gas to sterilize several medical devices, offering a safer alternative to traditional ethylene oxide sterilization.
How is the Contract Sterilization Market Segmented?
The contract sterilization market is segmented in the following manner:
1 By Type: Ethylene Oxide, Gamma Irradiation, Electron Beam, Plasma Sterilization, Vaporized Hydrogen Peroxide
2 By Product: Physical Methods, Chemical Methods, Mechanical Methods
3 By Application: Medical Devices, Pharmaceuticals, Food And Beverage, Cosmetics.
Each segment offers enormous opportunities for growth, with demand surges being witnessed in various areas due to escalating healthcare concerns and advancements in sterilization technologies.
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