The U.S. sterilization services market size is expected to reach USD 2.72 billion by 2025, according to a new report by Grand View Research, Inc., registering a 5.1% CAGR during the forecast period. Supportive government investments in the healthcare industry, increasing R&D activities, and rising volume of drug launches are key factors impacting market growth.
The U.S. government has been keen on curbing healthcare costs and this is anticipated to encourage the FDA to speed up approval procedures for generic pharmaceuticals. Faster approvals drive the need for newer sterility testing methods, compelling innovative market participants to spend more on such solutions, thereby propelling the market. With increasing demand for drugs, companies are launching newer drugs with different routes of administration, dosage, or for a new indication. These launches require thorough sterility testing and this is anticipated to drive market growth.
By end use, the market is divided into hospitals, pharmaceuticals, medical device companies, clinical laboratories/research centers, and others, which includes food and beverage companies. Hospitals dominated the overall sterilization services market in 2016 and the segment is expected to retain its top position throughout the forecast period. Increasing incidence of hospital-acquired infections, growing number of surgical procedures, and constantly rising patient pool are prime factors driving this segment.
Currently, the U.S. sterilization services industry is consolidated in nature with only a few top companies capturing the major share. Some of the leading players are STERIS Corporation; Getinge Group; and Advanced Sterilization Products Services, Inc. Other prominent companies include 3M, Belimed, Cantel Medical, MATACHANA GROUP, and Sterigenics International LLC. In September 2016, Cantel announced the acquisition of Vantage Endoscopy’s endoscopy assets. This expansion of direct sales and acquisition of assets of its Canadian distributor is expected to strengthen the company’s position in the infection prevention market.
Further key findings from the report suggest:
- The U.S. sterilization services market was valued at USD 1.83 billion in 2017 and is expected to grow lucratively over the forecast period
- In terms of revenue, the offsite delivery mode segment is anticipated to exhibit a strong growth rate through 2025
- The contract services market was valued at USD 1.27 billion in 2017 and is anticipated to register the fastest CAGR over the forecast period.
Access full research report on U.S. sterilization services market:
www.grandviewresearch.com/industry-analysis/us-sterilization-services-market
