Sterilization Technology Market Segment That is Expected to Dominate the Market

NEW YORK, Cambodia - Oct. 15, 2019 - PRLog -- 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 (https://www.psmarketresearch.com/market-analysis/sterilization-technology-market/report-sample). 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.

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This technology is deployed in healthcare settings to maintain high standards of product quality and sterilization for better patient safety, since contaminated equipment can cause serious consequences for patients. On the basis of offering type, the sterilization technology market is categorized into devices, services, and consumables. Out of these, during the historical period (2013–2016), the devices category dominated the market in terms of revenue, and it is predicted to continue dominating it during the 2017–2023 period.

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 (https://www.psmarketresearch.com/market-analysis/steriliz...) market.

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

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