Huge Growth Expected in Sterilization Technology Market in Future
Global sterilization technology market is forecasted to attain $7.5 billion value by 2023, growing at a CAGR of 9.0% during 2017-2023.
By: P&S Intelligence
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It has been more than 150 years since sterilization was first adopted in medical procedures, and it continues to remain an integral part of healthcare solutions and services all over the world. Furthermore, with the growing incidence of hospital-acquired infections (HAI) in several countries, the adoption of sterilization methods will increase even more in the coming years. According to the Centers for Disease Control and Prevention (CDC), "Every year, Americans contract 1.7 million infections while being treated in hospitals. These infections are associated with approximately 99,000 deaths annually. In addition to the significant toll on patients' lives, HAIs represent an estimated $30 billion in added healthcare costs.
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As per a report published by the WHO in 2016, almost 266.2 to 359.5 million surgical procedures were performed all over the globe in 2012. Considering the boom in the population and increase in the access to healthcare, it is assumable that the surgery volume would have burgeoned further in the last 7¬–8 years. Furthermore, the increasing incidence of obesity is causing a sharp rise in the requirement for bariatric surgeries, on account of these surgeries being highly effective in treating obesity. The rapid rise in the number of surgeries being performed all over the world is a major factor propelling the demand for sterilization products (https://www.psmarketresearch.com/
Out of all the major end users of sterilization products, namely ambulatory surgical centers and clinics, hospitals, academic and research organizations, medical device companies, and pharmaceutical and biotechnology companies, the highest procurement of these products is currently being observed among pharmaceutical and biotechnology companies. The main reasons behind the adoption of these products by these organizations are the mushrooming production of biotechnology and pharmaceutical products and increasing number of such companies across the world. Additionally, such companies are subject to some of the most stringent safety regulations of any industry, and failing to meet the set standards can not only lead to a loss of patient life, but also strong regulatory action.