Why Is Sterilization Mandated upon Healthcare Facilities?
Cases of healthcare associated infections (HAIs) are rising globally, on account of unsterilized devices or contaminated environment. HAIs are acquired in various healthcare facilities like clinics, hospitals, and ambulatory service centers, and are the most frequent adverse outcomes in healthcare delivery. Escalating frequency and number of infections lead to high mortality and huge financial losses for all stakeholders of the healthcare system. According to the World Health Organization, nearly 10 out of 100 hospitalized patients in developing nations and 7 out of 100 in developed economies have chances of acquiring at least one HAI.
Moreover, factors such as rising number of surgeries, increasing shift toward minimally invasive surgical procedures, growing elderly population, and expanding pharmaceutical and biotechnology industry in Asian countries, will fuel the sterilization technology market growth at a CAGR of 9.0% during the forecast period (2017–2023). According to P&S Intelligence, the market generated $4.1 billion in 2016 and it is expected to generate $7.5 billion by 2023. This market offers huge growth opportunities to players, on account of expanding avenues in emerging countries and surging demand for electron beam (ebeam) sterilization process.
Furthermore, the sterilization technologies find wide application in hospitals, pharmaceutical and biotechnology companies, academic and research organizations, medical devices companies, and ambulatory surgical centers and clinics. These end users deploy these technologies in the form of devices, services, and consumables. In coming years, these sectors are expected to generate high demand for sterilization validation services and contract sterilization services.
Geographically, the Asia-Pacific (APAC) region is expected to display the fastest growth in the usage of sterilization products. This can be attributed to the booming aging population, improving pharmaceutical industry, growing medical tourism, soaring pollution levels, and increasing healthcare expenditure in the region. Moreover, the developing healthcare system in APAC will create ample opportunities for medical device manufacturers to deploy sterilization technologies in the form of services, devices, and consumables.
Access Detailed Report - Sterilization Technology Market Competitive Analysis
Thus, the increasing prevalence of HAIs and rising healthcare spending will escalate the demand for contamination free devices and environment that can be achieved through application of sterilization technologies.