(MENAFN- GlobeNewsWire - Nasdaq) Dublin, April 04, 2024 (GLOBE NEWSWIRE) -- The "Global Irradiation Sterilization Services market Size, Share & industry Trends Analysis Report By Application (Medical Instruments, Drug, Food & Laboratory and Others), By Product, By Regional Outlook and Forecast, 2023 - 2030" report has been added to ResearchAndMarkets's offering.
Irradiation Sterilization Services Catering to health and Safety Needs
As the world grapples with ever-increasing health concerns and stringent safety standards, the Global Irradiation Sterilization Services Market is poised for significant growth. The market is expected to reach a value of $4.1 billion by 2030, climbing at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. A principal component fuelling this expansion is the critical requirement for decontamination of medical instruments, drugs, and food products to ensure public health and safety.
Healthcare-associated Infections Elevating Demand
The spike in cases of healthcare-associated infections (HAIs) has prompted medical facilities to intensify infection control protocols. Sterilization of medical instruments and drugs plays a pivotal role in preventing these infections, thereby driving demand for reliable sterilization services such as irradiation, which offers an effective barrier against various pathogens.
Food & Laboratory Applications Signaling Robust Growth
The food & laboratory segment, which is anticipated to encompass around 20.4% of the market by 2030, is yet another area where irradiation sterilization services demonstrate their indispensability. The application of these services in the food sector helps in extending shelf life and maintaining nutritional value, while in laboratories, they ensure the sterility of equipment and materials, an essential consideration for accurate research outcomes.
Technological Advancements and Regulatory Support Shaping Market Dynamics
Stark advancements in the pharmaceutical and biotechnology sectors complemented by robust government regulatory frameworks are providing a conducive environment for the proliferation of irradiation sterilization services. Regulatory bodies have been instrumental in implementing regulations that require thorough sterilization of medical and pharmaceutical goods, buttressing the market's trajectory.
Impact of the COVID-19 Pandemic
The COVID-19 pandemic led to an extraordinary surge in demand for medical supplies and ushered in accelerated research into novel sterilization technologies. This has further underlined the relevance of irradiation sterilization services during times of global health crises.
Market Segmentation Insight
The market is segmented based on product and application. Notably, the gamma irradiation segment dominated the market share, attributed to its robust penetration capabilities and reliability. On the application front, medical instruments, drug, food & laboratory, and others have been identified, with medical instruments leading the charge due to their crucial role in healthcare.
Regional Market Analysis
Regionally, the Asia Pacific region has captured a considerable market share, supported by rising healthcare reforms, growth in research and development, and increased healthcare expenditure, particularly in developing economies such as China and India.
Looking Forward
As the global community continues to spotlight health and safety, the irradiation sterilization services market stands at the forefront of delivering solutions that meet the rigorous standards of various industries. With an unwavering commitment to public well-being and the prevention of infection, the market is well-positioned for sustained growth in the foreseeable future.
Conclusively, this upward trend marks a pivotal transition in the approach towards sterilization, emphasizing the criticality of efficient, effective, and reliable services in a world increasingly focused on health security. The growth trajectory affirms the market's adaptability to evolving health threats and needs.
Companies Featured
STERIS PLC Röchling SE & Co. KG SOTERA HEALTH COMPANY Scapa Group Ltd. Swann-Morton Limited SteriTek Silicon Valley Beta-Gamma-Service GmbH & Co. KG Taisei Kako Co., Ltd. IONISOS, SASU E-BEAM Services, Inc.
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