PUBLISHER: Grand View Research | PRODUCT CODE: 1233066
PUBLISHER: Grand View Research | PRODUCT CODE: 1233066
The global ethylene oxide sterilization services market size is anticipated to reach USD 9.9 Billion by 2030, and expanding at a CAGR of 10.7% according to a new report by Grand View Research, Inc. The market growth can be attributed rising number of surgeries and incorporation of several manufacturing units which require ethylene oxide for sterilization process. This may impel the market over the forecast period.
Moreover, hospital acquired infections (HAIs) are a significant concern in healthcare facilities, as they can lead to increased morbidity, mortality, and healthcare costs. In the U.S., HAIs are estimated to affect approximately 2 million patients each year and are associated with 99,000 deaths. Similarly, in Europe, it is estimated that 5-10% of hospital patients acquire an HAI each year, leading to 37,000 deaths. Thus, with rising number of HAIs, medical facilities are expected to focus more on sterilization of medical equipment, which may boost the usage of ethylene oxide sterilization.
In addition, increasing number of surgical procedures globally may further grow the demand for ethylene oxide sterilization services. For instance, in the U.S., it is estimated that approximately 48 million surgeries are performed each year, with that number projected to increase in the coming years. Similarly, in Europe, the number of surgical procedures has increased by approximately 50% over the last 20 years, whereas, in some developing countries, the number of surgical procedures has increased significantly due to improved access to healthcare and increased availability of trained healthcare professionals. Therefore, with surge in surgical procedures globally, the usage & manufacturing of medical devices may increase, which may further drive the sterilization services market growth.