Medical Device Sterilization Market
The sterilization market for medical devices and equipment is worth in excess of US$2 Billion, including EnXray Limited’s core target market of medical devices. There are an estimated 8,000 medical device manufacturing companies worldwide and over 85% of OEM medical devices are sterilized on a third-party basis.
Of the different sterilization technologies, ethylene oxide (EtO) sterilization accounts for 54% & ionizing radiation 43%. These technologies are capital intensive, requiring high maintenance efforts and are outside the reach of small, medium and even most large medical device manufacturers to build & operate. The current industry practice is therefore based on the use of 3rd party services.
However, the sterilization step in the manufacturing process has a turnaround time of anywhere from 1-3 weeks before products are ready to be shipped to customers. This is costly and for the high-value, low-volume items costs can be as high as in the range of US$3 – US$4 per item. The EnXray technology is an alternative that can overcome this bottleneck in the industry.