Mortuary Market Segments, Top Key Players, Drivers Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the mortuary market is expected to be valued at USD 1.265.2 million in 2022, growing at a 6.3% CAGR from 2022 to 2028. The primary driver of the expansion of the global Mortuary market are is the increasing number of road accidents, resulting in a high mortality rate, increasing unclaimed bodies in the mortuaries, and growing demand for updated technology advancements and automation techniques in mortuaries.

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Morgues Segment to Dominate the Mortuary Market:
Based on end users, the morgues segment is expected to account for a larger revenue share in the global Mortuary market, with a value share worldwide. Morgues are storage rooms for human corpses pending identification or removal for burial or autopsies. These rooms have been refrigerated to delay the decomposition of dead bodies preserved for autopsies or research purposes. Additionally, deaths from road accidents and criminal activities have increased nowadays, and the corpses are transferred to the morgue for further investigations, which in turn increases the demand for morgues. Consequently mortuary market will also grow with the highest growth rate over the forecasted period.

North America Mortuary Market:
North America leads the market and accounted for the maximum revenue share in the historic period, and is expected to have a significant growth rate during the forecast period due to the growing obese population, rise in road accidents, and high mortality rate during the COVID-19 pandemic. For instance, as of September 30, 2020, in the U.S., 210,797 people died due to COVID-19, which is the highest in the world, these factors are estimated to increase the demand for mortuary bags. The Asia Pacific is anticipated to have the fastest growth rate over the forecast period attributed to the increasing prevalence of diabetes and the growing elderly age population in the region. For instance, the prevalence rate of diabetes in adults in India is 8.9%. Such a high prevalence rate of diabetes is witnessed to push the growth of the market in the region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global mortuary market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In July 2022, Genesis corporation announced the launch of their new division - GEN-V Mortuary bags. GEN-V goals bring new technology to the funeral services industry backed by intellectual property.

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The mortuary market is segmented based on product, end user, and geography.
Based on the product, the market is segmented into the following:
• Trolleys
• Refrigeration Units
• Autopsy Platforms and Equipment
• Embalming Workstation
• Dissection Table
• Bags
• Other Accessories

Based on the end user, the market is segmented into the following:
• Hospital
• Morgue
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the mortuary market report are SM Scientific Instruments Pvt. Ltd., KUGEL medical GmbH & Co. KG, Leec Ltd, Thermo Fisher Scientific, Inc., Mortech Manufacturing Company, Inc., CLASSIC PLASTICS, Mopec, Auden Funeral Supplies Ltd., Smart Choice Funeral Supplies, and Deluxe Scientific Surgico Pvt. Ltd.

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This release was published on openPR.