Steam Autoclave Market Research Report by Geographical Analysis and Forecast to 2024
The presence of a very small number of product manufacturers, preference of buyers for long-term contracts with steam autoclave devices manufacturers, and broad product portfolios have further reinforced the standing of leading vendors in the market. Product innovations, production of economic products, and strategies aimed at expansion in emerging regional markets could aid small vendors in the market carve out new growth channels in the near future. Other notable vendors operating amid intense competition in the global steam autoclave market are 3M Health Care, Belimed Group, CISA Group, Matachana Group, CISA Group, and SAKURA SI CO., LTD.
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The vast increase in the number of surgical procedures undertaken across the globe every year has played a major role in the increased consumption of steam autoclaves globally in the past few years. The Centers for Disease Control and Prevention states that in U.S. alone, nearly 46.5 mn surgeries and around 5 mn endoscopies are performed every year. In other regions as well, such as the developing parts of Asia Pacific, which are marked by large population bases and flourishing medical tourism industries, a massive rise in the number of surgical procedures has been seen in the past few years.
Compounding the need for effective sterilization mechanisms in healthcare settings in addition to abovementioned factor is the concern regarding rising prevalence of nosocomial infections across the globe. These factors, in addition to the rising focus on patient safety, will allow the global steam autoclave market gain traction in the next few years.
The market has witnessed the introduction of several technologically advanced and increasingly effective products such as E-beam and gamma irradiation, which are further boosting the market’s growth prospects. High product compatibility and low cost of these new products are expected to help the global steam autoclave market gain significant momentum over the forecasting horizon.
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However, the increased usage of disposable devices across healthcare settings, which are not meant to be reused and require little or no sanitization over their usable life, could emerge as a major restraint for the overall growth of the market. Moreover, the imposition of excise duty taxes on the manufacturers of medical devices is also expected to hamper the overall profitability of steam autoclaves for vendors, thus resulting in increased product prices. This factor could also have a negative impact on the market’s growth prospects, especially in cost-sensitive developing regions.
In terms of popularity of product varieties available in the market, including traditional steam autoclaves and tabletop steam autoclaves, the market is again highly consolidated. The segment of traditional autoclaves accounted for a share of over 91% in the market in 2015. The segment is also expected to expand at the highest CAGR of 5.8% over the period between 2016 and 2024. North America was the leading regional market in 2015, with nearly 40% share in the market in terms of revenue in 2015.
On a whole, the global autoclave market was worth US$1.57 bn in 2015. Expected to rise at a healthy 5.7% CAGR from 2016 to 2024, the market is projected to touch US$2.57 bn by 2024.
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