Mortuary Equipment Market to Expand at a Healthy CAGR of 6.30% During 2015 to 2023
Over the years, these companies have resorted to growth strategies such as the continuous introduction of technologically advanced products, innovative accessories, and consumables, commercialization across new regional markets, and strategic alliances with regional companies to expand their geographical footprint. Introduction of innovative and low-cost products could be the required strategy for new companies to break into the stagnant market.
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Transparency Market Research estimates that the global mortuary equipment market will exhibit a promising 6.30% CAGR from 2015 to 2023, rising from a valuation of US$173.4 mn in 2014 to an opportunity of US$306.0 mn by 2023.
In terms of application, the research and academics segment accounted for the dominant share of the global mortuary equipment market in 2014 and is expected to remain the core area of application of the market over the report’s forecast period as well. A vast rise in research activities concerning chronic diseases across the globe in the past few years will contribute to the increased scope of usage of mortuary equipment in the area in the near future.
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Emerging, Not Established, Markets to Present Most Promising Growth Opportunities
In terms of geography, the market in North America held the dominant share of revenue in the global market, accounting for a nearly 33% of the global market in 2014. The market in Europe closely followed, holding a nearly 28% of the overall market in the said year. By the end of the report’s forecast period, however, these regional markets are projected to lose a considerable amount of share in to regions such as Latin America, Asia Pacific, and Middle East and Africa, with the Asia Pacific market registering the most promising growth, at an 8.60% CAGR from 2015 to 2023.
Scope of Heightened Demand across New Applications in Forensics and Research Sectors to Bolster Growth Prospects
Technological advancements have helped bring in automation in the field of mortuary equipment. Companies are increasingly commercializing automated mortuary equipment that assist in safe and speedy operations with the minimal need for manual interference. Such automated equipment are allowing the global mortuary equipment market to foray into new application areas in the field of research and forensics. With a heightened level of usability and flexibility, the demand for advanced mortuary equipment is expected to soar in areas such as transportation of well-maintained corpses in commercial and academic research and forensic tests.
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High Cost of Advanced Products to Impede Growth Prospects
Although the global mortuary equipment market mostly has a positive outlook over the next few years, certain factors such as the high cost of advanced equipment could present roadblock in the way of promising growth for the market. Lack of awareness about the variety of products available in the global market as well as lack of many options in emerging markets could also hamper the growth prospects of the market to an extent. Nevertheless, rising demand across emerging economies with vast populations, increased focus of companies on emerging regional markets, and positive influx of funds to support expansion, and research and development activities in these regions will help the market remain promising.
The information provided here about the global mortuary equipment market is based on a recent Transparency Market Research report, titled “Mortuary Equipment Market (Product Type - Refrigerators and Freezers, Autopsy and Dissection Tables, Cadaver Lifts, and Cadaver Trolleys; Application - Research and Academics, Forensics, Cultural) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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