With the increasing prevalence of infectious diseases and an alarming rise in the number of hospital-acquired diseases, the need for sterilization of medical devices and healthcare waste has increased. Medical practitioners have set the process of steam autoclaving on high priority due to rising awareness regarding patient safety. This trend is, therefore, driving the global steam autoclaves market. Other factors fuelling the growth of the market are the rising geriatric population and increasing healthcare expenditures. According to a report by Transparency Market Research (TMR), the valuation of the global steam autoclaves market was US$1.57 bn in 2015 and is expected to rise at a CAGR of 5.7% from 2016 to 2024, reaching US$2.57 bn by 2024.
Rising Number of Surgical Procedures to Spur Adoption of Steam Autoclaves
The vast rise in the number of surgical procedures undertaken worldwide every year is giving a significant push to the global steam autoclaves market. According to a report by the Centers for Disease Control and Prevention, in the U.S., every year nearly 5 million endoscopies and 46.5 million surgeries are performed. In the developing parts of Asia Pacific and Latin America, which are marked by flourishing medical tourism industries and large population bases, a massive increase in the number of surgical procedures has been witnessed over the past few years.
Rising Geriatric Population to Positively Influence the Growth of Asia Pacific
Geographically, North America was the leading revenue contributor in 2015, representing about 40% of the market. The rising prevalence of nosocomial diseases and other infectious diseases has compelled governments to frame stringent regulations that are aimed at ensuring the safety of patients at healthcare facilities. Such regulations are boosting the adoption of steam autoclaves in this region, thereby propelling the growth of the market.
However, the Asia Pacific market for steam autoclaves is anticipated to expand at a significant CAGR of 7.9% during the forecast period. The growing prevalence of infectious diseases, rising population base of geriatric people, and increasing demand for improved healthcare services from increasingly affluent consumer base are stimulating the sales of steam autoclaves in this region.
On the basis of product, the traditional steam autoclave segment dominated the market in 2015, accounting for nearly 91.7% of the overall market revenue. The growth of this segment can be attributed to increasing usage of these autoclaves in the pharmaceutical and healthcare sectors. Due to their high efficiency, this segment is expected to retain its leadership until 2024.
Browse the full Global Steam Autoclave Market report at http://www.mrrse.com/steam-autoclave-market
Players to Strengthen their Market Position through Product Innovation
The global steam autoclaves market is a highly consolidated arena with intense competitive rivalry. The presence of a limited number of players commanding a large share in the global market poses high entry barrier for new players. Despite this fact, the market offers lucrative growth opportunities for players introducing economic, innovative, and technologically advanced products. This oligopolistic market is dominated by companies such as Johnson & Johnson, Getinge Group, and STERIS. Other notable players in the market are Belimed Group, 3M Heath Care, CISA Group, Matachana Group, and Sakura SI Co. Ltd.