Published: May, 2017
The global steam autoclave market features intense competitive rivalry and high entry barriers for new players. Transparency Market Research (TMR) reports that the market is oligopolistic in nature and over two-third of the overall market was dominated by Getinge Group, Johnson & Johnson, and STERIS in 2015.
The presence of a handful of product manufacturers, preference of buyers for long-term contracts with steam autoclave devices manufacturers, and diverse product portfolios are acting in favor of the leading vendors in the market. “New players are banking on strategies such as manufacturing economic products, product innovation, and tapping emerging regional markets to establish their foothold in the near future,” says TMR’s lead analyst.
The global steam autoclave market had a valuation of US$1.57 bn in 2015 and is expected to expand at a CAGR of 5.7% between 2016 and 2024, reaching US$2.57 bn by 2024.
Rising Prevalence of Hospital-acquired Infections Keeps Demand for Steam Autoclaves High in North America
On the basis of product, traditional steam autoclaves will continue to dominate the global steam autoclaves market until 2024. Besides this, the segment is expected to rise at a higher CAGR of 5.8% during the forecast period. The prominence of traditional steam autoclaves can be attributed to their high efficiency and reliability.
Geographically, North America accounted for the dominant share of 40% of the overall market in 2015 and will remain the market leader until 2024. The alarming rise in the prevalence of hospital-acquired infections and stringent regulations aimed at patient safety are contributing to the growth of the region. Asia Pacific, on the other hand, will be the most promising region, thanks to widening base of affluent consumers and spiraling demand for high-quality healthcare services.
Introduction of Technologically Advanced Products Provides Push to Global Steam Autoclave Market
The rapid rise in the number of surgical procedures undertaken across the world every year has played a vital role in laying a fertile foundation for the growth of the global steam autoclave market. According to a report by the Centers for Disease Control and Prevention (CDC), around 46.5 mn surgeries and nearly 5 mn endoscopies are performed every year in the U.S. alone. In emerging regions as well, such as developing countries of Asia Pacific, which are marked by expanding population bases and booming medical tourism sectors, a spike in the number of surgical procedures is likely to be witnessed in the coming years.
Moreover, the advent of several technologically advanced and effective products such as E-beam and gamma irradiation is providing a fillip to the market. These new products are being increasingly adopted on large scale due to their high product compatibility and low cost. The growing prevalence of nosocomial infections and soaring need for effective sterilization mechanisms in healthcare settings along with the rising focus on patient safety are also stoking the growth of the global steam autoclave market.
Increasing Demand for Disposable Devices Hinders Adoption of Steam Autoclave
On the flip side, the growing popularity of disposable devices across the healthcare sector is creating a dent in the global demand for steam autoclaves. “Disposable devices are meant to be reused and require little or no sanitization over their usable life, making them a convenient option,” says a TMR analyst. Moreover, the imposition of excise duty taxes on the manufacturers of medical devices is resulting in an uptick in product prices. This, in turn, is negatively impacting the growth of the steam autoclave market, especially in cost-sensitive developing regions.
The above data has been derived from a report by TMR, titled “Steam Autoclave Market (Product – Traditional and Tabletop; Indicator - Chemical, Biological, and Mechanical; Technology - Gravity Displacement, Pre-vacuum, and Steam Flush; End-user - Hospitals, Health Care Organizations, and Academics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global steam autoclave market has been segmented into:
Global Steam Autoclave Market, by Product
Global Steam Autoclave Market, by Indicator
Global Steam Autoclave Market, by Technology
- Gravity Displacement
- Steam Flush
Global Steam Autoclave Market, by End User
- Health Care Organizations
Global Steam Autoclave Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
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