Rising hospital acquired infection incidence, and concerns for bio-hazardous waste management, and stringent regulations should propel global demand.
In terms of application, the laboratory applications are expected to register the highest CAGR of 9.3%, driven by unmet needs of managing bio-hazardous waste from pharmaceutical manufacturing. APAC steam autoclave market size could reach USD 398.4 million by 2023.
Brazil and Mexico steam autoclaves market will drive LATAM demand, exceeding revenue of USD 60 million by 2023.
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Global Steam Autoclaves Market size looks poised to touch USD 2.9 billion by 2023; as per a new research report.
Increasing issuance of guidelines and mandates for bio-waste management by approval and regulatory authorities such as FDA, DOT, EPA, and European Commission (CE), growing concern to check the spread of hospital acquired infections, and enhanced market penetration rates of medical sterilization and disinfectant devices and equipment should act as potential growth opportunities.
Growing prevalence of antibacterial resistant infections among admitted patients in the hospitals is expected to heighten the importance of sterilization and disinfection procedures in the hospitals. High amount of medical waste and subsequent threat to the healthy population is further pressurizing the regulatory bodies to meet the social requirements of sanitation.
Guidelines for maintaining clean, sterilized, and disinfected environment have been issued by regulatory bodies. Moreover, the introduction of more efficient and cost effective steam autoclaves and growing adoption of CSSD framework is expected to boost the usage rates of steam autoclaves.
Vertical steam autoclave market share contributed significantly to the overall revenue in 2015 owing to large application of these autoclaves in hospitals as well as laboratories in various configurations. However, introduction of various enhancements such as portability and capacity handling capability are expected to also drive demand for table top and floor standing autoclaves.
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Key insights from the report include:
The global steam autoclaves market generated revenue of USD 1.5 billion in 2015, and is anticipated to reach USD 2.9 billion by 2023, projected to grow at a CAGR of 8.9% from 2016 to 2023.
U.S. steam autoclaves market size saw 75% of total North America revenue in 2015. Mandatory compliance to the guidelines issued by the regulatory bodies has boosted regional demand.
Medical segment dominated the global steam autoclaves market share in 2015, with revenue pegged at USD 338.9 million. Europe steam autoclaves market share is forecast to see moderate gains, with UK and Germany accounting for 36% revenue in 2015.
China is the fastest growing industry across APAC, with 10.2% growth target by 2023, followed by Japan, while the LATAM growth was driven by Mexico and Brazil.
Low market entry barriers for manufacturing small, low capacity autoclaves; however, manufacturing larger, FDA approved autoclaves requires huge capital investment, which enhances entry barriers. Tuttnauer, Hanshin Medical, Priorclave, Matancha are some key industry participants.
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