Increase in mortality rate due to chronic diseases drives the growth of the global mortuary equipment market.
PORTLAND, Ore., Oct. 10, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Mortuary Equipment Market By Product (Body transporters and trays, Autopsy tables, Refrigerators, Mortuary cabinets, Crematoriums, Other), By Type (Manual, Automated), By End User (Hospitals, Forensic labs, Research organizations, Medical educational institutions): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global mortuary equipment industry was estimated at $863.8 million in 2021, and is anticipated to hit $1.6 billion by 2031, registering a CAGR of 6.5% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The market study is exclusively meant to help the readers with a complete valuation of industry analysis and trends.
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Determinants of growth:
Increase in mortality rate due to chronic diseases drives the growth of the global mortuary equipment market. Moreover, rise in adoption of technologically advanced devices such as dissection tables, autopsy platforms, and embalming platforms across the world has supplemented the growth even more. On the other hand, high cost of mortuary equipment impedes the growth to some extent. However, emerging healthcare market in the developing countries is expected to create significant opportunities for the key players in the industry.
Covid-19 scenario:
- Rise in mortality rate in most countries increased the demand for mortuary equipment. The fact that this equipment has been proven to be very helpful in safely disposing of dead bodies impacted the global mortuary equipment market positively.
- Surge in demand for advanced mortuary equipment boosted the market even more.
The body transporters and trays segment to dominate by 2031:
By product, the body transporters segment contributed to nearly one-third of the global mortuary equipment market share in 2021, and is expected to lead the trail by 2031. The same segment is also anticipated to portray the fastest CAGR of 7.2% during the forecast period. Rise in the mortality rate and increase in adoption of advanced body transportation systems and trays drive the segment growth.
The manual segment to maintain the lion's share:
Based on type, the manual segment generated around three-fifths of the global mortuary equipment market revenue in 2021, and is expected to lead the trail by 2031. The same segment would also manifest the fastest CAGR of 7.0% from 2022 to 2031, owing to increase in demand for body bags, mortuary stretchers, lifting carts, mortuary washing units, and autopsy tables, which are used to preserve and keep the dead bodies.
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The hospitals segment to lead the trail:
Based on end-user, the hospitals segment held more than two-fifths of the global mortuary equipment market revenue in 2021. Simultaneously, the same segment would also garner the fastest CAGR of 7.5% during the forecast period. Rise in the number of private hospitals & mortuaries and high adoption rate of advanced technologies provided by private hospitals propel the segment growth.
North America garnered the major share in 2021:
Based on region, North America held the major share in 2021, generating around two-fifths of the global mortuary equipment market. This is attributed to rise in the number of private hospitals, adoption of technologically advanced products, and development of automated devices such as dissection tables, autopsy platforms, and embalming platforms. The Asia-Pacific region, on the other hand, would garner the fastest CAGR of 7.5% by 2031. This is due to rise in cancer patients and increase in the mortality rate in emerging countries such as Japan, India, and China.
Key players in the industry:
- C.F. di Ciro Fiocchetti & C. s.n.c
- Hickey & Co.
- HYGECO
- LEEC Ltd
- Mopec Inc.
- Barber of Sheffield
- Mortech Manufacturing Company Inc.
- KUGEL Medical GmbH & Co. KG
- Mortuary Lift Company
- SM Scientific Instruments Pvt. Ltd.
- SOVA Motion
- Span Surgical Co
- Thermofisher Scientific Inc.
- EIHF Isofroid
The report analyzes these key players in the global mortuary equipment market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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