Rising Focus and Pouring Funds on Healthcare Infrastructure Development to Make Emerging Economies Key Markets for Steam Autoclave Systems
The vast rise in the number of surgical procedures undertaken globally, the huge surge in a variety of infections affecting humans, and the alarming rise in the occurrence of hospital-acquired infections has increased the focus on the critical need of effective sanitization practices and devices in healthcare environments. Steam autoclaves, which play a key role in the sterilization of surgical devices and healthcare waste in healthcare environments, are thus witnessing a significant rise in global demand.
In the intensely competitive and consolidated global market for steam autoclaves, emerging economies such as Latin America and Asia Pacific are emerging as the future growth destinations for companies struggling to gain sustainable returns. The market has demonstrated high growth opportunities for advanced product varieties based on novel technologies such as gamma irradiation and E-beam (electron beam) irradiation.
According to a recent market research report by Transparency Market Research, the opportunity in the global steam autoclave market was pegged at US$1.57 bn in 2015. Rising at a promising CAGR of 5.7% over the period between 2016 and 2024, the market is expected to reach US$2.57 bn by 2024.
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Q. What role are developed economies playing in the development of the global steam autoclave market?
A. Developed economies across North America and Europe presently hold commanding positions in the market for steam autoclaves and play a key role in its overall development in terms of new product launches and technological advancements. North America alone accounted for a massive 40% of the global steam autoclave market in 2015, chief reason being the vast number of surgeries taking place in the region every year. Reports suggest that in the U.S. alone, nearly 45 mn surgeries take place annually on an average.
This significantly raises the concern and potential of prevalence of hospital-acquired infections, calling the intense need for effective sanitation practices across healthcare infrastructures in North America and Europe. Apart from this, the strict observance of many stringent rules with the aim of enhancing patient safety in healthcare premises is expected to influence the adoption of steam autoclaves in these regions at an encouraging pace in the next few years.
Q. Are developed economies also expected to remain at the forefront of market’s future development?
A. Despite the dominance of North America and Europe, the steam autoclave market is expected to gain the most lucrative returns from emerging economies in regions such as Asia Pacific and Latin America in the next few years. The market for steam autoclave in Asia Pacific, especially, is expected to lead to vast growth opportunities for the global steam autoclave market owing to the increased focus on development of healthcare infrastructure across countries such as India, China, and South Korea. The market in Asia Pacific is also expected to outpace the markets across North America and Europe in terms of growth rate over the period between 2016 and 2024, exhibiting a nearly 8% CAGR.
Owing to this factor, many leading companies in the global steam autoclave market are venturing into the Asia Pacific market through mergers, acquisitions, and consolidation strategies with vendors native to the region or through establishment of operations and manufacturing facilities. Introduction of economic products could help vendors tap the vast untapped opportunities in the region with ease.