Albany, New York, Dec. 19, 2018 (GLOBE NEWSWIRE) -- According to TMR’s report the global steam autoclave market is expected to exhibit a 5.7% CAGR over the forecast period 2016 to 2024. The market was valued to be at US$1.57 bn in 2015 and is anticipated to reach US$2.57 bn by 2024.
Among the different product types, the segment of traditional steam autoclaves is expected to lead the global steam autoclave market in the coming years. The segment held 91% of the overall market share in 2015.
Geographically, North America held over 40% share in the global steam autoclave market. This could be accounted to the surge in surgical procedures in the region.
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Rising Adoption in Hospitals to Amplify Sales in Market
With surge in demand from dental, social insurance, and pharmaceutical divisions, the steam autoclaves market is expected to develop at a quick pace. Execution of strict government guidelines and controls with respect to biosafety will boost the global steam autoclave market in coming years. Additionally, the expanding number of hopsitals all inclusive will fuel development of the steam autoclave market.
Seat top dental steam autoclaves are made of high review treated steel, and are utilized with the end goal of cleaning and cleansing of dental equipment. The high reception of the item is expected to reinforce the development of the steam autoclave market in the coming years.
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Rising Awareness of Sterilization to Spur Growth
The expanding interest for steam autoclave for the transfer of perilous biomedical waste, developing pervasiveness of hospital acquired diseases (HAI) and rising patient-driven way to deal with lessen contaminations is required to drive the market development over the coming years. As indicated by a report distributed by the Centers for Disease Control and Prevention in October 2018, around 1 of every 30 hospital patients experiences something like one HAI.
Proceeded with improvement of novel innovations which result in decrease of expense of assembling of bigger steam autoclaves and help lessen their market costs is required to upgrade the starting costs for these gadgets around the world.
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The global steam autoclave market is expected to see steady growth in the coming years according to Transparency Market Research (TMR). The market’s competitive landscape is currently highly consolidated. With a small number of vendors with vast product portfolios, the market is abuzz with rivalry. The market is oligopolistic in nature, with a handful players responsible for large market shares. On account of the intense competition between existing vendors, there is little scope for new entrants.
To overcome the high entry barriers, new vendors are expected to focus on different organic and inorganic growth strategies. Product innovation is a key strategy that could be adopted by new entrants to gain market traction. Additionally, ensuring cost-effectiveness of the product could gain novel vendors substantial momentum in the global steam autoclave market.
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Johnson & Johnson, Getinge Group and STERIS held more than two-third share of the overall market in 2015. Other prominent vendors operating in the global steam autoclave market are 3M Health Care, CISA Group, Matachana Group, SAKURA SI CO., LTD., and Belimed Group.
This review is based on TMR’s report titled, “Steam Autoclave Market (Product - Traditional and Tabletop; Indicator - Chemical, Biological, and Mechanical; Technology - Gravity Displacement, Pre-vacuum, and Steam Flush; End-user - Hospitals, Healthcare Organizations, and Academics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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