The increasing investment by healthcare units and mortuaries for the procurement of high-quality mortuary equipment in order to provide better preservation of cadavers is propelling the global mortuary equipment market significantly. The augmenting need for well-preserved cadavers for forensic tests as well as in academic and commercial research is fueling the demand for advanced mortuary equipment across the world. The technical advancements, boosting the usability of mortuary equipment, is likely to lead to a remarkable rise in their sales over the next few years.
The global market is likely to witness a healthy rise in its valuation from US$173.4 mn in 2014 to US$306.0 mn by 2023, expanding at a CAGR of 6.30% during the period from 2015 to 2023. Although the future of the worldwide market for mortuary equipment is projected to be teeming with opportunities, it may face hurdles due the high cost of technically advanced equipment.
Refrigerators and Freezers to Exhibit Strongest Demand
Refrigerators and freezers, cadaver lifts, cadaver trolleys, autopsy and dissection tables, and various other instruments are the main mortuary equipment used across the world. Refrigerators and freezers have been witnessing the strongest demand among all equipment since the last few years. In 2014, the segment accounted for a share of 34.0% in the overall market with a revenue of US$59.0 mn.
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Over the coming years, the segment is likely to continue to witness the highest demand, aided by the emergence of portable and advanced refrigerators. Alongside, various government mandates, enforcing hospitals and healthcare institutions to utilize refrigerators and freezers for the proper storage and maintenance of corpses are also expected to boost their demand significantly in the near future.
Apart from this, cadaver lifts and trolleys are also expected to witness a significant rise in their demand in the years to come, fueled by the increasing sale of hydraulic autopsy carriers, portable cadaver scissor lifts, and automated cadaver lifts. Cadaver trolleys, specifically, is likely to register the fastest CAGR of 7.50% during the period from 2015 to 2023.
Asia Pacific to Report Fastest Growth Rate
Europe, North America, Asia Pacific, Latin America, and the Rest of the World are the key regional markets for mortuary equipment. Among these, North America acquired the leading position in 2014 with a total revenue of US$57.0 mn and was trailed by Europe, which earned a revenue of US$48.4 mn the same year. The continual advancement in technology has kept the demand for mortuary equipment high in this region and is expected to remain the same in the forthcoming years, ensuring the lead of this regional market.
On the other hand, the untapped markets in emerging countries in Asia Pacific and Latin America are projected to fuel the demand for mortuary equipment in these regions in the years to come. The rapid advancement in the healthcare infrastructure in China and India is also anticipated to create potential opportunities for mortuary equipment manufacturers over the next few years.
Mopec and Kugel Medical GmbH are the key manufacturers of mortuary equipment across the world. In 2014, both the companies held a share of more than 50% in the overall market. Thermo Fisher Scientific Inc., Mortech Manufacturing Inc., LEEC UK, Flexmort, and Ferno-Washington Inc. are some of the other prominent players in this market.