The global embalming fluid market is estimated to garner a revenue of ~USD 15 billion by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 6 Billion in the year 2022. The market growth is mainly owing to the increasing demand for preservatives for organ and body part preservation in hospitals and evidence preservation in police stations. An embalming solution is a chemical used to temporarily prevent spoilage. Rising demand for embalming solutions in hospitals for preserving organs from donors is estimated to fuel the growth of the market. According to the Global Observatory on Donation and Transplantation, worldwide in the year 2019, 41,860 organs were donated to deceased people.
Additionally, increasing adoption of preservatives for corpse preservation in funeral homes is expected to boost the market growth. In addition, various uses of these chemicals, such as, regulating water hardness, removing excess water from the body and inactivating chemotherapy drugs, are expected to drive the market growth over the forecast period. It was noted that in the year 2022, over 42,000 transplants had been performed. Embalming is the process of chemically preserving tissue using chemical fixatives such as formalin and other liquids that can interfere with toxicological analysis. Common ingredients in embalming solutions include formaldehyde, methanol, sodium borate, sodium nitrate, glycerin, dyes, and water.
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
~5% |
Base Year Market Size (2022) |
~ USD 6 Billion |
Forecast Year Market Size (2035) |
~ USD 15 Billion |
Regional Scope |
|
Growth Drivers
Challenges
The global embalming fluid market is segmented and analyzed for demand and supply by application into cell preservation, disinfection, anti-edemic chemicals, cavity fluids, and others. Out of the five types of applications, the cell preservation segment is estimated to gain the largest market share of about ~35% in the year 2035. The growth of the segment can be accredited to the fact that the number of organ transplants worldwide is increasing, fueled by rising cases of organ failure and other chronic diseases. Living donation, deceased donation, tissue donation, pediatric donation. The reality for many on the organ transplant list is that the wait is long and uncertain. Living donor is a type of organ donation that provides another option for transplant candidates. Organs that can be transplanted are heart, lung, liver, kidney, intestine, and pancreas. Transplantation is the removal of an organ, tissue, or group of cells from one person (donor) and either surgically transplanting it into another person (recipient) or surgically transplanting it from one place to another in the same person. The brain is the only organ in the human body that cannot be transplanted. In the United States, the most commonly transplanted organs are kidney, liver, heart, lung, pancreas, and intestine. Every day, about 100,000 people are on active organ donation waiting lists, but only about 14,000 organ donors were noted to die in the year 2021, giving an average of 3.5 organs each.
The global embalming fluid market is also segmented and analyzed for demand and supply by end user into funeral homes, government and police station, hospital, research laboratories, and others. Amongst these five segments, the hospital segment is expected to garner a significant share of around ~30% in the year 2035. The growth of the segment can be accredited to the large number of patients requiring organ transplant for surgery or treatment of chronic conditions. The hospitals are also growing rapidly in number. For instance, by the year 2022 there was noted to be approximately 6,100 hospitals in the United States. Hospitals provide a wide range of medical care. Physicians, called hospital doctors, typically specialize in internal medicine, pediatrics, or general practice. They have the knowledge to solve common problems and the resources to solve more complex medical problems. Hospitals may also offer specialized care, such as neurology, obstetrics and gynecology, and oncology. By definition of a hospital, a county hospital is typically a primary medical facility in a region with numerous intensive care and mobile beds for patients requiring long-term care.
Our in-depth analysis of the global embalming fluid market includes the following segments:
By End User |
|
By Application |
|
By Methanol Content |
|
The embalming fluid market in the Asia Pacific region, amongst the market in all the other regions, is projected to hold the largest market share of about ~35% by the end of 2035. The regional growth can majorly be attributed to the ready availability and low prices of chemicals in developing countries are underpinned by a developing chemical manufacturing industry in the region. Moreover, increasing acceptance of embalming fluids in funeral homes supported by a large population in the Asia Pacific region is estimated to spur the growth of the regional market over the forecast period. The regional market growth can also be accredited to the growing aged population in the region. Elderly people are more susceptible to chronic diseases, which requires often transplant to treat. The Asia Pacific population is aging faster than anywhere else is in the world. Sixty per cent of the world's total elderly population, that is, 630 million aged people reside in the Asia-Pacific region. The region's elderly population is expected to reach 1.3 billion by the year 2050. Moreover, the government's role in raising awareness of the use of embalming fluid is expected to spur market growth in the region. Moreover, increasing number of CKD patients, and increased funding for medical infrastructure are expected to impact the growth of the market in the region.
The embalming fluid market in the North America region, amongst the market in all the other regions, is projected to hold the second largest share of about ~24% during the forecast period. The growth of the market in this region can primarily be attributed to the fact that there is a growing demand for organ transplants in the region. According to the United States, 37,584 people received organ transplants in the United States in the year 2020, according to the Health Resources Services Administration (HRSA). Organ transplantation is a medical procedure in which an organ is removed from the body and transplanted into the recipient's body to replace a damaged or missing organ. The donor and recipient may be in the same location, or the organ may be transported from one donor location to another. The embalming solution is usually a 2% solution of formaldehyde, a pungent volatile acid. About 1 pint of embalming liquid is used per carcass in addition to 1 pint of stone weight. An embalming solution is a mixture of chemicals used to prevent corpses from decaying after death. Chemicals include formaldehyde, methanol, glutaraldehyde, and others. Embalming is the process of chemically preserving tissue using chemical fixatives such as formalin and other liquids that can interfere with toxicological analysis. Common ingredients in embalming solutions include formaldehyde, methanol, sodium borate, sodium nitrate, glycerin, dyes, and water.
Further, the embalming fluid market in the Europe region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the expansion of funeral industry in the region. Embalming fluid is a chemical solution used to preserve human or animal remains. The demand for embalming fluid is largely driven by the funeral industry, which has a stable market as death is a natural and inevitable part of life. In Europe, the funeral industry is regulated and standardized, which has led to a consistent demand for embalming fluid. The embalming fluid market in Europe is competitive, with several companies offering a range of products. Some of the key players in the market include Pierce Chemicals, Thermo Fisher Scientific, Frigid Fluid Company, and Dodge Chemical Company. These companies offer different types of embalming fluids such as formaldehyde-based and non-formaldehyde-based fluids, catering to the varying needs of the funeral industry.
Kelco Supply Company has announced price increases for its preservatives following the slowdown in demand caused by the COVID-19 pandemic.
The World Health Organization and the National Association of Funeral Directors (NFDA) are committed to ensuring that all safety procedures and precautions are followed during and after funerals to ensure that people who have died of confirmed or suspected COVID-19 have died. Approved for antiseptic treatment.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Growing demand for cell preservation is the major factor driving the market growth.
Ans: The market size of embalming fluid is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.
Ans: The requirement of high initial investment is estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Bondol Laboratories, Inc., Kelco Supply Company, TrinityFluids, LLC, Esco Micro Private Limited, Pierce Chemical Co., Frigid Fluid Company, The Dodge Company.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by methanol content, application, end-user, and by region.
Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)