The global steam autoclaves market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Steam autoclaves are sterilizing devices intensively used in healthcare sector. The growth of the market can be attributed to the increasing demand for medical devices, and surgical equipment, accompanied by the rising health hazards caused by untreated medical waste. Moreover, rising prevalence of hospital-acquired infections amongst the patients, is further anticipated to boost the market growth. According to the data by World Health Organization (WHO), in high-income countries, about 30% of the patients in intensive care units (ICU) are affected by at least one health care-associated infection. This rate is two to three times higher in low, and middle-income countries. Furthermore, the growing awareness for transmission infection amongst the population is projected to encourage the market growth.
The market is segmented by application into hospital, medical laboratory, research centers, and others, out of which, the hospital segment is anticipated to hold the notable share in the global steam autoclaves market over the forecast period on account of the large variety in the types of communicable and non-communicable diseases, and high patient pool in hospitals. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global steam autoclaves market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing investment for enhancement of healthcare facilities, along with growing health awareness amongst the population.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high health expenditure in the region, which allows the higher adoption of advanced technologies in the healthcare sector. According to the data by the U.S. Center of Disease Control and Prevention, about 1 in every 31 hospital patients acquire at least one healthcare-associated infection, on any given day.
The global steam autoclaves market is further classified on the basis of region as follows:
Our in-depth analysis of the global steam autoclaves market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The need for sterilization of medical equipment and growing adoption of steam sterilization are anticipated to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
High cost of steam autoclaves, and lack of sanitation awareness in low and middle-income countries are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing prevalence of hospital acquired infections in the region.
The major players in the market are Steris Corporation, Priorclave Ltd., Matachana Group, LTE Scientific Ltd., Getinge Infection Control AB, BMM Weston Ltd., Astell Scientific Ltd., Accumax India, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, technology, application, and by region.
The hospital segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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