Mortuary Equipment Market Strategies, Growth Values and Forecast to 2024
Market Highlights:
The Mortuary Equipment Market is mainly driven by the growing demand for technological updation and automation in mortuaries.Due to the unpleasant nature of the work involved in mortuaries, many mortuaries are opting for automated machines that can carry out the work of multiple human workers easily and with no fuss. Mortuary equipment developers have consequently come up with several new technological upgrades to make the job of mortuary technicians easier and more agreeable. The increasing demand for technological upgrades make mortuary work easier and more palatable is likely to be a major driver for the global mortuary equipment market over the forecast period.
The global mortuary equipment market is expected to exhibit a robust 6.48% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global mortuary equipment market is expected to reach a valuation of close to USD 1.3 billion by 2024.
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Mortuary equipment is a growing market in Asia Pacific, where awareness regarding mortuaries is relatively low. This is likely to be a major driver for the mortuary equipment market over the forecast period, as there is significant unmet potential in the market. Growing awareness about mortuaries and the increasing state expenditure to make mortuaries more technologically updated and modern are likely to be major drivers for the global mortuary equipment market over the forecast period.
Competitive Analysis:
Flexmort, Funeralia GmbH, EIHF Isofroid, Barber of Sheffield, Ferno-Washington Inc., Mopec Inc., Mortech Manufacturing Company Inc., HYGECO, Thermo Fisher Scientific, SM Scientific Instruments Pvt. Ltd., KUGEL Medical GmbH & Co. KG, and LEEC Limited.
Segmentation:
The global Mortuary Equipment Market Analysis is segmented by product type, end use, and region.
By product type, the global mortuary equipment market is segmented into refrigeration units, embalming workstations, dissection tables, autopsy platforms, cadaver lifts and trolleys, and others. The refrigeration units segment accounted for the largest share of USD 231.4 million in 2018 and is likely to remain the leading revenue generator over the forecast period.
By end use, the global mortuary equipment market is segmented into hospitals, academic institutes and research organizations, forensic laboratories, and others.
Regional Analysis:
The Americas is likely to remain the leading revenue generator in the global mortuary equipment market over the forecast period, followed by Europe and Asia Pacific. Widespread awareness about mortuary technology and equipment and the growing government assistance to the healthcare sector are likely to be the major drivers for the mortuary equipment market in the Americas over the forecast period. The growing geriatric population is also likely to drive the mortuary equipment market in the Americas, as the death rate is likely to rise in the coming years.
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Asia Pacific is likely to be an important regional market for mortuary equipment, due to the massive unmet demand in regions such as China and South Korea. Japan, China, South Korea, India, and Australia are the leading regional markets within the Asia Pacific mortuary equipment market and are likely to represent the strongest growth prospects over the forecast period due to the growing scope for the growth of the healthcare sector in the region. Increasing awareness about mortuaries has also led to a growing demand for mortuary equipment in Asia Pacific and is likely to remain a key driver over the forecast period.
The Middle East and Africa is also likely to be a key market for the global mortuary equipment market due to the growing demand in leading economies such as Egypt, South Africa, Algeria, the UAE, and Saudi Arabia.