Consistent technological advances and product modifications has enabled the development of novel and highly efficient mortuary products and state-of-the art equipment worldwide. The technological improvements has led to the growth and acceptance of high end mortuary products in developed economies such as the U.S. and Western Europe countries where the market for the conventional products has matured. In addition, indispensable use of the cadavers by various industries for research activities along with forensic investigations will further boost the demand for several mortuary products and accessories essential in handling and storage of the cadavers.
The global mortuary equipment market was valued at USD 173.4 million in 2014 and is projected to reach USD 306.0 million by 2023, expanding at a CAGR of 6.3% during the forecast period from 2015 to 2023. Increased awareness, preference for high end mortuary products, and presence of well-equipped mortuary facilities in the hospitals and forensic laboratories are some of the major factors driving the market growth.
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Furthermore, increasing popularity of various funeral service providers renders all funeral practices under one roof, so the mortuary equipment manufacturers maintain good business relationships with service providers to supply all the products. Individual families need not seek the help of various agencies to perform appropriate cleaning and other rituals. With the increasing demand for the one roof service providers, the demand for mortuary products has also increased.
Refrigerators and freezers constitute one of the essential and indispensable product in any mortuary facility. This segment accounted for the largest share of the mortuary equipment market in 2014. Cadaver transportation and handling of the dead body right from the site of death to burial ground is essential. Owing to the consistent product modifications and enhanced automation in cadaver lifts and trolleys have enhanced efficiency and reliability thereby eliminating the tiresome manual operations. Cadaver lifts and trolleys segment are anticipated to record the highest CAGR during the forecast period from 2015 to 2023.
Cadavers find applications in various research activities conducted across industries such as in pharmaceutical industries, automobile manufacturers and several research and academic institutions. This in turn triggers the demand of several mortuary products that ensure appropriate handling and storage of the cadavers. In addition, in case of any unnatural death, forensic departments perform the elaborated post mortem procedures to identify the exact cause of the death resulting in demand for technologically advanced and efficient mortuary products. Furthermore, several funeral practices describe the use of various mortuary products and accessories in order to ensure the proper cleansing and wrapping of the corpses. This indicates the cultural application of the mortuary equipment. Middle East countries on account of this factor is anticipated to record high CAGR.
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Geographically, North America held the largest share of the global mortuary equipment market in terms of revenue in 2014 followed by Europe. Several market players have introduced portable devices with exceptional efficacy in several markets in the past few years, significantly contributing to the growth of the overall market. Rising health care infrastructure such as clinical settings and hospitals and a favorable demand-supply gap are the major factors contributing to the growth of the medical equipment market in Asia Pacific.
The global market has been dominated by few leading players such as Mopec, Mortech Manufacturing, Inc., LEEC Ltd., Kugel Medical GmbH Co. & KG, among others. The mortuary equipment market is highly capital intensive and requires huge research and development expenditures, hence these companies, with heavy investments, will continue to dominate the market during the forecast period from 2015 to 2023.
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