Steam Autoclaves Market share to grow at a CAGR of 8.9% from 2016 to 2023: Global Market Insights Inc. Industry Overview Europe Steam Autoclaves Market size is targeted to exceed USD 950 million by 2023. European Biosafety Association (EBSA) and CE are in the process of strengthening the biosafety regulations and guidelines across European countries to better regulate the management and treatment of medical and bio-hazardous waste. Global Steam Autoclaves Market Size was evaluated at $1.5 billion for 2015 and registered CAGR of 8.91% during the projected timespan. Growing occurrence of hospital acquired infections, rising concern for management of bio-hazardous & medical wastes and strict government rules regarding bio-safety are the factors contributing to the industry growth during forecast period. Further, launching of new price effective and portable autoclave solution combined with growth of vacuum autoclave technology are few of the key factors contributing to the steady expansion of the global industry. Product Overview Global industry is segmented into products like vertical steam autoclaves, horizontal steam autoclaves, high pressure steam autoclaves and floor standing steam autoclaves. Horizontal and vertical steam autoclaves contributed substantially to the global steam autoclaves market size by together contributing greater than 48% of the industry share for 2015. They were followed by floor standing steam autoclave and high pressure steam autoclave during that year.
Application Overview The industry is segmented into various applications including medical applications, dental applications and laboratory applications. Medical application led the application segment for 2015 and it was followed by laboratory & dental application segments. The medical steam autoclaves industry is predicted to surpass $700 million by end of forecast period. Its growth is driven by its large scale use in hospitals. The laboratory application segment is predicted to register highest CAGR of about 9.31% during forecast timeframe. Growing requirement for safely handling the rising menace of solid wastes and bio-hazardous wastes are the factors contributing to segment growth. 1|Page