Albany, NY -- (SBWIRE) -- 01/03/2017 -- The consolidated landscape of the global mortuary equipment market has confined the competition within this market between a few leading players, finds Transparency Market Research (TMR) in a recent report. In 2014, more than 50% of the market was held by two of the key mortuary equipment manufacturers, namely Mopec and Kugel Medical GmbH.

Hitherto, these players relied upon continuous advancements of products, commercialization of technically advanced mortuary equipment, and the introduction of innovative accessories and consumables to maintain their position in this market. However, they will need to focus on strategic alliances with regional participants in order to strengthen their presence at the global level in the coming years, states TMR.

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Continual Technical Advancements in Mortuary Equipment to Support New Applications in Forensics and Research

"Advancements in technologies have stirred automation in a varied range of devices and instruments and mortuary equipment is no exception," says an analyst. The increased commercialization of automated mortuary equipment that assists in speedy and safe operations with lesser manual interference is increasing its application significantly across the world.

Going forward, the continuity in technical advancements of mortuary equipment is likely to boost its usability, leading to a considerable rise in its demand over the forthcoming years. The growing need for well-maintained corpses for forensic tests as well as in academic and commercial research is also projected to fuel the demand for mortuary equipment in the near future.

Demand for Mortuary Equipment to Slow Down due to High Cost

Although the market provides a healthy and progressive outlook, the high cost associated with mortuary equipment may limit their application, thereby hindering the growth of this market to some extent over the next few years. Lack of awareness is another significant factor, likely to hamper the demand for mortuary equipment in the years to come.

Contrary to this, the increasing investments from leading manufacturers, particularly in emerging economies with large population bases, is anticipated to open new avenues for market's growth in the near future.

North America and Europe to Lose Shares to Latin America, Asia Pacific, and Middle East and Africa

According to TMR, the opportunity in the global market for mortuary equipment is likely to expand at a CAGR of 6.30% between 2015 and 2023 and increase from a value of US$173.4 mn in 2014 to US$306.0 mn by the end of the forecast period.

With a share of 32.9%, North America emerged as the key contributor in the overall revenue generated in this market in 2014. Europe closely followed North America with nearly 28% share that year. However, by the end of 2023, both the regions are expected to lose a significant amount of their shares to Asia Pacific, Latin America, and the Middle East and Africa, with Asia Pacific registering the fastest CAGR of 8.60% between 2015 and 2023.

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The research and education segment was the main application area for mortuary equipment in 2014 and is anticipated to continue to lead throughout the forecast period. By type of mortuary equipment, refrigerators and freezers are expected to witness the highest demand across the world in the coming years.

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