Market Trends of Global Mortuary Equipment Industry
This section covers the major market trends shaping the Mortuary Equipment Market according to our research experts:
Refrigeration Unit Segment By Product Type is Expected to Hold the Largest Market Share
The refrigeration unit segment is expected to account for the largest market revenue over the forecast period, owing to the equipment's high demand and high purchase and installation costs. The availability of customized storage units in various sizes that assist the transfer of cadavers and the rapid establishment of new private morgues that also provide funeral services mainly drive the growth of the refrigeration units market.
Additionally, the establishment of morgues worldwide increases the demand for the installation of refrigeration units, further driving the market's growth. For instance, in March 2020, the UK government created a network of temporary mortuaries to cope with the rising death toll from COVID-19, thereby driving the market.
North America Dominates the Market and May Continue the Same Trend During the Forecast Period
North America is anticipated to account for the largest share of the mortuary equipment market. The dominance is due to a higher death rate in the region and an increase in the number of hospitals and private morgues. The US market is expected to contribute to the growth significantly. For instance, as per the article titled "New York City Deploys 45 Mobile Morgues as Virus Strains Funeral Homes", published in April 2020, 45 mobile morgues were established in New York City, which require mortuary equipment, thus driving the market.
Moreover, in May 2020, Mopec, a leading provider of American-made medical equipment and laboratory products to the pathology, histology, necropsy, autopsy, and mortuary industries, ramped up its production and is producing 1,000 body bags every day in response to the worldwide shortage caused by COVID-19.
Europe contributed to the second-largest market share due to the rapid adoption of advanced technologies, thus boosting the global market. As major populations in these regions follow Christianity, the demand for funeral services is high, thus boosting the market's growth. The Asia-Pacific region is expected to witness the fastest growth rate in the mortuary equipment market. The rapid growth is expected due to the growing number of hospitals and steep advancement in the healthcare infrastructure, coupled with the proliferation of private mortuaries in the region. Local market players and new entrants in developing countries like India and China also constitute a major share of the market's revenue.
