The Surgical Sinks Market is Estimated To Witness High Growth Owing To Trends Of Growing Awareness Regarding Healthcare Associated Infections.
Surgical sinks are required in operation theatres and intensive care units of hospitals and clinics as these are utilized for hand washing before and after surgeries and other medical procedures. Surgical sinks have features like adjustable water pressure, temperature and multi-function taps that aid in maintaining sterility and preventing contamination. They helps in maintaining hygiene standards to avoid healthcare associated infections.
The surgical sinks market is estimated to be valued at US$ 2.59 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of surgical sinks market is the growing awareness regarding healthcare associated infections. Surgical site infections are among the most common and costly of hospital-acquired infections. According to the Center for Disease Control and Prevention, approximately 158,000 surgical site infections occurred in the U.S. in 2017 alone. Surgical sinks plays a important role in maintaining sterility in operation theatres and preventing microorganisms from spreading which helps in reducing the risks of surgical site infections. Strict regulations regarding hygiene standards in healthcare settings is boosting the demand for technologically advanced and user-friendly surgical sinks. Manufacturers are focusing on developing energy efficient and automated surgical sinks with anti-microbial coatings which is further supporting the market growth.
Porter’s Analysis
Threat of new entrants: Low capital requirement and presence of established players act as a barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but suppliers have established relationships.
Bargaining power of suppliers: A few key players dominate the supply market, giving them significant influence on pricing.
Threat of new substitutes: Substitutes like washer disinfector poses minimal threat due to regulated certification requirements for sinks.
Competitive rivalry: Intense competition exists among key players to gain maximum market share through product innovation.
SWOT Analysis
Strength: Features like antimicrobial surfaces, ergonomic designs and chemical resistant surfaces provide advantage.
Weakness: High upfront costs and maintenance requirements compared to conventional sinks.
Opportunity: Rising hospital infrastructure in developing regions and demand for infection control drives market growth.
Threats: Stringent regulatory approvals and vulnerability to price wars between established brands.
Key Takeaways
The global surgical sinks market is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing prevalence of hospital acquired infections. The market size for 2023 is $2.59 Bn.
North America dominates the market owing to rising healthcare expenditure and presence of leading players. Asia Pacific is expected grow at fastest pace due to improving healthcare infrastructure and investment.
Key players operating in the surgical sinks market are Pfizer Inc., Novartis AG, F. Hoffmann-La Roche, Bayer Healthcare, Valeant Pharmaceutical International Inc., Perrigo Company Plc, Akorn Inc., Santen Pharmaceutical Co. Ltd., and Allergan Plc. The players focus on new product launches and strategic partnerships for market dominance.
