February 26, 2024

Stable Growth of the Surgical Sinks Market to Offer Ample Opportunities

Surgical sinks are commonly used in medical facilities like hospitals, clinics, and ambulatory surgical centers. They are specially designed sinks used near operating theaters and procedure rooms for hand washing and disinfection purposes. Surgical sinks come equipped with features like adjustable water temperature, hands-free faucets, anti-splash designs, space for disinfectants and accessories. Their elevated waterproof designs prevent splashing and contamination. The need for maintaining high standards of hygiene in healthcare settings has boosted the demand for surgical sinks globally.

The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the surgical sinks market is the growing demand for touchless and proximity sensor-based sinks. Most new sinks feature hands-free operation via sensors for turning water on/off to reduce contact and spread of infections. There is also a rise in demand for antibacterial and antimicrobial coated sinks that have properties to eliminate up to 99.9% of bacteria and microbes. Their self-cleaning and easy to disinfect properties address the critical needs of infection control in clinical areas. With rising healthcare infrastructure and clinical standards worldwide, the surgical sinks market is expected to grow steadily over the forecast period.
Porter’s Analysis

Threat of new entrants: Low capital requirement and availability of raw materials lowers the threat of new entrants in the surgical sinks market.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of numerous established players offering substitutable products.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials suppliers in the market.

Threat of new substitutes: Low threat of substitution exists as surgical sinks have no close substitute and are crucial for hospitals and clinics.

Competitive rivalry: High rivalry exist among established players to gain higher market share through product differentiation, innovation and branding.

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 number of hospitals and ambulatory surgical centers. The market size for 2023 is $2.59 Bn.

Regional analysis

North America dominates the global surgical sinks market and is expected to continue its dominance over the forecast period. This is attributed to growing healthcare infrastructure and spending in the US. Asia Pacific surgical sinks market is expected to witness fastest growth rate owing to rising medical tourism and increased healthcare investments in countries such as China and India.

Key players

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. These players are focusing on new product launches and geographical expansion to strengthen their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it