May 22, 2024
Medical Drying Cabinets Market

The Global Medical Drying Cabinets Market is driven by rising need for sterile equipment

The medical drying cabinets market has seen significant growth in recent years owing to the rising need for proper sterilization and drying of medical equipment and instruments. Medical drying cabinets provide sterile storage and drying solution for various heat-sensitive medical tools and devices ranging from surgical gloves, masks to medical tools. These cabinets allow uniform rapid drying with controlled airflow and temperature to ensure complete sterilization without any damage to delicate medical products.

The global medical drying cabinets market is expected to witness high growth. The global medical drying cabinets market size was valued at US$ 373.83 Mn in 2024 and is anticipated to reach US$ 623.14 Mn by 2031, expanding at a CAGR of 6.6% during the forecast period.

Market key trends:
One of the key trends in the medical drying cabinets market size is the rising demand for ENERGY STAR certified products. ENERGY STAR certified medical drying cabinets comply with stringent energy efficiency guidelines set by environmental agencies. They consume up to 30% less energy as compared to conventional models. Leading players are focusing on developing ENERGY STAR certified cabinets with advanced sensor-based controls and automatic shutoff features. For example, in 2021, Sterilizer USA launched their ProDryPro Plus medical drying cabinet which is ENERGY STAR certified. It features touchscreen controls, auto-start heating cycle and automatic shutoff. The growing focus on energy efficiency and sustainability is expected to drive the demand for ENERGY STAR certified medical drying cabinets over the forecast period.

Porter’s Analysis

Threat of new entrants: The medical drying cabinet market requires high initial investments and stringent regulations. This poses moderate threat of new players entering the market.

Bargaining power of buyers: The presence of several manufacturers gives customers bargaining power in the market. However, customized product offerings reduce switching costs.

Bargaining power of suppliers: There exists a moderate threat from suppliers as key components such as heaters, timers and trays have limited substitutes.

Threat of new substitutes: Technological advancements may lead to substitutes, such as automated systems. However, easy usage and low maintenance of cabinets keeps the threat low.

Competitive rivalry: The market sees moderate to high competition due to presence of global as well as regional players. Companies compete on parameters of innovation, quality and service.

Key Takeaways

The global medical drying cabinets market is expected to witness high growth. The global medical drying cabinets market size was valued at US$ 373.83 Mn in 2024 and is anticipated to reach US$ 623.14 Mn by 2031, expanding at a CAGR of 6.6% during the forecast period.

The North American region dominated the market in 2021 owing to high healthcare spending and presence of key players. Factors such as rising geriatric population and increasing surgical procedures are expected to drive the regional growth during the forecast period.

Key players operating in the medical drying cabinets market are Ritchie Navigation, Weems & Plath, Furuno, Simrad Yachting, KVH Industries, Garmin, Raymarine, Japan Radio Company, SI-TEX Marine Electronics. These players are focusing on new product launches and mergers & acquisitions to gain market share. For instance, in 2020, KVH Industries acquired Augmented Reality company, ExactEarth, to expand its maritime solutions portfolio.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it