Team:Bioriidl Somaiya/Entrepreneurship
Entrepreneurship
After conducting various interviews and surveys, we realised that steriport is needed in almost every lifescience lab. The system is already a low cost and the future version of the prototype will not cost more than USD 1000. We see great opportunity for this system as a product going into the market and sitting at every lab in the world. :) Below is the market research data of sterilizers: Market size and forecast The global autoclave market is anticipated to reach USD 2.3 billion by the end of 2023; the market is expected to witness a promising compound annual growth rate of 7.1% over the forecast period.
Asia Pacific & North America
- Asia Pacific region dominates the global autoclave market in terms of revenue share, Asia Pacific autoclave market is anticipated to reach USD 810 million by the end of 2023. This can be attributed towards the rapid migration of R&D companies in the region. International companies from Europe and North America are shifting their R&D laboratories in Asia Pacific region.
- North America region is anticipated to reach USD 629 million by the end of 2023; the region market is majorly propelled by strong demand of autoclaves in healthcare sector.
Europe and South Africa
Europe autoclave market is estimated to show a moderate growth over the forecast period owing to the economic breakdown in European countries. South Africa region is home for over 78% of the accredited laboratories within Africa, 15% of the laboratories are controlled by the public sector. Autoclaves find their application in various industrial processes from medicine and mushroom to rocket science. Autoclave are used for cleaning of medical equipment that are reused for other patients, autoclave high pressure and temperature is ideal for killing germs on medical equipment's. With the same nature of application, autoclaves are also used for cleaning of needles and instruments which are used by tattoo and piercing studios.