The basin, bowl and cup market revenues were estimated at US$ 212.6 Mn in 2021 and is anticipated to grow at a CAGR of 18.6% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 1.3 Bn.
The use of basins, bowls and cups is increasing year by year due to the growing elderly population around the world. In recent years, the number of elderly people, who are the key consumers of basins, bowls and cups, has increased worldwide, leading to an increase in overall expansion of the market size. This was increased by the Covid 19 pandemic, leading to an increase in the number of patients, and thus the number of hospitals, and the use of medical basins, bowls and cups.
Market growth is expected to be fueled by the growing demand for basin, bowls and cups by hospitals specially the growing demand for disposable cups to facilitate hygiene can create a boost in demand. Asia Pacific is projected to be the most lucrative region in this market during the forecast period, 2022- 2032.
Key Takeaways from the Market Study
- Global basin, bowl and cup market is expected to reach a market size of US$ 1.3 Bn by 2032.
- Stainless steel was the top type in material type segment and accounting for nearly 40% of market size.
- Cups in the product type segment held a market share of 45%, and it is expected to grow at a CAGR of over 18.1%.
- Asia Pacific is projected to experience a CAGR of 20% during 2022-2032.
A number of regional and global players operate in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
- In July 2021, H & T Manufacturing Ltd., announced its intentions to acquire Novellex AG, a manufacturer of plastic components and devices for pharmaceutical use, to expand its product line and global footprint.
- In 2020, Baxter announced to provide dry peri strips with secure grip technology for reliable staple reinforcement during surgery.
- In January 2020, LLC Farmmash announced an SD15 dosing cup with a capacity of 20-25 ml and to which a child resistance cover can be attached. This is expected to boost market growth in the near future.
- In 2020, Fresenius Medical Care AG & Co. KGaA announced an investment of $130 million to expand its blood storage and apheresis production line in the Dominican Republic. Additional facilities were updated with manufacturing machines that create plasma drugs, plasma production lines, and sterile storage silos. This makes room for twice the clean room and storage space.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the basin, bowl and cup market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of end users across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned healthcare team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.