According to the latest report published by Fact.MR, the global Laboratory Centrifuges Market will start a positive growth path during the forecast period 2021-2031, registering a CAGR of 2.5%, exceeding $2 billion. By the end of 2021, sales are expected to reach $1.6 billion. Widespread utilization in the pharmaceutical and biotechnology sectors is expected to sustain demand.
From 2016 to 2020, demand for laboratory centrifuges expanded at approximately 2% CAGR, closing at USD 1.5 billion. Prospects fell in the first few months due to the crisis in production and logistical readiness amid the COVID-19 pandemic. However, as the number of cases surged, the demand for rapid diagnosis and treatment has accelerated production levels, returning as expected.
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Laboratory centrifuges are very popular in biotechnology research because of their high efficiency in separating suspended particles, and their proprietary properties including easy sedimentation of cells and viruses and separation of macromolecules. According to the World Health Organization (WHO), non-communicable diseases accounted for 71% of global deaths in 2018, requiring timely treatment. This incidence will increase in the future, facilitating investment in advanced laboratory centrifuges to design appropriate treatment courses.
Highlights of market research
- Global market for laboratory centrifuges expands 1.2 times from 2021 to 2031
- Micro-lab centrifuges are projected to register a CAGR of 3.5% by 2031.
- By application, hospitals are expected to account for nearly 50% of global revenue.
- The United States will account for 2 out of 5 laboratory centrifuge sales during the forecast period.
- Germany Is Europe’s Most Opportunistic Market, Expanding At Around 4% CAGR By 2031
- Asia will become a global investment hotspot, accounting for 55% of global laboratory centrifuge sales.
” As the global incidence of chronic and communicable diseases increases, healthcare providers are discovering advanced therapeutic and diagnostic alternatives, which will drive demand for laboratory centrifuges in the long term, ” said Fact.MR analysts .
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Competitive Landscape
Prominent Laboratory Centrifuge providers are reliant on partnerships, collaborations, acquisitions, and new software launch to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.
- Thermo Fisher Scientific, a leading global provider of science-related services, acquired PPD, Inc., a leading provider of clinical research services to the pharmaceutical and biotech industries. This acquisition will help Thermo Fisher to expand its services for pharmaceutical and biotechnology companies.
- In June 2021, Quest Diagnostics completed the acquisition of Mercy’s Outreach Laboratory Services business. The transaction aims to increase access to innovative, high-quality, and affordable laboratory services to provide affordable patient care throughout the Midwest. Upon completing the acquisition, Quest will gain immediate access to a wider network of healthcare professionals in Kansas, Arkansas, Missouri, and Oklahoma.
Key Drivers Stimulating Laboratory Centrifuge Industry Expansion
Technological Advancements playing a Crucial Role in the Expansion of Laboratory Centrifuges Market
As the 21st century progresses, the global healthcare industry is experiencing heightened penetration of key technological advancements. From digitization to nano-devices, these breakthroughs have proven highly beneficial to the market for laboratory centrifuges. Devices such as benchtop and floor standing centrifuges are becoming mainstream.
Rising complexities in the nature and incidence of multiple chronic and infectious ailments are prompting healthcare providers to investigate advanced therapeutic and diagnostic approaches, for which deployment of sophisticated laboratory centrifuges is becoming important.
As the medical industry expands, there are increasingly more clinical trials and analytical tests requested for different lab procedures. With the demand for new labs and instruments, laboratory centrifuges will continue to increase. As a result of their cost-effective nature, they are highly demanded in the market.
Advances in R&D Contribute to Market Growth of Laboratory Centrifuge
The market for businesses that develop pharmaceuticals and biopharmaceuticals has boomed over the past few years. A lot of government and business investments are going into research and development for various medical sectors, which will result in a higher demand for laboratory centrifuges.
A significant increase in the demand for laboratory centrifuges in the market has been attributed to COVID-19 vaccines and tests in the market. Researchers are attempting to develop an antidote in various regions to reduce the number of deaths caused by the virus.
The researchers propose an open science approach would allow less reliance on the protection of intellectual property and promote more open sharing of tools and data about pharmaceutical industries.
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Key Segments Covered in the Laboratory Centrifuge Industry Survey
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Laboratory Centrifuge by Product Type :
- Multipurpose Laboratory Centrifuges
- Micro Laboratory Centrifuges
- Ultra-Laboratory Centrifuges
- Other Laboratory Centrifuges
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Laboratory Centrifuge by Application :
- Laboratory Centrifuges for Biotechnology & Pharmaceutical Companies
- Laboratory Centrifuges for Academic & Research Institutes
- Laboratory Centrifuges for Hospitals
- Laboratory Centrifuges for Diagnostics
- Laboratory Centrifuges for Other Applications
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Laboratory Centrifuge by Region :
- North America Laboratory Centrifuge Market
- Latin America Laboratory Centrifuge Market
- Europe Laboratory Centrifuge Market
- Asia Pacific Laboratory Centrifuge Market
- The Middle East & Africa Laboratory Centrifuge Market
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