Laboratory Centrifuge Market - Technological Advancements & Future Growth Prospects

Posted May 31, 2021 by mmvaidya

The study involved four major activities to estimate the current market size for laboratory centrifuge market.
Overview of This Study:

The study involved four major activities to estimate the current market size for laboratory centrifuge market. Exhaustive secondary research was done to collect information on market, peer market, and parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation was used to estimate the market size of segments and subsegments.

Expected Revenue Growth:

The laboratory centrifuge market is expected to reach USD 1.2 billion by 2023 from USD 1.1 billion in 2018, at a CAGR of 2.8%. Market growth is primarily driven by factors such as technological advancements, increasing research, and a high prevalence of target diseases.

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Market Dynamics:

Pharmaceutical and biotechnology companies, being an integral part of the life science industry, invest heavily in research to develop breakthrough molecules to meet the growing needs of the healthcare sector. Moreover, the impending patent cliff has also led to an increase in biopharmaceutical research activity.

According to the International Federation of Pharmaceutical Manufacturers & Associations, in 2015, global R&D investments by the pharmaceutical industry were estimated at USD 149.8 billion as compared to USD 141.6 billion in 2014. The combined R&D spending of PhRMA members in the biopharmaceutical sector increased to USD 58.8 billion in 2015 from USD 53.3 billion in 2014.

Companies operating in the life science instruments market also increased their R&D investments for the development of innovative products to meet the research requirements of pharmaceutical and biotechnology companies. For instance, Thermo Fisher Scientific increased its R&D investment from USD 692 million in 2015 to USD 888 million in 2017, while Eppendorf increased its R&D investment from USD 35.4 million in 2015 to USD 41.2 million in 2017. Since centrifuges are essential equipment in the research laboratories, the increase in R&D activities will boost the growth of the centrifuges market.

Technological advancements:

Innovation in the field of laboratory centrifuges is majorly centered on enhancing convenience, speed, compactness, safety, efficiency, and accuracy. Rotors used in centrifuges were earlier made of tensile steel, and then replaced with aluminum and titanium alloys. Carbon fiber rotors, in addition, are much lighter than their counterparts—these rotors weigh 8 kg, as opposed to earlier 21-kg aluminum rotors. Carbon fiber increases the flexibility of the rotor and makes them resistant to chemical corrosion and structural fatigue. The FIBERLite Fixed-Angle Rotor by Beckman Coulter (acquired by Danaher) and Thermo Scientific Fiberlite rotors, for example, are made of carbon fiber.

Asia to grow at the highest CAGR during the forecast period

The laboratory centrifuge market has been segmented into four major regions, namely, North America, Europe, Asia, and the Rest of the World (RoW). Currently, North America dominates the global laboratory centrifuges market, and this trend is expected to continue during the forecast period. However, the market in Asia is estimated to grow at the highest CAGR during the forecast period. The presence of emerging economies such as China and India and the increasing R&D investments by pharmaceutical and biotechnology companies in this region are the major factors supporting the growth of the Asian laboratory centrifuges market.

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Key Players:

Key players in the laboratory centrifuge market include Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Eppendorf AG (Germany), Sigma Laborzentrifugen GmbH (Germany), Andreas Hettich GmbH & Co. KG (Germany), Kubota Corporation (Japan), Koki Holdings Co., Ltd. (Japan) (previously Hitachi Koki Co., Ltd.), QIAGEN N.V. (Netherlands), NuAire (US), Sartorius (Germany), HERMLE Labortechnik GmbH (Germany), and Becton, Dickinson and Company (US).

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags laboratory centrifuge , laboratory centrifuge market
Last Updated May 31, 2021