Laboratory Centrifuge Market size is forecast to reach $ 1.34 billion by 2025, growing at a CAGR of 2.7% during the forecast period 2020-2025. Laboratory centrifuge is a device that is used for the separation of fluids, gas or liquid, based on density. Separation is achieved by spinning a vessel containing material at high speed, the centrifugal force pushes heavier materials to the outside of the vessel. This apparatus is found in most laboratories from academic to clinical to research and used to purify cells, subcellular organelles, viruses, proteins, and nucleic acids. Growing innovation in the field of laboratory centrifuges, introduction of innovative products such as high-speed centrifuges, and increasing prevalence and incidence of diseases such as HIV and hepatitis are driving the market growth in recent years. In addition, major market development of key players like Eppendorf AG are additional factors driving the growth of the market.
Product – Segment Analysis
Benchtop Centrifuges held the largest share in the product segment of Laboratory Centrifuge Market in 2019, and are estimated to grow at a CAGR of 3.5% during the forecast period 2020-2025. According to Centers for Disease Control and Prevention in 2016, U.S. had more than 1 lakh people going through the treatment of end stage kidney disease (ESKD). Since the adoption of these centrifuges for disease diagnosis and sample filtration has increased rapidly, the market has seen considerable growth in the past few years. There is a significant increase in R&D activity and technological advancement in laboratory centrifuges, which is poised to drive the market growth in the upcoming years. It is estimated that Benchtop Centrifuges will continue to be the fastest growing segment and will register the highest CAGR during the forecast period 2020-2025. New innovations in benchtop centrifuges, such as touch screen feature and demand for smooth workflow in the laboratories is set to drive the market growth in the upcoming years.
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End Use – Segment Analysis
Hospitals held the major share in the end-use segment of Laboratory Centrifuge Market in 2019. Rising occurrence of diseases, growing consciousness about initial diagnosis and treatment, increasing demand for blood, availability of technologically advanced and novel centrifuges for blood separation, and growing number of hospitals, mainly in developing countries are driving the demand of this segment. This has led to considerable increase in market growth of the segment in recent years. Academics and Research is forecast to grow at the fastest rate with the highest CAGR during the forecast period 2020-2025, owing to increasing demand of research and innovation for new products.
Geography – Segment Analysis
North America dominates the geography segment of Laboratory Centrifuge Market with a share of more than 40.11% in 2019, followed by Europe. Presence of key market players, increasing healthcare research activity and high demand for advanced centrifuge equipment in the region are helping in significant market growth in the region. Europe held the second place in the geography segment share of the market. In Europe, presence of large number of research centers for laboratory centrifuges and entry of new market players in the region have helped in significant market growth in the region.
Asia-Pacific is estimated to grow at the fastest rate at a higher CAGR during the forecast period 2020-2025. This is owing to increasing prevalence of diseases among the geriatric population, rising demand for in vitro diagnostic products and emphasis on product launches by key market players.
Drivers – Laboratory Centrifuge Market
Growing innovation in the field of laboratory centrifuges
Laboratory centrifuge market held significant industry share owing to increasing infectious disease prevalence and growing elderly population. Increasing investment in research and development in life sciences and biotechnology will further propel demand. The laboratory centrifuge presents a lucrative future opportunity owing to the developing healthcare infrastructure along with increasing healthcare expenditure. This is set to drive the market growth in the forecast years 2020-2025.
Increasing incidence of diseases
The burden of chronic diseases is rapidly increasing worldwide. It has been calculated that, in 2001, chronic diseases contributed approximately 60% of the 56.5 million total reported deaths in the world and approximately 46% of the global burden of disease. Innovation of new products for their treatment propels the market growth. This is set to help in market growth during the forecast period 2020-2025.
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Challenges – Laboratory Centrifuge Market
High cost associated with laboratory centrifuge devices
Centrifuges are expensive instruments and require significant expenditure post-purchase for regular and crucial maintenance. The high cost of these instruments can be attributed to their complex design, rotors, and microprocessors. The ultracentrifuges are among the most-expensive equipment. This is poised to gradually strain the demand for laboratory centrifuge in this market. Thus, it is anticipated to hamper the market growth during the forecast period 2020-2025.
Laboratory Centrifuge Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Laboratory Centrifuge Market. In 2019, the top players present in the market consolidate Laboratory Centrifuge Market share. Laboratory Centrifuge Market top 10 companies are Thermo Fisher Scientific, Inc., Danaher Corporation, Eppendorf AG, Sigma Laborzentrifugen GmbH, Andreas Hettich GmbH & Co. KG, Kubota Corporation, Koki Holdings Co., Hitachi Koki Co., Ltd, QIAGEN N.V. and NuAire among others.
In March 2020, Eppendorf acquired centrifuge business of Koki Holdings Co., Ltd., including the premium himac brand. A corresponding agreement was signed by both companies in Tokyo. The acquisition helped Eppendorf AG to expand its centrifuge business and solidifies its strong market position.
North America dominated the Laboratory Centrifuge Market in the year 2019 owing to presence of key market players, increasing healthcare research activity and high demand for advanced centrifuge equipment in the region. The Laboratory Centrifuge Market scope for different regions will be provided in the final report.
Growing innovation in the field of laboratory centrifuges, introduction of innovative products such as high-speed centrifuges, and increasing prevalence and incidence of diseases such as HIV and hepatitis is estimated to drive the industry growth during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Laboratory Centrifuge Market report.
High cost associated with laboratory centrifuge devices is anticipated to hamper the market growth of the Laboratory Centrifuge Industry.
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