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.
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.
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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.
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Highlights of market research
” 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 .
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.
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Key Segments Covered in the Laboratory Centrifuge Industry Survey
Laboratory Centrifuge by Product Type :
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