The biological safety cabinets market is projected to reach USD 205.9 million by 2022 from USD 144.3 million in 2017, at a CAGR of 7.4% during the forecast period.
Growth in the biological safety cabinets market is mainly driven by factors such as favorable regulations, increased risk of pandemics and communicable diseases, increasing number of R&D activities in biotechnological and pharmaceutical companies, and rapid growth in the number of biologics. Emerging markets across India and China are expected to provide a wide array of opportunities for players in the market.
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The biological safety cabinets market is segmented on the basis of type, end user, and region. On the basis of type, the market is segmented into Class I, Class II, and Class III biological safety cabinets. The Class II biological safety cabinets segment accounted for the largest share of the biological safety cabinets market in 2017. This segment is also projected to register the highest CAGR during the forecast period. The large share and high growth of this segment can primarily be attributed to the high level of protection offered by these cabinets.
Class II biological safety cabinets are further segmented into Class II Type A and Class II Type B biological safety cabinets. The Class II Type A biological safety cabinets segment is expected to register the highest CAGR during the forecast period as these cabinets are versatile and offer a high level of protection.
On the basis of end user, the biological safety cabinets market has been segmented into pharmaceutical & biopharmaceutical companies, diagnostic and testing laboratories, and academic & research institutions. In 2017, the pharmaceutical & biopharmaceutical companies segment accounted for the largest share of the biological safety cabinets market. This segment is also projected to grow at the highest CAGR from 2017 to 2022. The large share and high growth of the market can be attributed to the increasing demand for drug development and the need to ensure the safety of laboratory personnel.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is slated to register the highest CAGR during the forecast period. The high growth rate of this region can be attributed to factors such as rising investments by pharmaceutical companies in Asia Pacific countries, rising burden of infectious disease, growing healthcare industry in China, development of bioclusters to boost the biotechnology sector in India, and the increasing pharmaceutical and biotechnology R&D activities in South Korea.
