The laboratory centrifuges market is expected to reach USD 1.2 billion by 2023 from USD 1.1 billion in 2018, at a CAGR of 2.8%.
The market is witnessing growth due to factors such as technological advancements, increasing research, and a high prevalence of target diseases.
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On the other hand, the market faces major challenges in the form of mechanical failure of equipment (caused due to improper maintenance of rotors) and the release of harmful chemicals in the centrifugation of certain substances. The low replacement value of centrifuges (due to their long lifespans) may hinder market growth.
Emerging economies offer opportunities for the laboratory centrifuge market. The large populations and the increasing need for affordable care also highlight the potential for growth in such markets. Furthermore, these emerging countries have garnered significant interest from the pharma and biotech sector due to their low manufacturing costs.
On the basis of product type, the laboratory centrifuges market is segmented into equipment and accessories. In 2018, the equipment segment is expected to account for the largest share of this market. However, the accessories segment is estimated to grow at a higher CAGR during the forecast period. The growth of this segment is attributed to the requirement of the repeated purchase of accessories such as tubes, bottles, and buckets.
Based on intended use, the laboratory centrifuges market is segmented into clinical centrifuges, preclinical centrifuges, and general purpose centrifuges. In 2018, the general purpose centrifuges segment is estimated to account for the largest market share. The growth of this segment is due to the increase in cellular research and diagnosis of blood-related diseases.
The laboratory centrifuges 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 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.
The North American and European markets for laboratory centrifuges are expected to witness slower growth as compared to Asia countries, specifically China, Japan, and India. This is mainly due to the growing biopharmaceutical and biotechnology sectors and the development of bioclusters in these regions. This is further supported by the growth in healthcare infrastructure and increasing healthcare expenditure. Their large populations and the increasing need for affordable care also highlight the potential for growth in such markets. Furthermore, these countries have garnered significant interest from the pharma and biotech sector due to their low manufacturing costs. The opportunities presented by these countries is expected to draw a number of companies in the region in the coming years.
