Laboratory Centrifuge Market is Estimated to be US$ 2.1 Billion with a CAGR of 2.4% by 2032

According to Fact.MR, a market research and competitive intelligence provider, the global laboratory centrifuge market grew at a CAGR of nearly 2% from 2016 to 2020, driven by the adoption of advanced technologies in medical and diagnostic fields.

In its latest report, Fact.MR projects that the global laboratory centrifuge market will continue on a positive growth trajectory, registering a CAGR of 2.4% and surpassing $2.1 billion by the end of the 2022-2032 forecast period. Sales are expected to reach $1.6 billion by the end of 2021, with sustained demand driven by the extensive use of centrifuges in the pharmaceutical and biotechnology sectors.

"As global incidence of chronic and infectious diseases multiplies, healthcare providers are discovering advanced therapeutic and diagnostic alternatives, which will spearhead demand for laboratory centrifuges in the long run," says the Fact.MR analyst.

From 2016 to 2020, the demand for laboratory centrifuges grew at a CAGR of around 2%, reaching a value of $1.5 billion. The COVID-19 pandemic initially caused a dip in prospects due to production and logistical challenges. However, as cases increased, the need for rapid diagnosis and treatment spurred a surge in production, restoring the market's growth trajectory.

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Laboratory centrifuges are in high demand for biotechnological research due to their ability to efficiently separate suspended particles, facilitate the sedimentation of cells and viruses, and isolate macromolecules. According to the WHO, non-communicable diseases accounted for 71% of global fatalities in 2018, necessitating timely treatment. This trend is expected to increase, driving investments in advanced laboratory centrifuges to develop effective treatment protocols.

COVID -19 Impact On The Laboratory Centrifuges Market

The sales and revenue of businesses dealing with laboratory centrifuges experience growth in 2020 due to the COVID-19 pandemic.

There have been some unique technologies launched amid the pandemic in the sector of laboratory centrifuges. For instance:

During the COVID-19 pandemic in 2020, Indian scientist Manu Prakash and his team developed an extraordinarily affordable centrifuge that works without electricity to separate components in the saliva samples to detect the COVID-19 virus
In 2021, research-based on RT-LAMP PCR for the high-throughput COVID-19 sample handling was published in Journal, Analyst 2021. It consisted of a polystyrene-toner (PS-T) centrifugal microfluidic device.
The device is manually controlled by a fidget spinner for molecular diagnosis of COVID-19 by RT-LAMP. It contained an integrated and automated colorimetric detection system. (Source: Journal Analyst 2021; Rapid molecular diagnostics of COVID-19 by RT-LAMP in a centrifugal polystyrene-toner-based microdevice with end-point visual detection.

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Key Takeaways from the Market Study

Global market for laboratory centrifuges to expand 1.2x from 2021 to 2031
Micro laboratory centrifuges are expected to register a CAGR of 3.5% until 2031
By application, hospitals are expected to account for nearly 50% of global sales
U.S to account for 2 out of 5 laboratory centrifuge sales across the forecast period
Germany most opportunistic market in Europe, expand at around 4% CAGR through 2031
Asia to be the global investment hotspot, accounting for 55% of global laboratory centrifuge sales

Competitive Landscape

Strategic collaborations can increase the revenue and market share of laboratory centrifuges. Introducing new technologies and products permits manufacturers to enter new markets to expand their businesses.

In June 2021, Moderna announced an agreement with Thermo Fisher Scientific to finish or fill fabrication and packaging services for Moderna's COVID-19 Vaccine. The project will be completed by the end of 2021. Moderna will continue to expand its relationship as an important manufacturer with Thermo Fisher as a source of raw materials for COVID-19.

In April 2021, Eppendorf announced the launch of the 5910 Ri multipurpose centrifuge. The new Eppendorf Centrifuge 5910 Ri is specifically designed to meet the demands of modern laboratories both now and in the future.

Country-wise-Analysis of Laboratory Centrifuge Market

Based on region, the laboratory centrifuges market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).

Fact.MR expects the U.S market to yield 40% of overall demand for laboratory centrifuges until 2031. Backed by advancements in pharmaceutical and biotechnology sectors, the market is anticipated to maintain its lead throughout the forecast period.

In 2020, North America commanded the largest share of the laboratory centrifuges market. The large share of North America can be attributed to the rising R&D investments by government bodies, increasing emphasis on better management and the treatment of infectious diseases, and rapid growth in the pharmaceutical industry.

Germany has been leading in the world's second-largest laboratory centrifuge industry - Europe, since the past decade.

Asia is the biggest market for laboratory centrifuges. Current market data indicate a high demand for medical equipment, which is reflected in the growth of the laboratory centrifuge installation in the market. Fact.MR expects it to garner a revenue share worth 55% until 2031.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞: https://www.factmr.com/report/laboratory-centrifuge-market

Key Segments Covered

Product Type

Multipurpose
Micro
Ultra
Other
Application

Biotechnology & Pharmaceutical Companies
Academic & Research Institutes
Hospitals
Diagnostics
Other Applications

Key Points Addressed in Laboratory Centrifuge Industry Analysis

Market Estimates and Forecasts (2016-2031)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Brand Share and Market Share Analysis
Key Product Innovations and Regulatory Climate
COVID-19 Impact on Laboratory Centrifuges and How to Navigate
Recommendation on Key Winning Strategies

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This release was published on openPR.