Laboratory Water Purifier Market Recent Industry Developments And Growth Strategies Adopted By Players
A noticeable trend in the global laboratory water purifier market is the smaller players entering into partnerships with distributors and service providers to grow their market shares. Acquisitions are another means by which companies are growing their shares, especially the large ones. The well-entrenched manufacturers, with their robust distribution networks and strong after-sales service, are constantly striving to expand their outreach and retain their existing consumer base.
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A report by Transparency Market Research forecasts the global laboratory water purifier market to rise at a robust 11.6% CAGR between 2017 and 2022 to reach a value of US$19.259 bn by 2022 from US$10.060 bn in 2016.
Technological Investments in China and Japan Propel Asia Pacific Market to the Top Slot
Depending upon the end-use industry, the global laboratory water purifier market can be segmented into food, environment, oil and gas, academic and government, and healthcare. Among them, healthcare is again divided into hospitals, pharmaceuticals, and clinical diagnostics and OEM. At present the segment of healthcare dominates the market for laboratory water purifier. In 2016, the segment’s share in the market was a substantial 39%.
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Geographically, the key segments of the global laboratory water purifier market are North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Of them, Asia Pacific is a key region that accounts of maximum share in the market. In 2016 the region’s share was about 41.0%. In the upcoming years, the region is also expected to clock maximum growth on the back of significant technological investment in the countries of China and Japan.
Growing Application Areas Stokes Uptake of Laboratory Water Purification Systems
Latest technologies are helping to develop more advanced laboratory water purification systems with improved functionalities. Technological investments, particularly in the emerging economies of Asia Pacific, are providing a major boost to the global laboratory water purifier market. Another factor helping to catalyze growth in the market is the growing use of the systems in different applications. “The expanding application areas of laboratory water purifiers in various laboratories activities is also generating high demand for laboratory water purifiers specifically in Asia-Pacific region,” explains the lead analyst of the report.
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Besides the exploding ecommerce sector, the robust demand from the healthcare sector and the advent of industry specific laboratory water purifier systems in the developed countries of Europe and North America are also underpinning the growth momentum in the market.
Lack of Awareness of Customers about Various Applications Crimps Demand
“On the flip side, the growth in the global laboratory water purifier market is hampered by the dearth of awareness among customers as regards to which type of purification will be required for their application. However, continuous improvement technology is anticipated to present several growth opportunities over the forecast period,” adds the lead analyst of the report.
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