Image: The global laboratory centrifuge market is expected to grow steadily during the forecast period 2017-2022, driven by three main factors (Photo courtesy of Technavio Research).
The global laboratory centrifuge market is expected to grow steadily at a CAGR of more than 5% during the forecast period 2017-2022, driven mainly by the increasing number of biotechnology and pharmaceutical research studies, growing use of molecular diagnostics in hospitals, and technological advancements.
These are the latest findings of Technavio Research, (London, UK), a global technology research and advisory company.
Increasing number of biotechnology and pharmaceutical research studies
The biotechnology and pharmaceutical sector is being driven by a large unmet demand for the medical needs of the people. These industries are recording consistent growth owing to the advent of new diseases and continuous drug discovery. Since innovations require better treatments and product delivery, research in these sectors acts as a backbone for these industries.
Increasing use of molecular diagnostics in hospitals
There has been an increase in the treatment of diseases at the molecular level in hospitals in order to determine diseases elaborately and provide the complete profiling of diseases. Microcentrifuges and mini centrifuges are used in large-sized hospitals and diagnostics centers to separate body fluids. The high throughput and easy maintenance of laboratory centrifuges have propelled their demand among hospitals.
Laboratory centrifuges are undergoing rapid technological transformations, including changes in design and material in their interiors and rotors. Centrifuges have also witnessed changes in their structure and function. Various types of benchtop and floor standing centrifuges are available, based on their speed and functions. For instance, microcentrifuges and ultra-centrifuges provide high speed and better resolution.
Over the next few years, next-generation centrifuge systems will gain traction in the laboratory centrifuge market. The emergence of Internet of Things (IoT) has led to the introduction of smart centrifuges known as next-generation centrifuge systems, which overcome the speed, space and volume limitations of conventional centrifuge systems. Next-generation centrifuge systems also provide indications and assistance to users, and come with automatic electric brakes, speed control mechanisms, and safety features.
In 2017, the benchtop centrifuges segment held the largest share of the medical centrifuge market, as their smaller footprint and cost-effectiveness makes them an ideal solution for laboratories and diagnostics centers with space and budget constraints. The Americas is expected to be the major revenue contributor to the global laboratory centrifuge market over the forecast period. The US and Canada dominate the region’s medical centrifuge market due to the presence of several laboratories and academic institutions, and a well-established healthcare industry in these countries. Additionally, growing research activities in the Latin American countries will also fuel the growth of the laboratory centrifuge market in this region.
The laboratory centrifuge market is fragmented due to the presence of several players. A majority of the market share is held by the key players who compete with each other on the basis of price, quality, and new innovations. These players are investing heavily in R&D in order to remain competitive in the medical centrifuge market.