Benchtop centrifuges to dominate laboratory centrifuge market

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 percent, projects MarketsandMarkets. Market growth is primarily driven by technological advancements, increasing research, and a high prevalence of target diseases. Based on end users, the hospitals segment is expected to account for the largest share of the laboratory centrifuges market in 2018. The increasing prevalence of diseases, coupled with the growing awareness regarding early diagnosis and treatment, increasing demand for blood, availability of novel and technologically advanced centrifuges for blood separation, and growing number of hospitals, especially in emerging countries, are some of the key factors driving the growth of the laboratory centrifuges market for hospitals.

The benchtop centrifuges segment is expected to account for the largest market share in 2018. Benchtop centrifuges are cost-effective, versatile, easy-to-use, smaller in size, and considerably lighter in weight. These advantages have resulted in their increased adoption in the laboratory centrifuges market. Currently, North America dominates the global laboratory centrifuges market, and this trend is expected to continue. However, the market in Asia is estimated to grow at the highest CAGR. 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.