Laboratory Centrifuge Market to be Worth USD 1.2 Billion by 2023

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. Market growth is primarily driven by factors such as technological advancements, increasing research, and a high prevalence of target diseases.

The hospitals segment to dominate the laboratory centrifuges market in 2018

Based on end users, the laboratory centrifuges market is segmented into hospitals, biotechnology and pharmaceutical companies, and academic and research institutes. 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

On the basis of model type, the laboratory centrifuge equipment market is segmented into benchtop centrifuges and floor-standing centrifuges. Among these, 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.

Asia to grow at the highest CAGR

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 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.

Key players in the laboratory centrifuges market include Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Eppendorf AG (Germany), Sigma Laborzentrifugen GmbH (Germany), Andreas Hettich GmbH & Co. KG (Germany), Kubota Corporation (Japan), Koki Holdings Co., Ltd. (Japan) (previously Hitachi Koki Co., Ltd.), QIAGEN N.V. (Netherlands), NuAire (US), Sartorius (Germany), HERMLE Labortechnik GmbH (Germany), and Becton, Dickinson and Company (US). – MarketsandMarkets