Laboratory Centrifuge Market
Laboratory Centrifuge Market Analysis by Product Type (Multipurpose Laboratory Centrifuges, Micro-Centrifuges, UltraCentrifuges), by Application (Biotechnology & Pharmaceutical Companies, Academic & Research Institutes, Hospitals, Diagnostics), by Region - Global Forecast 2022-2032
Laboratory Centrifuge Industry Outlook (2022-2032)
The global Laboratory Centrifuge market is likely to be valued at US$ 1.65 Billion in FY 2022, up from US$ 1.6 Billion in 2021. During the past year, the industry registered a Y-o-Y increase worth 3.1%.
Anticipated Base Year Value (2021)
US$ 1.6 Billion
Expected Market Value (2022)
US$ 1.65 Billion
Projected Forecast Value (2032)
US$ 2.1 Billion
Global Growth Rate (2022-2032)
Growth Rate of the U.S Market (2022-2032)
Expected Market Value of China (2032)
US$ 500 Million
U.K Market Expansion Rate (2022-2032)
Key Companies Profiled
From 2022 to 2032, laboratory centrifuge sales are poised to flourish at a CAGR of 2.4% to reach a value of US$ 2.1 Billion by the end of 2032.
Demand for Micro Laboratory Centrifuge will continue to thrive, with a documented CAGR of 3.5% during the 2015-2021 historical period of assessment, while the demand for Laboratory Centrifuge in Hospitals proliferated at a rate of 3.1% during the same period. The APAC will dominate the global market, registering a growth opportunity worth US$ 500 Million from 2022 to 2032.
2015 to 2021 Laboratory Centrifuge Market Revenue Analysis vs. Market Outlook 2022-2032
According to Fact.MR, market research and competitive intelligence provider, from 2015 to 2021, the global laboratory centrifuges market has grown at a CAGR of almost 2%. The adoption of cutting-edge technologies across medical and diagnostic domains has spurred demand in recent years.
Amidst the COVID-19 pandemic, demand-supply dynamics were majorly disrupted in the initial half, as logistical and production constraints hindered adequate output. However, the healthcare industry prioritized diagnostics and treatment for infected patients, requiring testing at regular intervals. This gradually uplifted growth prospects eventually.
As the incidences of various chronic and infectious aliments become pronounced, healthcare providers will be required to invest a significant proportion of their activities towards frequent diagnostic testing, which will impel the demand for laboratory centrifuges. From 2022 to 2032, Fact.MR expects the market to surge at a CAGR of 2.4%.
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Key Drivers Stimulating Laboratory Centrifuge Industry Expansion
Technological Advancements playing a Crucial Role in the Expansion of Laboratory Centrifuges Market
As the 21st century progresses, the global healthcare industry is experiencing heightened penetration of key technological advancements. From digitization to nano-devices, these breakthroughs have proven highly beneficial to the market for laboratory centrifuges. Devices such as benchtop and floor standing centrifuges are becoming mainstream.
Rising complexities in the nature and incidence of multiple chronic and infectious ailments are prompting healthcare providers to investigate advanced therapeutic and diagnostic approaches, for which deployment of sophisticated laboratory centrifuges is becoming important.
As the medical industry expands, there are increasingly more clinical trials and analytical tests requested for different lab procedures. With the demand for new labs and instruments, laboratory centrifuges will continue to increase. As a result of their cost-effective nature, they are highly demanded in the market.
Advances in R&D Contribute to Market Growth of Laboratory Centrifuge
The market for businesses that develop pharmaceuticals and biopharmaceuticals has boomed over the past few years. A lot of government and business investments are going into research and development for various medical sectors, which will result in a higher demand for laboratory centrifuges.
A significant increase in the demand for laboratory centrifuges in the market has been attributed to COVID-19 vaccines and tests in the market. Researchers are attempting to develop an antidote in various regions to reduce the number of deaths caused by the virus.
The researchers propose an open science approach would allow less reliance on the protection of intellectual property and promote more open sharing of tools and data about pharmaceutical industries.
Key Challenges to Laboratory Centrifuge Industry Expansion
High-cost of Centrifuges Instruments May Hinder Market Expansion
Centrifuges are high-priced tools and require large expenditure post-purchase for standard and crucial maintenance. The high price of these instruments can be ascribed to their complex design, rotors, and microprocessors. In this marketplace, ultracentrifuges are among the priciest equipment. Their rotors only can cost up in the range of US$ 5,000 to 7,000, and benchtop rotors and floor standing rotors can cost about US$ 35,000 to 55,000.
Furthermore, numerous accessories such as tubes for high-speed centrifuges are very expensive, and small scratches or cracks can make them unusable and require replacement. Thereby, the high cost of lab centrifuges may restrict the growth of the global laboratory centrifuge industry.
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How Opportunistic are Growth Prospects across the U.S Market?
Soaring Investment in Pharmaceutical Industry May Open Pool of Growth Opportunities
Fact.MR expects the U.S market to yield 40% of the overall demand for laboratory centrifuges by 2032. Backed by advancements in the pharmaceutical and biotechnology sectors, the market is anticipated to maintain its lead throughout the forecast period.
According to the Pharmaceutical Research and Manufacturers Association (PhRMA), U.S. firms conduct over half the world’s R&D in pharmaceuticals, which is worth US$ 75 billion, and hold intellectual property rights on most of the new medicines. This explains why the U.S. is the hotspot for laboratory centrifuge manufacturers. Based on Fact.MR’s forecast, the North America Laboratory Centrifuges industry is estimated to reach US$ 640 Million by the end of 2032 which is estimated to nearly US$ 510 Million in 2022, following a 2.3% CAGR.
How are Players in Germany Increasing their Sales Footprint?
Germany to Offer Countless Growth Prospects for Lab Centrifuge Business
Germany has been leading in the world’s second-largest laboratory centrifuge industry - Europe, for the past decade. Technical innovations and increases in R&D activities in various domains of biotechnology & pharmaceuticals are propelling the growth of suppliers in Germany.
As per a report published by the Germany Trade & Investment (GTAI), the pharmaceutical industry value increased 3% from 1.43 billion in 2014 to 1.47 billion in 2015 and is forecast to grow further after getting over the impact of the pandemic. This, in turn, will widen the growth scope for laboratory centrifuge suppliers in the country, expanding at around 4% CAGR. Fact.MR reveals that the European laboratory centrifuges market is likely to surpass a valuation of nearly US$ 590 Million through 2032.
How is China Generating Demand for Laboratory Centrifuges?
APAC region Likely to Maintain its Dominance in the Upcoming Future
China 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 2032.
The healthcare system has experienced an increase in the initial installment because of the inventive technology and procedures used in treating chronic diseases. In the region, diseases such as cancer, HIV, AIDS, and infectious diseases have all increased, and there has also been a huge increase in investments made by medical entrepreneurs to purchase compact-sized laboratory centrifuges. During the conjecture period, the valuation for the Chinese laboratory centrifuges market is likely to touch US$ 500 Million by 2032, evaluated to nearly US$ 370 Million in 2021. The aforesaid market registered a CAGR of 3% throughout the assessment period.
Country-wise Value CAGRs for Laboratory Centrifuge (2022-2032)
Which Product Type is Most Preferred in the Laboratory Centrifuge Market?
Micro-Centrifuges are Finding Novel Applications in Biotech Industry
The microcentrifuge is also known as a microfuge and is used to spin thin liquid samples at high speeds. Small samples of centrifugation are used for various biological applications. Various types of labs such as clinical, eco-technology, biotechnology, and pharmacological use these products.
A high demand exists for micro centrifuges manufactured from glass tubes to store samples for the process in medical laboratories and other industries. Its compact design and small footprint that takes up little space on a workbench are growing in popularity for laboratory use. A CAGR of 3.5% is expected for this segment.
By Application, which Laboratory Centrifuge is expected to Dominate?
Laboratory Centrifuge Industry Generates Highest Sales across Hospitals
Laboratory centrifuges are used in hospitals to test various blood sample separations, DNA, RNA separation, cell culture separation, and others. Moreover, they are utilized for studies of nucleic acids, viruses, polymers, proteins, and blood.
By separating sperm cells from semen, centrifuges can immunize a woman whose partner is infertile, which helps her fulfill her desire to be a parent. Assorted blood components can be utilized by hospitals according to patients' needs or to assist patients with treating sexually transmitted diseases. Nearly 50% of laboratory centrifuges are demanded by hospitals. This segment is witnessing an increment of nearly 3.1% annually across the globe.
Prominent Laboratory Centrifuge providers are reliant on partnerships, collaborations, acquisitions, and new software launch to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.
- Thermo Fisher Scientific, a leading global provider of science-related services, acquired PPD, Inc., a leading provider of clinical research services to the pharmaceutical and biotech industries. This acquisition will help Thermo Fisher to expand its services for pharmaceutical and biotechnology companies.
- In June 2021, Quest Diagnostics completed the acquisition of Mercy’s Outreach Laboratory Services business. The transaction aims to increase access to innovative, high-quality, and affordable laboratory services to provide affordable patient care throughout the Midwest. Upon completing the acquisition, Quest will gain immediate access to a wider network of healthcare professionals in Kansas, Arkansas, Missouri, and Oklahoma.
Key Segments Covered in the Laboratory Centrifuge Industry Survey
Laboratory Centrifuge by Product Type :
- Multipurpose Laboratory Centrifuges
- Micro Laboratory Centrifuges
- Ultra-Laboratory Centrifuges
- Other Laboratory Centrifuges
Laboratory Centrifuge by Application :
- Laboratory Centrifuges for Biotechnology & Pharmaceutical Companies
- Laboratory Centrifuges for Academic & Research Institutes
- Laboratory Centrifuges for Hospitals
- Laboratory Centrifuges for Diagnostics
- Laboratory Centrifuges for Other Applications
Laboratory Centrifuge by Region :
- North America Laboratory Centrifuge Market
- Latin America Laboratory Centrifuge Market
- Europe Laboratory Centrifuge Market
- Asia Pacific Laboratory Centrifuge Market
- The Middle East & Africa Laboratory Centrifuge Market
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