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(IT-NEWSWIRE.COM, July 26, 2021 ) The laboratory centrifuge market is expected to reach USD 1.2 billion by 2023 from USD 1.1 billion in 2018, at a CAGR of 2.8%.
Market growth is primarily driven by factors such as technological advancements, increasing research, and a high prevalence of target diseases. However, the market faces major challenges in the form of mechanical failure of equipment (caused due to improper maintenance of rotors) and the release of harmful chemicals in the centrifugation of certain substances. The low replacement value of centrifuges (due to their long lifespans) may hinder market growth.
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Accessories are expected to grow at the highest CAGR during the forecast period
On the basis of product type, the laboratory centrifuge market is segmented into equipment and accessories. The accessories segment is estimated to grow at the highest CAGR during the forecast period owing to the requirement of the repeated purchase of accessories such as tubes, bottles, and buckets.
Benchtop centrifuges are expected to account for the largest market share in 2018
On the basis of model type, the laboratory centrifuges 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 centrifuge market.
General purpose centrifuges are expected to account for the largest market size during the forecast period
Based on intended use, the market is segmented into clinical centrifuges, preclinical centrifuges, and general purpose centrifuges. The general purpose centrifuges segment is estimated to account for the largest market share in 2018. Increase in cellular research and diagnosis of blood-related diseases are the major factors driving the growth of this market.
North America is expected to account for the largest market size during the forecast period
The laboratory centrifuge 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 laboratory centrifuges market, and this trend is expected to continue during the forecast period. However, the market in Asia is estimated to grow at the highest CAGR during the forecast period. 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 market.
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Key players in the laboratory centrifuge market are 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).
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