Lab Centrifuges

Lab Centrifuges Global Market Outlook:

MARKET OVERVIEW

Global Lab Centrifuge Market: $1.8 Billion (2022*)

Global Growth CAGR of Lab Centrifuge Market: 4 percent (2022–2026F)

• Although North America is said to account for the highest share for the lab centrifuge market, Asia Pacific is said to grow at a higher CAGR, owing to increased funding from the government & private organizations toward research and development

• The COVID pandemic and rise in drug/vaccine development are major contributing factors for high utilization of centrifuges

• Increased demand from other parent markets apart from R&D and clinical trial and organizations for vaccine and testing kit development are expected to drive the market for lab centrifuges

Lab Centrifuges Market Trend

Category Insights:

The global demand for laboratory centrifuge market is expected to grow by $2.2 Billion by 2026, growing at a CAGR of 3–4 percent between 2021 and 2026. The market is collaborated with several key players occupying the market share.

To make the most of the opportunities, market vendor focuses more on the growth prospects in the fast-growing segments, while maintaining their standard position in the slow-growing segments.

Drivers

• Technological advancements, new product launches, development in automation techniques in hematology, increase in R&D activities in pharma and bio-tech sector are major key primary drivers in emerging countries

• Growing use of molecular diagnostics in hospital industry has been instrumental in driving the growth of the market

Constraints

• High cost associated with laboratory centrifuge devices is a major factor to restraint the growth of the target market

• In addition, rising stringent adherence for high maintenance of centrifuge devices by healthcare authorities is another factor to hamper the growth of a target market to some extent

Porter's Analysis on Lab Centrifuges

Supplier Power

• Market toward the automation techniques among the key players observed specializing their power in innovating trends in the research processes

• Key manufacturers: They reduce their dependency by improvising greater technological advancements in the field of the new devices flourishing the market growth

Barriers to New Entrants

• Long durability of this product acts as a restraint for its continual growth in the market

• Minimal product differentiation

• High brand quality at a reasonable price

• Government policies can limit or prevent entry of new developments in the market

• The start-ups would find difficult to enter the market, due to frequent change in regulations and policy

Intensity of Rivalry

• Competitors have an equal market share in this core

• If brand loyalty is insignificant and consumer switching costs are low, then this will intensify industry rivalry 

• Rivalry power can be limited to some extent by innovating sustainable differentiation, implementing new products/services

Threat of Substitutes

• Threat of a substitute product or service is high if it offers a value proposition that is uniquely different from the present offerings

• Based on application, proteomics drive the demand for ultracentrifuges

• Combination of analytical ultracentrifugation is one of the most powerful techniques used for proteomics, offering threat to the substitutes in the market

Buyer Power

• High cost of the device acts as a restraint for the market growth, hence, buyers expect to buy the best offerings in the market by paying the minimum price possible

• Changing consumer mindset, due to different options in the market