According to the report, the global laboratory centrifuge industry generated $1.9 billion in 2022 and is anticipated to generate $2.9 billion by 2032, witnessing a CAGR of 4.1% from 2023 to 2032.
Rise in prevalence of chronic and infectious diseases, technological advancement in laboratory centrifuge products, and rise in demand of blood components drive the growth of the global laboratory centrifuge market. However, the high cost of laboratory centrifuge is hampering the laboratory centrifuge market growth. On the contrary, the rise in launch of technologically advanced laboratory centrifuge and the increase in R&D activities are expected to offer remunerative opportunities for the expansion of the laboratory centrifuge market during the forecast period.
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Economic Downturn Analysis: Impact of Recession in 2023 on the Laboratory Centrifuge Market
- Startups and smaller businesses in the laboratory centrifuge sector, which often rely on loans or investments to fund their operations and expansion, may face challenges in obtaining affordable financing. This can hinder their ability to invest in R&D, product innovation, and market expansion.
- However, the long-term potential for laboratory centrifuge market growth remains insignificant due to rise in prevalence of disease, increase in R&D activities, and surge in launch of laboratory centrifuge.
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The equipment segment to maintain its leadership status throughout the forecast period
Based on product, the equipment segment held the highest market share in 2022, accounting for more than three-fourths of the global laboratory centrifuge market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the higher cost of laboratory centrifuge equipment and high adoption of laboratory centrifuge equipment. The accessories segment is projected to manifest the highest CAGR of 5.2% from 2023 to 2032, owing to an increase in usage of accessories in research which further increases the demand of accessories of laboratory centrifuge.
The benchtop centrifuges segment to maintain its leadership status throughout the forecast period
Based on model, the benchtop centrifuges segment held the highest market share in 2022, accounting for more than two-thirds of the global laboratory centrifuge market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of benchtop centrifuges and higher availability of benchtop centrifuges. The same segment is projected to manifest the highest CAGR of 4.2% from 2023 to 2032 due to a rise in preference for benchtop centrifuges from lab technician and increase in R&D labs which prefer benchtop centrifuges.
The fixed angle rotors segment to maintain its leadership status throughout the forecast period
Based on rotor design, the fixed angle rotors segment held the highest market share in 2022, accounting for nearly half of the global laboratory centrifuge market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of fixed-angle rotors. In addition, the advantages of fixed-angle rotors are that they have a more compact design and are suitable for high-speed applications in smaller centrifuges.
The swinging bucket rotors segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032 due to a rise in technological advancement in swinging bucket rotors and various advantages such as the swinging motion of the buckets helps to distribute the sample evenly along the sides of the tubes, resulting in more uniform pelleting.
The diagnostic segment to maintain its leadership status throughout the forecast period
Based on application, the diagnostic segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global laboratory centrifuge market revenue, owing to wide applications of laboratory centrifuge technologies in diagnostic and quicker results offered by laboratory centrifuges while performing test. The blood component separation segment is expected to witness the fastest CAGR of 5.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to a rise in use of laboratory centrifuge in blood component separation and increase in demand of blood component.
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The hospitals & clinical laboratories segment to maintain its leadership status throughout the forecast period
Based on end user, the hospitals & clinical laboratories companies segment held the highest market share in terms of revenue in 2022, accounting for more than half of the global laboratory centrifuge market revenue, owing to high adoption of laboratory centrifuges in hospitals & clinical laboratories and increase in awareness regarding diagnosis of diseases. The academic & research institutes segment is expected to witness the fastest CAGR of 5.0% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increase in number of academic & research institutes which further uses laboratory centrifuge and surge in R&D activities in which laboratory centrifuge are used.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global laboratory centrifuge market revenue, owing to robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.2% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to a rise in prevalence of chronic infectious disease, unmet medical demands, and rise in R&D activities.
Leading Market Players: -
- Agilent Technologies Inc.
- Becton, Dickinson and Company
- Danaher Corporation
- Eppendorf SE
- Kubota Corporation
- Lepu Medical Technology (Beijing) Co. Ltd.
- NuAire, Inc.
- QIAGEN N.V.
- Sartorius AG
- Thermo Fisher Scientific Inc.
The report provides a detailed analysis of these key players in the global laboratory centrifuge market. These players have adopted different strategies such as adopted acquisition and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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