Laboratory Centrifuge Market: Opportunities & Challenges

CITY, Country, 2019-Oct-07 — /EPR Network/ —

The laboratory centrifuges market is expected to reach USD 1,234.5 million by 2023 from USD 1,077.5 million 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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What are the opportunities in emerging economies?

The North American and European markets for laboratory centrifuges are expected to witness slower growth as compared to Asia countries, specifically China, Japan, and India. This is mainly due to the growing biopharmaceutical and biotechnology sectors and the development of bioclusters in these regions. This is further supported by the growth in healthcare infrastructure and increasing healthcare expenditure. For instance, the US and Japan were the top countries with the largest annual healthcare expenditures of USD 2.998 trillion and USD 470.76 billion, respectively, in 2014. However, in 2014, China and India led the emerging countries with the highest increase in their annual healthcare expenditure, by 20.67% and 11.71%, respectively, as compared to 2005 (Source: World Bank).

Their large populations and the increasing need for affordable care also highlight the potential for growth in such markets. Furthermore, these countries have garnered significant interest from the pharma and biotech sector due to their low manufacturing costs.

Moreover, Asia’s annual R&D investment was USD 813 billion in 2016, which accounted for a share of 41.8% of the global. China’s R&D investments increased by 6.3% from 2015 to 2016 (Source: R&D Magazine). In July 2017, the Indian government was expected to invest approximately USD 5 billion each year for the next five years to boost the biotechnology sector and make it a USD 100-billion industry by 2050. These factors are indicative of the high potential for growth in emerging markets, particularly in Asia.

What are the challenges in the laboratory centrifuge market?

There are several hazards associated with the mechanical failure of centrifugal equipment. Centrifugal force puts pressure on the rotor, and slowly changes its size. Each rotor is designed to be malleable to resist a particular amount of pressure and return to its original size. However, excess or persistent pressure can cause permanent changes to the rotor and thereby leave cracks in it. This may cause the centrifuge itself to stop operating, damage other costly parts of the machine, or even cause the instrument to explode. Other mechanical failures associated with these machines are cracking of tubes and loosening of the bucket lid, which may cause hazardous chemical samples to spill out.

Most accidents that occur in laboratories can be attributed to the improper maintenance and use of laboratory equipment. Thus, the crucial maintenance of centrifuges and rotors in order to avoid mechanical failure poses a challenge for the laboratory centrifuges market.

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