Market Research Report
Laboratory Temperature Control Units Market Size By Product, By Modality, By End-use, COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||1009673|
|Published||Content info||190 Pages
Delivery time: 2-3 business days
|Laboratory Temperature Control Units Market Size By Product, By Modality, By End-use, COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
|Published: June 4, 2021||Content info: 190 Pages||
The laboratory temperature control units market is projected to exhibit profitable growth by 2027 owing to escalating product demand in the research setting, increasing focus on clinical research, and the COVID-19 pandemic.
Following the outbreak of COVID-19, there has been a massive surge in the demand for vaccine manufacturing as part of the global efforts to tackle the virus. The utilization of temperature controllers in vaccine production would be a major determinant fueling industry adoption in the coming years.
For instance, in May 2021, Lauda Dr. R. Wobser GmbH & Co. KG, a temperature control equipment specialist, announced that it had secured a major order for its Variocool process thermostats.
The company received an order for 76 devices, including accessories, from the German subsidiary of a leading US-based company in the biopharmaceutical space. These devices were intended to be integrated in the buyer company's systems to manufacture COVID-19 vaccines. The different models included in the order have cooling capacities ranging from 2 to 10 kW.
Recently, several companies have entered the market with innovative and promising product technologies, which is anticipated to further support industry outlook through the assessment period. For instance, in May 2021, Liquid Instruments, the Solana Beach company, raised USD 13.7 million in a Series B VC funding round.
The company was founded in 2014 by a group of experimental physicists and engineers and is credited with the development of a compact 8-in-1 scientific measurement device. Its latest product dubbed "Moku:Go" combines the functionality of a constant temperature controller, oscilloscope, spectrum analyzer, logic analyzer, data logger, arbitrary waveform generator, and other tasks in a single device.
For in-depth analysis, the laboratory temperature control units market has been segmented based on product, modality, end-use, and region. On the basis of product, the market has further been categorized into laboratory temperature controllers, laboratory chillers, laboratory thermostats, laboratory circulators, and others.
The laboratory circulators sub-segment held over 25% share in the laboratory temperature control units market revenue in 2020. Increasing use of laboratory circulators in research laboratories is expected to boost segmental growth significantly over the analysis period.
In terms of modality, the market has been divided into standalone/benchtop and portable/handheld. Standalone/benchtop laboratory temperature control units accounted for around 75% of the market revenue in 2020 and are estimated to showcase lucrative growth through the assessment timeframe.
Higher durability and operational capacity of standalone devices compared to handheld devices are projected to fuel segmental expansion between 2021 and 2027.
From the end-use perspective, the laboratory temperature control units market has been bifurcated into hospitals, chemical industry, pharma & biotech industry, food & beverage industry, and others. Among these, the F&B sector held a market value of over USD 80 million, primarily due to the importance of maintaining proper food temperature across storage facilities. Temperature control keeps the chemical as well as physical structure of food products intact to ensure longer shelf lives.
Based on region, the Latin America laboratory temperature control units market is projected to expand at a notable CAGR of over 5.5% over the forecast timeframe. Robust healthcare and research infrastructures of the region are speculated to contribute sizably to regional market growth by the end of 2027.