Market Research Report
Biosafety Cabinets Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type ; End User ; and Geography
|Published by||The Insight Partners||Product code||978886|
|Published||Content info||141 Pages
Delivery time: 1-2 business days
|Biosafety Cabinets Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type ; End User ; and Geography|
|Published: October 27, 2020||Content info: 141 Pages||
The biosafety cabinets market was valued at US$ 166.67 million in 2019 and is projected to reach US$ 312.90 million by 2027; it is expected to grow at a CAGR of 8.2%during 2020-2027.
The growth of the biosafety cabinets market is mainly attributed to factors such as the increasing prevalence of infectious diseases and rising technological developments in biosafety cabinets. However, high cost involved in the installation and maintenance of biosafety cabinets is likely to restraint the growth of the market during the forecast years.
Continuous research and development studies are ongoing worldwide to gain a better understanding on creating high-end laboratory equipment that enable conducting leading edge scientific studies in medical and healthcare sector. Companies are investing in the development of new and innovative instruments to secure good return on investment (ROI). Additionally, the product approval by regulatory authorities confirms reliability and credibility of the new age control units and sanitized workstations.
Recently, various market players have launched high-end and top quality biosafety cabinets in the market . For instance, in July 2019, Azbil Telstar introduced the BioOptima, a new high-end biosafety cabinet that totally adapts to the operator's physical features and requirements. Further, in May 2019, Thermo Fisher Scientific launched a new series of class-II biosafety cabinets that helps optimize contamination prevention, user convenience and data protection, and management options. Previous to this launch, Thermo Fisher in April 2018 introduced its first cloud-enabled biosafety cabinet that was specifically designed to address the needs for seamless workflow and connectivity. These innovations are likely to enhance the mode of performing experiments in large and medium sized laboratories that works with cell cultures. The mounting number of launches of such novel products facilitates the growth of the biosafety cabinets market .
The demand for biosafety cabinets has seen a sharp increase in the period of pandemic due to focus on COVID-19 diagnostics. In addition, the guidelines of healthcare authorities across the world to offer protective environment for healthcare workers as well as researchers are also estimated to drive the market growth over the period. However, implementation of total shut down of businesses in order to contain the viral infection disrupted supply chain operations. These measures impacted the market by certain extent.
Based on type, the biosafety cabinets market is segmented into class I, class II, and class III. In 2019, the class II segment held the largest share of the market and is projected to register the highest CAGR in the market during the forecast period.
Based on end user, the global biosafety cabinets market is segmented into diagnostic and testing laboratories, academic and research institutions, pharmaceutical and biopharmaceutical companies, and other end users. In 2019, pharmaceutical and biopharmaceutical companiessegment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
The World Health Organization (WHO), Food and Drug Administration (FDA), NHS (National Health Service), and Centers for Disease Control and Preventionare some of the major primary and secondary sources referred for preparing this report.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the biosafety cabinets market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global biosafety cabinets market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.