ALBANY, New York, May 21, 2019 /PRNewswire/ -- The laboratory centrifuge market is projected to reach US$1,833.29 mn by 2025 end. The market is expected to register a stable but slow 3.1% CAGR during 2017-2025. The laboratory centrifuge market stood at US$1,400.00 mn in 2016. A major reason for its growth, is the growing number of diagnostic centers across the world. Generally, diagnostic centers are a lot cheaper as compared to labs in hospitals.

Laboratory centrifuge market products are expected to be much more cost-effective as compared to regular centrifuges used in commercial applications. Here, individuals often bear the burden of final costs as compared to commercial entities like companies in fluid related applications. Furthermore, advances like 3D printing, design flow, and fabrication show promises in reducing costs considerably in the near future. Next-gen centrifuges would include more sensors to provide additional data to users and would be automated for more efficient operations. These advances, still on the horizon, promise a major opportunity for all players in the laboratory centrifuge market.

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Region-wise, North America and Europe are expected to account for the largest share of revenues during the forecast period. On the other hand, Asia Pacific is expected to register the fastest CAGR growth during 2017-2025. Rise in healthcare infrastructure, growing disposable incomes, and advances like cheap hand-held diagnostic devices are expected to drive growth of the laboratory centrifuge market in Asia Pacific.

High Speeds and Capacity to Drive Shares in the Laboratory Centrifuge Market

On the basis of capacity, the global laboratory centrifuge market is divided into micro centrifuge, large capacity, and medium capacity centrifuge. Among these, the micro centrifuges accounted for the largest market share in 2017. Compact centrifuges are gaining increased traction in the laboratory centrifuge market in both research and clinical laboratories. Additionally, its applications such as sedimentation, filtration, and column chromatography are on the rise. The high speeds provided by micro centrifuges are highly valued in applications like blood sampling. Moreover, the medium centrifuge are also witnessing a rise in the global laboratory centrifuge market. While the micro centrifuges are expected to showcase maximum growth, this segment is foretold to trade some of its shares with the medium capacity centrifuge.

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Diagnostic Centers and Hospitals to Usher New Avenues for Expansion

Based on the components, the global laboratory centrifuge market is divided into rotors and instruments. Among these, the instrument segment dominated the market in 2016. However, the rotors are gaining increased traction as swing out rotors, fixed angle rotors continue to gain popularity. Additionally, the rise in the presence of diagnostics centers are also expected to result in considerable growth for the rotors segment. High speed applications in these centers require both micro-centrifuge and medium-sized applications. Additionally, growth in the life science industry due to a wide range of equipment is also expected to drive the laboratory centrifuge market in the near future. The application of large capacity centrifuge remains limited in blood component separation, however rising demand for these due to chronic illnesses are also expected to aid growth of the laboratory centrifuge market.

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The global laboratory centrifuge market is witnessing a steady growth, due to rise in applications for laboratories. The market depicts a competitive and fragmented landscape, wherein increasing number of small players are making in-roads with regional expansions. The global centrifuge market is likely to undergo major cost-cutting initiatives in the near future, reports Transparency Market Research (TMR). Some key players in the global laboratory centrifuge market are Thermo Fisher Scientific Inc., Sartorius AG, Andreas Hettich GmbH & Co.KG, Eppendorf Group, Hitachi Koki Co., Ltd, and QIAGEN N.V.

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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Laboratory Centrifuge Market - (Capacity – Micro-centrifuge, Medium Capacity Centrifuge, and Large Capacity Centrifuge; Component - Instruments and Rotors (Fixed Angle Rotors, Swing-out Doors, and Vertical Rotors); Temperature - Refrigerated Centrifuge, and Non-refrigerated Centrifuge; End User - Hospitals & Diagnostic Centers, Pharmaceutical and Biotechnology Companies, Blood Banks, and Academic and Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."

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