Biosafety Cabinets Market Value worth US$ 312.90 Mn by 2027, Says The Insight Partners
According to The Insight Partners market research study of “Biosafety Cabinets Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type and End User, the global biosafety cabinets market is expected to reach US$ 312.90 millionby2027 from US$ 166.67 millionin 2019. The market is estimated to grow at a CAGR of 8.2% from 2020 to 2027. The report highlights trends prevailing in the global biosafety cabinets market and the factors driving market along with those that act as hindrances.
The demand for biosafety cabinets has seen a sharp increase in the period of pandemic due to focus on COVID-19 diagnostics. Additionally, 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.
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Biosafety Cabinets Market: Competition Landscape and Key Developments
Baker, NuAire; Labconco Corporation; Esco Micro Pte Ltd.; GERMFREE; Berner International GmbH; Thermo Fisher Scientific, Inc.; Azbil Telstar; S.L. Diantech Solutions S.L.; and ACMAS Technologies (P) Ltd. are among the leading companies operating in the biosafety cabinets market.
Biosafety cabinets are efficient devices that are used for controlling the contamination in laboratories dealing with infectious agents. These devices act as a primary barrier for restricting the escape of biological aerosols in the lab environment. The biosafety cabinets are broadly classified into class I cabinets, class II cabinets, and class III cabinets. The biosafety cabinets market is expected to witness a huge growth due to increasing prevalence of infectious diseases and rising technological advancements 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 period.
Disease outbreaks are usually caused by an infection, transmitted through person-to-person contact, animal-to-person contact, or from the environment or other media. Emerging infectious diseases are infections that have recently appeared within a population and are rapidly increasing. The World Health Organization warned in its 2007 report that infectious diseases are emerging at a rate that has not been seen before. Since 1970s, about 40 infectious diseases have been discovered, including SARS, MERS, Ebola, chikungunya, avian flu, swine flu, zika, and most recently, COVID-19. Moreover, as per CDC estimates, between 2016 and 2017, nearly 30 million people suffered from influenza in the US. Antibiotics techniques, such as vaccinations against influenza; helps reduce the illness by 17% and medical visits and hospitalizations by 18% and 19% respectively. The growing prevalence of Ebola and Zika virus infections is also likely to contribute to the market growth.
Infectious diseases are rapidly increasing worldwide. The World Health Organization reported that infectious diseases are likely to be responsible for killing over 30 million people each year. According to a new report by Centers of Disease Control and Prevention (CDC), there has been a three-fold increase in the number of people suffering from ticks and fleas, mosquitoes, Zika, Lyme disease, and others between 2004 and 2016. The appropriate care and management in terms of handling the patient samples to conduct vast number of experiments and studies for formulating anti-dotes and vaccines to curb these diseases require appropriate workstation and sanitized environment. These controlled and disinfected environments are mostly possible with the use of biological safety cabinets, which is likely to propel the growth of the market over the coming years.
Biosafety Cabinets Market: Segmental Overview
Based on the 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. The pharmaceutical and biopharmaceutical companies segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period. Certain factors such as rising investments for infrastructure expansion by pharmaceutical and biopharmaceutical companies and rising focus on research collaborations are estimated to drive the segment growth.
Based on type, the biosafety cabinets market is segmented into class I, class II, and class III. The class II segment held the largest share of the market in 2019. The growth of this segment is attributed to the increasing number of research and development facilities across the world. Moreover, growing number of product launches and considerable adoption of class II biosafety cabinets are also estimated to offer lucrative opportunity for the segment growth during the forecast period.
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