Albany NY, United States: The global laboratory temperature control units market was valued at US$ 542.7 Mn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031
Albany NY, United States: The global laboratory temperature control units market was valued at US$ 542.7 Mn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031
Launch of innovative laboratory temperature control products, awareness about companies providing laboratory temperature control units, strong distributorship in emerging markets, and prevalence of COVID-19 and other infectious diseases are anticipated to boost the growth of the global laboratory temperature control units market during the forecast period
Laboratory temperature control units are used in regulating temperature, controlling, safety, and monitoring of the laboratory instruments. Chillers, circulators, and temperature regulators are laboratory temperature products widely preferred and used in laboratories. Clinical laboratories, reference laboratories, and independent laboratories adopt innovative products for various clinical applications.
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Demand for laboratory temperature control products has increased, owing to rise in cases of COVID-19 across the globe. Technological advancements and availability of new products propel the global laboratory temperature control units market.
Laboratory Temperature Control Units: Market Segmentation
The global laboratory temperature control units market has been segmented based on product, modality, end user, and country/region
In terms of product, the global laboratory temperature control units market has been classified into chillers, circulators, temperature controllers, and others. The chillers segment accounted for major market share in 2020, owing to availability of chillers in various capacities, which provide advanced temperature control solutions. New chillers serve as innovative platform and provide optimum cooling quality, configurable design, and outstanding performance for clinical applications. This is anticipated to boosts the segment growth during forecast period.
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Based on modality, the global laboratory temperature control units market has been bifurcated into benchtop and standalone. The benchtop segment is likely to account for significant share of the global laboratory temperature control units market due to the availability of benchtop models of various laboratory temperature control products.
In terms of end user, the global laboratory temperature control units market has been divided into hospitals, diagnostic laboratories, pharmaceutical & biotechnology companies, and others. The hospitals segment accounted for the largest market share in 2020, ascribed to the increase in presence of public and private hospitals with well-equipped laboratories across regions.
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Laboratory Temperature Control Units Market: Regional Segmentation
In terms of region, the global laboratory temperature control units market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global laboratory temperature control units market in 2020. This can be ascribed to surge in investment in research & development, availability of new laboratory temperature control units, presence of key players, increase in focus on novel drug development, and rise in investments by pharmaceutical and biotechnology companies. Moreover, surge in COVID-19 cases in the region drives demand for digital and innovative temperature regulators in laboratories.
The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Rise in prevalence of chronic diseases, including COVID-19, increase in awareness about diagnostic tools & procedures, surge in focus and investment in research & development, and rise in focus on investment by pharmaceutical & biotechnology companies are projected to augment the laboratory temperature control units market in Asia Pacific during the forecast period. Entry of distributors and local players offering laboratory temperature control units is likely to boost the growth of the laboratory temperature control units market in the region over the next few years.
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Laboratory Temperature Control Units Market: Major Players
Key players operating in the global laboratory temperature control units market are
- AutoMate Scientific
- Bio-Rad Laboratories, Inc.
- BMG Labtech
- Delta Electronics
- Gericke AG
- Grant Instruments
- Green Leaf Scientific
- Heidolph
- HiTec Zang GmbH
- Huber Kältemaschinenbau AG
- IKA
- Julabo GmbH
- Lauda
- Polyscience
- Thermo Fisher Scientific
These players focus on adopting various strategies to launch innovative products to expand their product offerings and strengthen geographic presence. Amid the ongoing COVID-19 pandemic, key players are adopting various strategies to maintain their position and expand the product portfolio of laboratory temperature control units. Mergers & acquisitions and collaborations among small and local companies are expected to boost the development of laboratory temperature control units.
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